Market Recap: Lean Hog Futures Steady waiting on Cold Storage Report

Lean-hog futures were mixed after swinging from higher early to lower later then rebounding in the front months ahead of the close. Traders are awaiting the monthly cold storage report that was released Monday afternoon at 3 p.m. EDT. Record-large pork stocks for an end-June date were projected. August lean hogs were up 65 at 97.12, October hogs gained 30 and closed at 85.27.
 

Live-cattle futures prices at the Chicago Mercantile Exchange closed modestly lower Monday as traders awaited further direction signals while feeder cattle climbed to multi-month highs on tightening supplies and cheaper corn prices. Feeder cattle were higher amid support from expectations of tighter supplies along with weaker corn prices. August live cattle closed down 10 at $121, October was down 62 at $125, and August feeders ended up 67 at $152.

U.S. soybean futures rose Monday on worries about tight current supplies and unfavorable weather for crops. Corn futures fell, as cool temperatures will be favorable for that crop as it goes through its crucial pollination period. The decline in corn pulled wheat lower as well. August soybean futures rose 29 1/2 to $15.20, September corn futures fell 3 1/4 to $5.40, September wheat in Chicago fell 4 3/4 to $6.59 and KCBT September wheat fell 3 1/4 to $7.02.

ICE cotton futures were flat on Monday, ahead of a closely watched report on the progress of the crop in the U.S., the world's biggest exporter of the fiber. October cotton fell 13 to 86.39, and December new crop gained 12 to 86.30.
 

Gold futures posted their biggest percentage gain in more than year and settled above $1300 an ounce for the first time in a month amid hopes that loose monetary policy would prevail around the world. August Gold rose $43.10 to $1,336.00, august silver gained $1.06 to $20.50.
 

Crude-oil futures slipped Monday, snapping a three-session streak of gains, as some traders locked in profits. August crude fell $1.14 to $106.91 a barrel, August gasoline dropped 6.83 cents to $3.05 a gallon, and August distillates fell 2.30 cents to $3.06 a gallon.
 

Natural-gas futures tumbled Monday, as updated weather forecasts project below-normal temperatures in early August, portending a downturn in gas demand as a blistering July draws to a close. August Natural gas fell 13.2 cents to $3.65.
 

On Wall Street, the S&P notched a third consecutive record closing high on Monday and major indexes rose, though disappointing McDonald’s earnings kept the Dow from making significant gains. The Dow gained 1 to 15,545, the Nasdaq closed at 3,600 up 12 and the S&P 500 gained 3 to 1,695.
 


SFNToday.com is dedicated to serving the agricultural industry in the Carolinas and Virginia with the latest ag news, exclusive regional weather station readings, and key crop market information. The website is a companion of the Southern Farm Network, provider of daily agricultural radio programming to the Carolinas since 1974. SFNToday.com presents radio programs, interviews and news relevant to crop and livestock production and research throughout the mid-Atlantic agricultural community.

Leave a Reply

Your email address will not be published. Required fields are marked *

*