Market Recap: Livestock Falters on Demand Worries
Lean hog futures faced a round of losses as wholesale markets continued to reflect slack demand. February hog futures fell 22 to 86.45, April hog futures fell 22 to 87.15.
U.S. live cattle futures opened the week with losses Monday after cash prices for slaughter-ready cattle reflected upside-down fundamentals at meat packers. February live Cattle fell 77 to $123, March feeder cattle fell 25 to $154
US wheat futures decline on pressure from corn and macroeconomic markets. March wheat in Chicago ended down 2 1/2 at $6.44, March wheat in KC fell 2 1/2 to $6.97.
US corn futures beat a hasty retreat, ending lower on profit-taking and outside macro pressures. March corn ended down 10 at $6.31.
US soybean futures tumbled, driven lower by traders reducing weather premium from prices and broad-based selling across asset classes,
Soy product futures end lower, plunging in unison with sharp declines in soybeans.. March soybeans ended down 33 3/4 to $11.85, March soy meal ended down $9.50 at $312.70, and March soy oil dropped 1.34 to 50.25.
Weaker outside markets and a stronger dollar pressured cotton futures, sending front-month prices to a one-month low. March cotton fell 146 to 94.15, and the May contract dropped 122 to close at 94.87.
Gold futures ended nearly flat on Monday, settling with slight losses as a stronger dollar and caution during a series of European debt-related negotiations outweighed the market's recent upward momentum. February Gold fell $1.20 to $1,731 an ounce, and Mar silver closed at $33.52; down 26.3 cents
Oil futures finished lower Monday, after a decision by Iran to admit United Nations atomic watchdog officials eased concerns about an immediate supply disruption. A stronger dollar also weighed on prices, according to market participants. March crude fell 78 cents to $98.78 a barrel, February gasoline dropped 5.61 cents to $2.87 a gallon, and February distillates fell 1.86 cents to $3.05 a gallon.
Natural-gas futures settled lower Monday amid worries that an even a late winter cold snap won't help overcome the huge supply overhang in the market. March nat gas fell 4.3 cents to $2.71.
On Wall Street, despite Monday’s eurozone-inspired retreat, Wall Street is still on track for its hottest January since the start of Bill Clinton’s second term in the White House. The Dow closed nearly unchanged at 12,653, down 6, the Nasdaq fell 4 to close at 2,811, and the S&P 500 closed at 1,313, down 3.