Market Recap: Livestock Futures Gain on Strong Demand
Many livestock futures rallied following signs of strong demand and some technical factors. August live cattle rose 122 to $121 following steady rise in beef and cattle prices. Feeders were sharply higher following drop in corn prices, Aug feeders finished up 197 at $141.
At the livestock auction held Friday in Siler City a total of 818 cattle and 62 goats were sold. Slaughter cows trended steady.
Lean hogs were helped by USDA's plan to purchase pork and other meat, but also lifted by their wide discount to cash prices. August hogs, which expire today, gained 7 to 91.95, the October contract gained 152 to 77.05.
Grain and soybean futures settled sharply lower, with beans getting hit by favorable weather conditions for developing crops. Widespread profit-taking across grains helped extend the negative price theme, with chart weakness in corn attracting sellers and wheat stumbling on weakness from Friday's USDA reports and reads of better-than-expected yields from US spring-wheat harvest. November soy fell 43 at $16.00, December corn slid 17 to $7.92, September wheat in Chicago skidded 28 1/2 to $8.56 and September wheat in KC fell 25 to $8.68.
No. 2 yellow shelled corn trended 17 to 43 cents lower when compared to last report. Prices ranged $7.83-$8.59 at feed mills and $7.92-$8.32 at elevators. No. 1 yellow soybeans trended 43 to 51 cents lower and were $16.75 at processors, and $16.12-$16.72 at elevators. No. 2 red winter wheat trended 28 cents lower and ranged $7.57-$7.92. Soybean meal, f.o.b. at processing plants was $569.80 per ton for 48% protein.
Gold futures tipped lower Monday in muted trading as signs of weak physical demand for the metal outweighed hopes for more potentially supportive central bank easing. December gold fell $10.20 to $1,612.60, September silver closed at $27.76, down 29.5 cents.
Tight supplies of crude from Europe's North Sea Monday boosted the price of Brent futures, the continent's benchmark contract, while the U.S. oil benchmark posted losses. September crude closed at $92.73 a Barrel, down 14 Cents
Natural gas futures fell Monday to their lowest level since late June as peak summer demand wanes. September nat gas fell 4.1 cents to $2.72.
On Wall Street, stocks fell on Monday after six days of gains for the S&P 500, and as Japanese data showed their economy grew much less than expected in the second quarter, a reminder of the headwinds faced by the global economy. The Dow fell 38 to 13,169, the Nasdaq closed at 3,022, up a fraction and the S&P 500 fell 1 to 1,404.