Market Recap: Soy Complex Gains as Enticement to Farmers
U.S. lean hog futures soared on Monday as stability on wholesale markets renewed hopes that pork prices have passed their spring low. April hog futures jumped 130 to 84.72, June hog futures closed up 177 to 92.17.
Live cattle futures ended the session higher as technical moves by traders added to support from the hog complex and outside markets. April Live Cattle closed up 40 to $120, April feeders gained 70 to close at $149.
US soybean futures extended Friday's gains as market participants drove up prices in hopes of enticing more farmers to plant more soy over corn. Optimism about export demand also supports soy as the USDA reported a private exporter sold 120K metric tons of soybeans to China. May soybeans gained 18 to $14.21, pushing May soy meal up $2.50 to $391.20 and May bean oil up 1.06c to 56.16. Meanwhile, as May corn rose 11 to $6.55. May wheat in Chicago fell 3 3/4 to $6.57, and May wheat in KC dropped 7 1/2 to $6.90.
Cotton futures ticked lower after more-bullish-than-expected USDA cotton farmers' planting intentions were released Friday, but futures continue to hold their ground above 93c/lb. May cotton futures lost 40 to close at 93.12, the July contract fell 35 to 93.57.
Gold futures settled higher Monday, drawing strength from new inflows of investment funds at the start of the second quarter as well a steady dollar. June gold gained $7.80 to $1,679.70 an ounce, and May silver closed at $33.09, up 61.4 cents.
Oil futures rallied Monday in tandem with equities after new manufacturing data indicating continued economic growth exceeded expectations. May crude gained $2.21 to $105.23 a barrel, May gasoline jumped 7.41 cents to $3.38 a gallon, and May distillates gained 7.95 cents to $3.24 a gallon.
Natural gas futures rose Monday, bouncing back as traders lock in profits just above the key $2 milestone. May Natural gas gained 2.6 cents to $2.15.
On Wall Street, an upbeat report on the U.S. manufacturing sector offset weak data from Europe earlier in the day, lifting the markets solidly into positive territory. The Dow gained 52 to close at 13,264, the Nasdaq closed at 3,119, up 28, and the S&P 500 gained 10 to close at 1,418.