Market Recap: Soybean Futures Gain to a Two-Month High
U.S. lean-hog futures ended the trading session mostly higher, as traders remain uncertain about the future impact of a swine disease on the size of the country's hog herd. December hogs fell 2 to 85.60, Hogs for February rose 12 to 89.80.
Feeder-cattle futures, meanwhile, were pressured by rising projected feed costs. Corn prices picked up modestly over the session, which gives feedyard operators less incentive to pay up for light-weight cattle. January Feeder-cattle slid 7 to $1.62. Live-cattle followed the declining feeder-cattle market lower. December Live-cattle shed 4 to $131.
Soybean futures closed at the highest in more than two months on signs of strong demand for inventories from the U.S., the world's biggest exporter of the oilseeds behind Brazil. Soybean futures for January delivery gained 9 3/4 to $13.29.
Inspections of exportable U.S. corn in the week through Nov. 14 totaled 30.240 million bushels, topping analysts' expectations. December Corn gained 2 1/2 to $4.24, December Wheat in Chicago gained 3 to $6.52, December wheat in KC gained 1 ¾ to $7.03.
Cotton futures closed at their highest level in a month on Monday due to cotton harvest continuing to lag behind the five-year average. March cotton gained 123 to 78.46, and the May contract gained 108 to 78.76.
Gold futures fell Monday as investors had their first chance to respond to the historic deal on limiting nuclear proliferation reached between Iran and six world powers. December gold fell $2.90 to $1,241.20, December silver closed at $19.87, up a penny.
Natural-gas futures finished higher Monday as traders bet that a powerful winter storm, moving toward the Eastern U.S., along with a period of below normal temperatures, would boost demand for the heating fuel. December Natural gas gained 2.1 cents to $3.78.
On Wall Street, stocks barely budged on Monday, with the Nasdaq unable to hold on to gains that briefly sent the index over 4,000 for the first time in 13 years. The Dow gained 7 to 16,072, the Nadsaq closed at 3,994, up 3 and the S&P 500 fell 2 to 1,802.