Market Recap: Soybean Futures Notch 6-week High
U.S. lean-hog futures ended higher, rebounding from early losses amid technical strength a recent heat wave that may curb hog weights. October lean-hogs for ended up 37 to 88.00, the December contract gained 22 to 84.97
Live-cattle futures fell Tuesday, ending at a one-month low amid technical selling and disappointing cash-market trade. The market erased early gains in the session after a failure to establish new highs. Feeder-cattle futures also rallied, climbing to a one-week high on tight supplies and cheaper corn prices. October Live-cattle ended down 6 to $126, September feeder-cattle ended up 25 to $157.
U.S. soybean futures notched a fresh six-week high Tuesday, fueled by concerns that a recent spell of hot, dry weather during the oilseed's crucial development stages could reduce the size of this year's crop. Corn futures, meanwhile, were pressured by declining values for the grain in cash markets, as supplies harvested in the south make their way upstream. Wheat futures followed the declines in corn.
September soybeans rose 11 1/2 to $14.35, December corn slid 6 3/4 to $4.75, September wheat in Chicago shed 6 ¾ to $6.36, and September KC wheat fell 4 to $6.96.
Cotton futures fell as concerns about supplies eased on better weather ahead of the U.S. harvest. Near month October fell 88 to 82.82, and December new crop Cotton gained 36 to end at 83.85.
Precious metals rose on Tuesday as some investors sought the safety of gold amid rising tensions in the Middle East while others stepped up their silver purchases after brighter economic data.
December gold rose $15.90 to $1,412.00, and December silver closed at $24.42, up 91.6 cents.
Oil futures finished higher Tuesday after top U.S. lawmakers signaled they will support President Obama's call for military action in Syria, renewing concerns about crude supplies in the Middle East.
October crude gained 89 cents to$108.54 a barrel, Meanwhile, October gasoline dropped 2.55 cents to $2.86 a gallon, and October distillates gained 1.17 cents to $3.14 a gallon.
Natural-gas prices shot to a five-week high Tuesday, lifted by predictions that balmy temperatures will persist in the Midwest through mid-month. October Natural gas jumped 8.5 cents to $3.66.
On Wall Street, stocks rose on Tuesday but were far off session highs after top Republicans voiced support for President Obama's call for military strikes against Syria. The Dow gained 23 to close at 14,833, the Nasdaq closed at 3,612, up 22 and the S&P 500 gained 6 to 1,639.