Market Recap: Soybeans Lone Gainer in Grains & Oilseeds

Lean hog futures ended higher as traders anticipate tighter supplies as the summer grilling season gets under way. June lean hogs ended up 32 to 92.40, the July contract gained 22 to 91.75
 

U.S. live cattle futures ended higher Tuesday amid surging beef prices and a large gap between cash and futures prices. June live cattle ended up 97 to $121, August live cattle gained 122 to $120.
 

U.S. corn futures fell to a four-week low Tuesday, after a surge in corn plantings last week eased concerns that planting delays this spring could reduce the new crop's output. Wheat futures were pulled lower by the decline in corn prices and expectations for ample world wheat supplies this year. Soybean futures ended mixed, with nearby futures jumping on tight current supplies and strong demand from domestic processors.

July Corn futures fell 9 1/2 to $6.40, July wheat in Chicago dropped 4 3/4 to $6.80, July wheat in KC fell 6 1/2 to $7.38, and July soybeans rose 13 3/4 to $14.78

Despite cotton plantings lagging behind normal, July cotton closed at a four-week low. Just 39% of the crop is planted, versus 59% at the same point last year. Dry weather in Texas and wet weather in other areas continue to slow down planting, but many consider the weather forecast at a turning point, where farmers might be able to catch up in the next week or so. July cotton fell 192 to 83.86, and December new crop fell 145 to 84.15.

Gold futures fell Tuesday as traders moved to the sidelines ahead of comments expected today from Federal Reserve Chairman Ben Bernanke. June gold fell $6.50 to $1,377.60, and July silver closed at $22.45, down 12.7 cents
 

Natural-gas futures settled higher for a third day Tuesday, rising on forecasts for lingering hot temperatures in the central U.S. June nat gas futures jumped 10.2 cents higher to $4.19.
 

U.S. crude futures fell Tuesday, snapping a four-session rally as investors paused ahead of weekly oil-inventory data and testimony from Federal Reserve Chairman Ben Bernanke later today that could shed light on the central bank's stimulus plans. June crude fell 55 cents to $96.16 a barrel, June gasoline fell 6.76 cents to $2.83 a gallon, and June distillates dropped 2.83 cents to $2.92 a gallon.
 

On Wall Street, stocks rose with the Dow and the S&P closing at new all-time highs as comments from Federal Reserve officials eased some concerns that the central bank could start reducing its stimulus program. The Dow gained 52 to 15,387, the Nasdaq closed at 3,502, up 5 and the S&P 500 gained 2 to 1,669.
 


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