Market Recap: Soybeans Lone Gainer in Grains & Oilseeds
U.S. lean-hog futures closed higher, rallying despite outside market pressure amid short covering and tight near-term supplies. July lean hogs closed up 12 at $100, while October lean hogs gained 75 at 85.85.
CME live-cattle futures ended lower amid pressure from equities and macroeconomic concerns. June live-cattle closed down 3 at $120, while August live-cattle fell 42 to $121.
U.S. wheat futures settled lower as trading ended Monday, pressured by better-than-expected yield reports from harvesting activity in Kansas and favorable growing conditions for wheat crops in the northern Plains. Wheat was further pressured by a report showing a smaller amount of the grain than expected was prepared for export last week. Corn futures fell on a favorable weather forecast for crops in the Midwest. Soybean futures rose on worries about tight domestic supplies of the oilseed, as demand from processors remains strong. July wheat in Chicago fell 19 to $6.79, July wheat in KC fell 21 ¼ to $7.15, July corn fell 8 1/2 to $6.53, July soybean rose 18 3/4 cents to $15.12.
Cotton futures fell to the lowest point in more than two weeks on Monday as recent rains in Texas are expected to improve next season's crop in the top U.S. growing state. October cotton fell 166 to 84.02, and December new crop cotton fell 146 to 84.00
Gold slumped to multi-year lows Monday as investors dumped the precious metals on the belief that rising U.S. interest rates and a cash crunch in China would limit demand. August gold fell $14.90 to $1,277.10, and July silver closed at $19.49, down 46.60 cents.
Oil prices rebounded Monday on a potential decline in crude shipped from Canada, the U.S.'s biggest source of foreign oil. August crude jumped $1.49 to $95.18 a barrel, July gasoline fell 2.41 cents to $2.73 a gallon, and July distillates gained 1.06 cents to $2.85 a gallon.
Natural-gas futures settled lower for the third straight session Monday, as the latest weather forecasts left traders wary of pushing prices higher. July Natural gas fell 3.2 cents to $3.73.
On Wall Street, stocks shed some of the day’s losses as the bond market stabilized, but Wall Street was still down on concerns about the Federal Reserve’s plans to reduce its monetary stimulus and on overnight losses in Chinese equity markets. The Dow fell 139 to 14,659, the Nasdaq closed at 3,320, down 36, and the S&P 500 lost 19 to finish the day at 1,573.