Market Recap: Soybeans See Fresh 6-week Low
Signs of firm demand for meat helped U.S. livestock futures on Monday to largely duck losses in other stock and commodity markets, tied to fresh concerns about the fate of Greek debt. The pork complex also managed to dodge Europe's financial woes, helped by signs of improving pork demand in wholesale markets late last week.
June hog futures closed up 7 at 85.37, the July contract gained 37 to close at 85.52. June Live cattle closed up 1 at $116, May feeder cattle finished with modest losses, down 27 at $149.
US soybean futures fell to close at a fresh six-week low, likely as speculative funds sell futures to exit long positions amid global economic worries and weaker soybean technicals. Traders say the supply-demand outlook for soybeans remains strong, but a stronger dollar and potentially weaker world economy raise worries about export demand. Corn and wheat ended mixed, with some support from traders unwinding spreads that were long beans and short corn or wheat. July soybeans fell 19 to $13.87, July corn rose 2 to $5.83, July wheat in Chicago rose 1 ¼ to $5.98, July wheat in KC rose 4 ½ $6.14.
Cotton futures ticked lower as macroeconomic factors weighed on the already beaten-down market. July cotton fell 15 at 78.82, and the October cotton gained 24 to 78.72.
Gold futures slumped to a fresh low for 2012 Monday on mounting concerns about the future of Europe's currency union as Greece struggles to form a coalition government. June gold fell $23.00 to $1,561.00, June silver fell 53 to $28.32.
Crude-oil futures fell Monday to a fresh 2012 low below $95 a barrel amid mounting worries about the state of Greece's economy and rising global oil supplies. June crude oil fell $1.35 to $94.78 a barrel, June gasoline shed 4.18 cents to $2.95 a gallon, and June distillates fell 3.41 to $2.92 a gallon.
Natural gas futures sank 3.1% Monday, snapping a five-session rally amid weak weather-driven demand and a sell-off throughout the energy markets. Natural gas settled down 7.8 cents at $2.43.
On Wall Street, global stocks slid on Monday on worries Greece could leave the euro zone, while oil prices fell after a move by economic powerhouse China to prop up lending sparked fears its economy was weaker than has been thought. The Dow lost 125 to close at 12,695, the Nasdaq closed at 2,902, down 31, and the S&P 500 fell 15 to close at 1,338.