Cattle futures bounced off one-month lows Tuesday, ending sharply higher in some contracts as traders searched for fresh signs of demand for beef at discounted price levels.
August live-cattle rose 75 to $111, after hitting the lowest settlement in a month last week, October cattle rallied 240 to $107, and September feeder-cattle futures jumped 337 to $142.
The hog market also ended the session higher, recovering from a steep drop earlier this summer due to projections for record-large pork production this year.
October futures rose 67 to 62.05, December hog futures picked up 77 to 57.10
Grain and soybean futures slid to fresh lows Tuesday, spiraling downward as big crops loom in Midwestern farm fields and domestic and global stockpiles look to grow.
Soybeans fell to a more than four-month low, tracking lower amid expectations that U.S. growers will harvest the biggest crop in history this year, topping last year’s record. Corn fell to multiyear lows amid expectations for strong U.S. harvests and swelling domestic and world grain inventories. Wheat fell to a fresh 10-year low after government data on Monday showed the U.S. spring wheat harvest advancing at a quicker clip than normal, with the new supplies expected to pile onto a glut of the grain both at home and abroad.
September Soybean futures sank 17 3/4 to $9.65, September corn slid 7 3/4 to $3.04, September Chicago wheat declined 7 1/4 to $3.63, and september KC wheat fell 6 ½ to $3.67.
Cotton futures dropped when the U.S. cotton crop’s progress showed improvement as rains have come to Texas, the largest growing region. October cotton fell 72 to 65.97, and December fell 66 to 66.29.
Gold futures closed at a new two-month low on Tuesday, as concerns that an interest-rate increase may come sooner than expected weighed on demand for the precious metal. October gold fell $11.00 to $1,311.90, and October silver closed at $18.63, down 18 cents.
Oil prices fell Tuesday on renewed uncertainty over whether major producers can agree to an output freeze and on expectations of rising U.S. inventories.
October crude fell 63 cents to $46.35 a barrel, Gasoline futures settled down 1.86 cents to $1.44 a gallon, and Diesel futures fell 1.51 cents to $1.47 a gallon.
Natural gas futures fell Tuesday, erasing earlier gains, on expectations that storms in the Atlantic Ocean wouldn’t disrupt production as much as previously expected. October Natural gas futures settled down 6.9 cents at $2.82.
On Wall Street, Apple Inc was the largest weight on U.S. stock indexes on Tuesday after antitrust regulators ordered the company to pay about $14.5 billion in back taxes to the Irish government, but gains in bank shares partly offset the decline. The Dow fell 48 to 18,454, the Nasdaq closed at 5,222 down 9 and the S&P 500 dropped 4 to 2,176.