Hog futures bounced for a fourth-consecutive session on Tuesday as pork prices rose. Hog traders are banking on strong demand for pork to absorb larger pig herds. A recent government report showed slightly lower stocks of pork in cold storage in October than a month earlier.
Cattle futures fell, though they closed above lows for the session. Wholesale beef prices were lower on Monday and again Tuesday midday, adding to the pressure on the futures market.
December lean hogs rose 122 to 65.75, the February contract gained 142 to 71.52.
December live cattle slid 17 to $119, the February contract cropped 37 to $125, and January feeders gained 5 to $154.
Grain and soybean futures were mostly lower as a rising dollar and falling crude oil prices weighed down markets. The US dollar rose and lower crude oil prices lured investors out of the commodity sector. Wheat futures were mixed. The front-month December contracts for corn and wheat were approaching their first notice day for physical delivery. Analysts said that was sparking further selling as speculative investors liquidated their positions in those markets.
January soybeans fell 3 to $9.93, December Chicago wheat closed 1 ¼ higher at $4.10, December KC wheat gained 2 to $4.09, and December corn slid 2 ½ to $3.36.
Cotton futures ended mixed on Tuesday with the March contract gaining 72 to 72.14, and May gained 57 to 72.81. End of the year contracts ended lower.
Oil futures edged lower Tuesday amid market jitters over whether — and for how long — OPEC and Russia will agree to extend their deal to curb crude production when they convene this week.
January crude lost 12 cents to $57.99 a barrel, Gasoline futures fell 2 cents to $1.77 a gallon and diesel futures closed unchanged at $1.95 a gallon.
Natural-gas futures rose for the second day in a row on Tuesday, boosted by forecasts for colder weather in the coming weeks.
December nat gas gained 14.6 cents to $3.07.
Stocks on Wall Street surged to record highs on Tuesday led by sharp gains in bank stocks, and boosted by progress for a tax cut bill, strong consumer confidence data and encouraging comments from President Donald Trump’s nominee to lead the Federal Reserve. The Dow gained 255 to 23,836, the Nasdaq closed at 6,912, up 33 and the S&P 500 gained 25 to 2,627.