Soybean Futures Rebound to Two-Week High
U.S. lean-hog futures ended lower, declining amid expectations that pork prices are poised to decline along with demand. July lean hogs ended down 8 to $100, while August lean hogs were down 32 cent to 97.70.
U.S. live-cattle futures were mixed Tuesday as sluggish beef demand continues to hang over the market. June live cattle ended up 2 to $121, while August live cattle were down 5 to $121. August feeder cattle ended up 2 at $147.
U.S. soybean futures closed at a two-week high Tuesday, supported by strong demand for tight domestic stockpiles of the oilseed and lagging planting progress. U.S. corn futures ended mixed, with tight supplies buoying contracts for near term delivery. U.S. wheat futures finished mixed, with most contracts pressured by an advancing U.S. harvest that will bring fresh supplies to the marketplace.
July soybeans finished up 13 1/4 at $15.25, July corn finished up 3 1/2 at $6.56, July wheat in Chicago ended down 3 1/4 at $6.75 and Kansas City Board of Trade July wheat dropped 11 to $7.04.
Cotton futures rose Tuesday after settling at a three-week low last session, which drummed up some buying interest. October cotton gained 193 to 85.95, and December new crop gained 177 to 84.95.
Gold futures extended recent losses to set a 33-month low on Tuesday, as a string of stronger U.S. economic data bolstered equities and dampened interest in safe-haven assets like precious metals. August gold fell $2 to $1,275.10, and July silver closed at $19.52, up 3.3 cents.
Natural-gas futures fell for a fourth day amid forecast showing hot summer temperatures will be limited to the Western U.S. in coming weeks — reducing the demand for natural gas-fired air conditioning. July Natural gas fell 9.2 cents to $3.64.
Crude-oil futures settled slightly higher Tuesday along with broader markets, as traders await weekly government data that is expected to show a decline in domestic oil stockpiles. August crude gained 14 cents to $95.32 a barrel, July gasoline fell a fraction to $2.73 a gallon, and July gained a fraction to $2.85 a gallon.
On Wall Street, stocks rose the most in nearly two weeks after strong housing and durable goods data reassured investors worried about the Federal Reserve’s plans to wind down its economic stimulus. The Dow gained 100 to 14,760, the Nasdaq closed at 3,347, up 27 and the S&P 500 gained almost 15 to close at 1,588.