Wheat Futures Soar on Forecast for Rain

Hog futures ended the session mixed Monday, reflecting the outlook from a federal inventory report issued last week that showed a bulge in available supplies potentially waning late this year.

July hogs fell 120 to 74.25, August fell 105 to 71.77.

Cattle futures were boosted by a round of short-covering after last week’s steep drop, fueled in part by fears about slack demand.

June live-cattle futures picked up 127 to $149, after sliding to the lowest trading levels in 10 months on Friday. August live cattle gained 135 to $149, and August Feeder-cattle rose 182 to $219
Wheat futures jumped Monday amid slow harvest progress in the Midwest and concerns over rain-drenched crops. Corn slipped while soybeans were mixed.

Wheat closed at the highest level in more than five months, as forecasts for lingering rain showers in the eastern Midwest over the next two days spurring continued short-covering among investors, which lifted prices. Corn and soybean prices eased after climbing to multi-month highs earlier in the day as a wave of crop sales by producers pressured prices.

July Chicago wheat gained 18 1/4 to $5.80, July KC wheat gained 12 ¼ to $5.71, July soybeans gained 1/2 to $10.02, and July corn dropped 1 3/4 to $3.83.

Even though analyst estimates for planted cotton acres are down this year, cotton futures stumbled on Monday with the October contract the lone gainer, closing at 68.39, up 18, and December new crop fell 28 to 67.23.  All other contracts were down as well.

Gold futures climbed to a one-week high on Monday as some investors bought gold as hedge against a potential Greek debt default.

August delivery rose $5.80 to $1,179.00, September silver closed at $15.69, down 7.3 cents.

Global oil futures slid to a more-than-two-month low Monday as uncertainty about the financial crisis in Greece prompted investors to move money out of riskier assets like stocks and commodities. August crude fell $1.30 to $58.33 a barrel, Gasoline futures fell 1.82 cents to $2.03 a gallon, and Diesel futures slid 2.62 cents to $1.83 a gallon.

Natural gas prices rose Monday on a slightly warmer temperature forecast, but continued cooler-than-normal temperatures across much of the country kept the price gains subdued. August nat gas gained 3.5 cents to $2.80.

On Wall Street, stocks added to a global selloff on Monday as Greece veered toward a default on its debt, while the euro recovered from an early sharp loss to turn higher against the dollar.  The Dow plunged 350 to 17,596, the Nasdaq closed at 4,958, down 122 and the S&P 500 fell 43 to 2,057.

A native of the Texas Panhandle, Rhonda was born and raised on a cotton farm where she saw cotton farming evolve from ditch irrigation to center pivot irrigation and harvest trailers to modules. After graduating from Texas Tech University, she got her start in radio with KGNC News Talk 710 in Amarillo, Texas.