Cattle-on-Feed Report Pulls Livestock Futures Higher

A brighter-than-expected outlook for U.S. cattle supplies sent futures to the highest close in three weeks on Monday, as prices rallied by the exchange-imposed daily limit.

August live-cattle futures surged 300 to $112, Cattle futures for October also closed limit up at $111, Feeder-cattle futures for August picked up 450 to $141.

The hog market also advanced, lifted by gains across the livestock markets.

Hog futures for August rose 40 to 75.67, October hog futures advanced 45 to 64.35.

Soybean futures slipped lower Monday amid an outlook for favorable Midwest weather and expectations that U.S. oilseed crops remain in good health.

Meanwhile, wheat rose while corn finished lower

Soybeans fell to the lowest level in more than three months as benign weather is expected to persist through the first week of August. Meanwhile, wheat bounced, rising for a third consecutive session due to worries over production problems in the European Union, where heavy spring rains dented both output and quality this year. Corn closed slightly lower, pressured by weaker soybean prices and favorable weather forecasts.

August Soybean futures slid 22 3/4 to $9.83, September Chicago wheat rose 3 3/4 to $4.29, September KC wheat gained 4 ¼ to $4.23, and September corn shed 1/4 to $3.34.

Cotton futures started the week on a low note with the October contract falling 40 to 72.12, and December new crop dropping 28 to 72.40.

Gold futures fell Monday, as some investors braced for the Federal Reserve’s rhetoric to take a hawkish turn at the conclusion of its monetary policy meeting later this week.  August gold fell $7 to $1,316.40, and August silver fell 1 cent to $2.22.

Crude oil fell to a three-month low as a summer glut coupled with fading demand keep pulling crude prices back from their strongest rally in years.

September crude fell $1.06 to $43.13 a barrel, Gasoline futures settled down 2.79 cents at $1.33 a gallon, Diesel futures fell 3.42 cents to $1.32 a gallon.

Natural gas futures retreated after hitting a two-week high with healthy supply still outweighing extreme heat and high demand for gas-fired power.

August Natural gas fell 3 cents to $2.74.

On Wall Street, stocks receded from record highs on Monday as oil weighed on energy shares and investors awaited an avalanche of quarterly reports.  The Dow fell 77 to 18,493, the Nasdaq closed at 5,097, down 2 and the S&P 500 fell 6 to 2,168.'

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.