Corn Futures Gain on USDA Report
U.S. cattle futures ended mostly lower Monday, pressured by slightly higher corn prices following a federal supply report that unexpectedly cut the government’s estimate for last year’s U.S. production of the grain. February live cattle fell 10 to $136, the April contract gained 10 to $137.
The feeder-cattle futures market led the livestock complex lower. January Feeder-cattle slipped 82 to $167.
Hog futures also ended the day lower, pressured by selling across the livestock complex. February hogs fell 45 to 85.37, the April contract fell 62 to 90.37.
Soybeans rose on signs of strong demand for inventories from the U.S., the world’s second-biggest exporter of the oilseeds behind Brazil, and amid forecasts for dry weather in South America this week. Corn and wheat also gained. Corn gained on carryover buying after the USDA unexpectedly lowered its estimate for domestic production in a report on Friday. Wheat futures rose after brokers said on Saturday Egypt bought 55,000 metric tons of wheat from the U.S., for delivery next month.
January soybeans gained 23 to $13.26, March Corn futures rose 1 3/4 to $4.34, March Chicago Wheat gained 4 1/2 to $5.73, and March KC wheat fell 6 ¼ to $6.19.
Cotton futures advanced Monday as traders shrugged off last week’s supply-and-demand report from USDA. In a monthly forecast on Friday, federal forecasters revised their projections for the amount of fiber left over worldwide at the end of the season that concludes on July 31 to a record 97.6 million bales, based largely on higher production in China. March cotton gained 109 to 83.68, the May contract gained 121 to 83.95.
Gold futures ended at a one-month high on Monday, carving out slight gains as investors continued to adjust their outlook on U.S. monetary policy. February Gold rose $4.20 to $1,251.10, and February silver closed at $20.35, up 14 cents.
Oil futures declined Monday after Iran said it would begin to curb its nuclear program later this month, sparking concerns the pact would add more crude to an already well-supplied market.
February crude fell 92 cents to $91.80 a barrel, February gasoline dropped 3.50 cents to $2.63 a gallon, and February distillates fell a fraction to $2.93 a gallon.
Natural-gas futures climbed the most in four months as traders bet that a projected return of frigid temperatures in late January would stoke demand of the heating fuel. February Natural gas gained 22.1 cents to $4.27.
On Wall Street, stocks fell on Monday on caution ahead of an onslaught of corporate results as negative pre-announcements pile up, leaving a lackluster profit growth outlook. The Dow fell 179 to 16,257, the Nasdaq closed at 4,113, down 61, and the S&P 500 fell 23 to 1,819.