Cotton Futures Rebound
Cattle futures rallied to the highest price levels in a month on Tuesday, lifted by hopes that a smaller-than-expected increase in U.S. livestock and beef supplies will keep the market from falling further.
August live-cattle futures climbed 92 to $113, October picked up 150 to $112, and Feeder-cattle futures for August picked up 75 to $142.
Meanwhile, the hog market ended lower, pressured by expanding hog supplies. Hog futures for August slid 107 to 74.60, October hog futures dropped 72 to 63.62.
Wheat futures tumbled Tuesday, pressured by easing concerns over global production problems and lower prices for European supplies of the grain.
Meanwhile, corn fell while soybeans gained.
Wheat dropped after rising for three consecutive sessions as a crop forecasting agency in the European Union projected better-than-expected wheat yields in France. Falling wheat prices dragged corn lower, with futures for that grain hitting a fresh 21-month low on Tuesday. Soybeans recovered as buyers stepped back into the market and forecasts for hot August weather in the Midwest refreshed fears over damage to U.S. crops.
September Chicago wheat slid 14 to $4.15, September KC wheat fell 11 ¼ to $4.12, September corn fell 2 1/4 to $3.32, and August soybeans rose 9 3/4 to $9.93.
Cotton futures regained Monday’s losses with the October contract gaining 151 to 73.63, and December new crop gaining 104 to 73.33.
Gold futures ended higher Tuesday as traders awaited the outcome of the Federal Reserve’s July policy meeting. July gold gained $1 to $1,329.30, and July silver gained 5 cents to $19.66.
Oil futures sank to a fresh three-month low Tuesday as a glut of gasoline keeps weighing on the market.
September crude fell 21 cents to $42.92 a barrel, Gasoline futures settled up 1.16 cents at $1.34 a gallon, Diesel futures gained a fraction to $1.32 a gallon, snapping a three-session losing streak.
Natural gas prices fell for the second-straight session for the first time in more than a month with oversupply still outweighing extreme heat and high demand for gas-fired power. August Natural gas fell 3.5 cents to $2.71.
Stocks on Wall Street were mixed on Tuesday as Federal Reserve policymakers kicked off a two-day interest rate meeting and investors braced for quarterly scorecards from Apple and Twitter. The Dow fell 19 to 18,473, the Nasdaq closed at 5,110, up 12, and the S&P 500 gained a fraction to 2,169.