Hog Futures Falter Waiting for Clear Signs of Demand
Cattle futures tumbled Monday, after a closely-watched government report showed much-heavier investment by feedlots into replacement cattle supplies during December than expected.
February Live Cattle declined 215 to $116, April cattle fell 250 to $114
The hog market traded mixed on Monday, as investors search for clearer signs of demand.
February hog futures rose 20 to 67.10, Hog futures for April fell 7 to 68.22.
Grain and soybean futures slumped on Monday, weighed down by broad selling across agricultural markets and growing optimism over South American crops.
Soybeans slid to the lowest level in more than two-weeks as speculation grew that improving weather conditions in Argentina would benefit crop yields in that country, resulting in a bigger-than-anticipated harvest. Corn also declined to a more than two-week low, despite evidence of ongoing demand for U.S. supplies.
March Soybeans fell 26 1/2 to $10.22, March corn declined 4 3/4 to $3.57, March Chicago wheat fell 6 1/2 to $4.14, and March KC wheat fell 8 ½ to $4.25.
Cotton futures fell on Monday with the March contract falling 71 to 74.14, and May dropping 57 to 74.82.
Crude oil futures edged lower Monday as investors weighed growing U.S. output against cutbacks by major oil producers.
March crude fell 54 cents to $52.63 a barrel, Gasoline futures fell 2.16 cents, to $1.50 a gallon, and Diesel futures were down 1.22 cents to $1.60 a gallon.
Natural-gas futures tumbled Monday as the latest weather forecasts called for warmer temperatures. March Natural-gas fell 12.6 cents to $3.23.
On Wall Street, the S&P 500 and the Dow on Monday posted their largest drop so far in 2017 as investors worried that a curb on immigration ordered by Donald Trump was a reminder that some of the U.S. president’s policies are not market-friendly. The Dow fell 122 to 19,971, the Nasdaq closed at 5,613, down 47, and the S&P 500 fell 13 to 2,280.