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Market Recap: Cotton Futures See Gains on Weather Worries

Lean-hog futures were narrowly mixed in very light trading as traders continued to weigh very supportive technicals against a big seasonal influx of supplies made sharper by the U.S. drought. October Hogs fell 30 to 75.90, and the December contract finished unchanged at 73.60.

U.S. live-cattle futures ticked higher in light trading Monday following last week's gains in wholesale prices for both cattle and beef. Traders also adjusted books following a mostly neutral government supply report late Friday. August Live Cattle gained 27 to $121, and August feeders gained 12 to $140.

At the livestock auction held Friday in Siler City a total of 857 cattle and 84 goats were sold. Slaughter cows trended mixed, 2.00 lower to 1.00 higher; bulls were 5.00 to 9.00 higher.

U.S. corn and soy futures both rose Monday on low anecdotal yield estimates from a crop tour and a possible threat to Chinese crops from a typhoon. September corn futures settled up 16 3/4 at $8.15, September soybeans rose 32 3/4 to $17.03

Higher corn and soybean prices pulled wheat futures higher Monday. The gains in wheat lagged the other two commodities. September wheat in Chicago rose 5 to $8.79, Kansas City Board of Trade September wheat rose 5 1/2 to $8.91

No. 2 yellow shelled corn trended 16 to 17 cents higher when compared to last report. Prices ranged $8.13-$8.91 at feed mills and $8.08-$8.63 at elevators. No. 1 yellow soybeans trended mostly 38 to 48 cents higher and were $17.43 at processors, and $16.38-$16.94 at elevators. No. 2 red winter wheat trended 3 to 17 cents higher and ranged $7.89-$8.00. Soybean meal, f.o.b. at processing plants was $592.60 per ton for 48% protein.

Cotton futures climbed to a more than 1-week high as traders bought on the idea that dry weather could be damaging crops in top-US producing region West Texas and second-largest producer India. December cotton gained 153 to 74.83, and near month October gained 151 to 74.17.

Gold futures ended in positive territory as currency markets telegraphed a more upbeat tone to the market. December gold rose $3.60 to $1,623.00, and September silver closed at $28.59, up 59.1 cents

Crude-oil futures edged lower Monday in tandem with equity markets on continued concern that slow global economic growth would limit oil demand. September crude fell four cents to $95.97 a barrel, September gasoline rose a fraction to $3.03 a gallon, and September distillates also rose a fraction to $3.09 a gallon.

Natural-gas futures moved higher Monday as weather forecasts predicted a resumption of warmer-than-normal temperatures over the next two weeks, raising the possibility of higher gas-fired electricity demand. September Natural gas rose 5.7 cents to $2.77.

On Wall Street, stocks were flat on Monday on signs of fatigue after a six-week run of gains as the European Central Bank quelled speculation about the form of market intervention that may be taken to stem the region's debt crisis. The Dow fell 3 to 13,271, the Nasdaq closed at 3,076, off a fraction and the S&P 500 were also off a fraction to 1,418. is dedicated to serving the agricultural industry in the Carolinas and Virginia with the latest ag news, exclusive regional weather station readings, and key crop market information. The website is a companion of the Southern Farm Network, provider of daily agricultural radio programming to the Carolinas since 1974. presents radio programs, interviews and news relevant to crop and livestock production and research throughout the mid-Atlantic agricultural community.