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.