Market Recap: Cotton Sees Gains as Tropical Storm Isaac Moves Through Gulf

Lean-hog futures finished mostly higher Monday, marking a technical rebound in the wake of a series of 20-month lows. A late-session drop in corn futures helped calm fears that high feed costs will further amplify a seasonal expansion in supplies. October futures closed up 87 to 73.25, December hogs climbed 47 to 71.05.

U.S. live-cattle futures Monday reflected traders' building concerns that a late-summer lull in beef demand will begin weighing on prices across the supply chain for beef. October live cattle, the most actively traded, shed 97 to $123
At the livestock auction held Friday in Siler City a total of 907 cattle and 125 goats were sold. Slaughter cows trended mostly steady to 3.00 lower; bulls were 3.00 to 6.00 lower.

US grain and soybean futures settled lower, fueled by investor profit taking. Traders took profits off the table in the absence of fresh supportive news to support higher prices, analysts say. Rains headed to the Midwest are seen aiding some late developing soy crops attracted selling as well. Meanwhile, wheat succumbed to pressure from lagging export demand. November soy fell 12 3/4 at $17.18, December corn ended down 7 3/4 at $8.00, December wheat in Chicago finished down 7 1/4 at $8.81, and December wheat in KC fell 2 ¾ to $8.98

No. 2 yellow shelled corn trended 8 cents lower when compared to last report. Prices ranged $7.81-$8.68 at feed mills and $7.85-$8.36 at elevators. No. 1 yellow soybeans trended 13 to 19 cents lower and were $17.78 at processors, and $16.73-$17.69 at elevators. No. 2 red winter wheat trended 6 to 8 cents lower and ranged $7.66-$7.97. Soybean meal, f.o.b. at processing plants was $591.80 per ton for 48% protein.

Cotton futures ended higher in light volume as Tropical Storm Isaac heads to the Louisiana and Mississippi coasts. December cotton gained 93 to 76.14, and near month October gained 88 to 75.33.

Gold prices rose following positive cues from the equity market amid low trading volumes Monday and as trading in London, a global gold trading hub, was closed. December rose $2.60 to $1,675.60 an ounce, and December silver gained 25 cents to $30.96.

U.S. gasoline futures rose Monday while crude-oil prices fell, as refineries along the Gulf Coast began to shut down operations ahead of Tropical Storm Isaac–and fuel traders braced for the possibility of gasoline shortages. October crude fell 68 cents to $95.47 a barrel, September Gasoline jumped 7.68 cents to $3.15 a gallon, and September distillates gained a fraction to $3.11 a gallon.

Natural-gas futures settled at two-month low Monday, even as producers shut in nearly half of Gulf of Mexico output ahead of a looming storm. September natural gas fell 4.9 cents to $2.65.

On Wall Street, shares of Apple hit another record on Monday, cushioning the day’s losses in a lightly traded market where investors are already looking ahead to a key speech by Federal Reserve Chairman Ben Bernanke on Friday. The Dow fell 33 to close at 13,124, the Nasdaq closed at 3,073, up 3 and the S&P 500 fell a fraction to close at 1,410. 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.