Market Recap: Grains & Oilseeds Rally on Export News
Lean hog futures closed mixed as traders weighed a daily drop in wholesale pork markets against bullish signs for demand later this year. February hog futures fell 45 to 86.02, and April hog futures fell 65 to 87.85.
U.S. live cattle futures on Tuesday continued to reflect growing beliefs that cattle prices in coming weeks will continue to exceed expectations. February Live Cattle rose 120 to $125, and January feeder cattle rose 42 to $152
US wheat futures rallied, ending sharply higher on strength in corn and uncertainty about Black Sea exports. March wheat in Chicago ended up 13 ¾ to $6.33, and March wheat in KC finished up 12 1/2 to $6.86.
US corn futures surge amid strong cash markets and continued worries about South America's crop. March corn ended up 10 1/4 at $6.30.
US soybean futures ended higher, climbing on the tailwinds of rallying corn and wheat futures, Soy product futures end mixed. March soy ended up 2 1/2 at $12.20, March soy meal ended up $2.50 at $323.50, and March soy oil finished down 7 at 51.35.
Cotton futures fell during the second day of the Lunar New Year, as China, the top producer and consumer, takes a week-long break from trading. March cotton fell 1.19 to 98.18 and the May contract dropped 92 to close at 98.54.
Gold prices slipped Tuesday, ending lower for the first time in three days, amid pressure from a stronger dollar and worries about Greece. February gold fell $13.80 to $1,664.50 an ounce, and March Silver sank 29 cents to $31.97.
Oil futures edged lower Tuesday, as traders reassessed the impact of the European Union's ban on Iranian crude-oil imports. March crude fell 63 cents to at $98.95 a barrel, February gasoline gained 2.71 cents to $2.80 a gallon, and February distillates gained 1.44 cents to $3.02 a gallon.
Natural-gas futures settled higher Tuesday, continuing a rally from 10-year lows sparked by news of a production cut by a major U.S. producer. February natural gas futures gained 2.9 cents to $2.55.
The Dow and broad S&P 500 fell modestly on Tuesday as dragging debt talks in Greece and mixed earnings reports weighed on sentiment. The Dow fell 33 to close at 12,675, the Nasdaq closed at 2,786, up 2 and the S&P 500 fell 1 to 1,314.