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Market Recap: Hog Futures Retreat After Multi-Month Highs

CME lean-hog futures were mostly lower, as the market continued to retreat from multimonth highs set last week. Weak cash-market prices from Friday added pressure on the market. July lean-hogs were down 7 to 97.95, the August contract fell 10 to 96.65

U.S. live-cattle futures ended higher on signs of improved beef demand and technical buying, traders said. June live cattle ended up 82 to $119, while August live cattle closed up 92 to $119.

U.S. corn futures ended higher Monday, sustaining price strength as a tight near-term supply situation supported corn.

Tight physical stockpiles of U.S. corn are supporting nearby prices as food processors, ethanol plants and livestock companies push for limited available supplies to cover demand needs through the summer. Deferred corn futures ended higher, but lagged the gains in contracts for near-term delivery amid expectations for a large U.S. harvest this fall.

Soybean futures slumped Monday, fueled by favorable weather outlooks for late soybean planting and crop development. However, strong demand and tight domestic supplies limited losses in contracts for near term delivery.

Wheat futures climbed, reversing early session losses following corn as both are feed ingredients for livestock and influence each other.
July corn gained 13 ½ to $6.68, July soybeans lost 4 to close at $15.12, July wheat in Chicago dropped ¼ to $6.80, and July wheat in KC gained 2 ¼ to $7.13.

Cotton futures fell Monday, the biggest one-day percentage drop in almost a year, after the expiration of options. July Cotton lost 390, just shy of the exchange permitted daily limit, to 87.43. Cotton futures had climbed to a three-month high on Friday after the U.S. Department of Agriculture cut its forecast for domestic production due to abnormally dry weather in the southwestern U.S.

Gold prices retreated on Monday, amid pressure from the dollar and strength in the equities market. August Gold fell $4.50 to $1,383.10, and July silver closed at $21.75, down 19.6 cents.

U.S. crude-oil futures settled slightly lower Monday, holding close to four-month highs, as traders gauge whether the involvement of world powers in the Syrian conflict will disrupt oil supplies. July crude fell 8 cents to $97.77 a barrel, July gasoline fell 4.06 cents to $ 2.85 a gallon, and July distillates lost 1.19 cents to $2.95 a gallon.

Natural-gas futures shot higher Monday, lifted by forecasts for hot weather in the coming weeks and a possible tropical storm in the Gulf of Mexico. July Natural gas jumped 14.2 cents to $3.87.

On Wall Street, stocks rose on Monday but ended well off their highs as investors speculated over the Federal Reserve’s intentions bout its massive stimulus program to aid the economy before a meeting of policymakers that begins today. The Dow gained 109 to 15,179, the Nasdaq closed at 3,452, up 28, and the S&P 500 gained 12 to 1,639. 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.