Market Recap: Hog Futures Soar on Tight Supplies
U.S. lean-hog futures surged Tuesday, lifted by signs of strong demand for pork amid continued tightness of hog supplies. October hogs added 232 to 92.50, December hogs climbed 165 to 88.07
Live-cattle futures were supported by spillover buying across the meats. October live-cattle futures added 72 to $127, the December contract also added 72 to $131.
Soybean futures rose Tuesday after a government report showed crop conditions were unchanged in the seven days through Sunday, indicating last week's rain didn't help as much as expected. Corn plunged on signs of good yields in the U.S, and Wheat futures climbed on signs of increasing overseas demand for U.S. inventories. Exporters shipped 11.1 million metric tons of wheat from the start of the marketing year on June 1 through Sept. 12, up 36% from the same timeframe a year earlier, according to the USDA.
November Soybean futures gained 4 3/4 to $13.12, December Corn futures fell 4 1/2 to $4.48, December wheat in Chicago added 4 3/4 to $6.58, and December KC wheat jumped 7 ¼ to $7.05.
Cotton futures edged higher Tuesday as the U.S. crop continued to develop behind schedule. December new crop gained 11 to 84.38, and the March contract also gained 11 to 84.29.
Gold futures fell on Tuesday as simmering worries about the longevity of the Federal Reserve's bond purchases and a stronger dollar weighed on investor appetite for the haven asset. December gold fell $10.70 to $1,316.30, December silver closed at $21.58, down 27.1 cents.
Crude-oil futures dropped for a fourth straight day Tuesday, setting at an eight-week low on expectations that maintenance work at U.S. refineries will cut near-term demand. November crude oil fell 46 cents to $103.13 a barrel, Gasoline futures gained 3.62 cents to $2.65 a gallon, distillates for October delivery, gained a fraction to $2.96 a gallon.
Natural-gas futures retreated to their lowest level in a month Tuesday, as forecasts called for a slump in weather-driven gas demand in the weeks ahead. October Natural gas delivery fell 11 cents to $3.49.
Stocks on Wall Street struggled on Tuesday, with benchmark indexes swinging between losses and muted gains to finally turn lower, amid a lack of clarity on U.S. fiscal and monetary policies, while major currencies held in tight ranges. The Dow fell 66 to 15,334, the Nasdaq closed at 3,768, up almost 3 and the S&P 500 fell 4 to 1,697.