Market Recap: Hogs End Mixed Amid Slumping Wholesale Prices
CME lean-hog futures were mixed amid slumping wholesale pork prices. July lean-hogs ended down 27 to $100. Some deferred contracts were higher, with the October contract gained up 32 to 83.85
U.S. live-cattle futures ended higher on technical buying and underlying support from a rally in grain futures. August live-cattle ended up 65 at $122, while October live-cattle gained 52 to $126.
U.S. grain and soybean futures rallied Tuesday on a mix of speculative buying and worries about a hotter, drier weather forecast for Midwest crops. July corn settled up 12 1/4 at $7.04, July soybean rose 4 to $16.13, July wheat in Chicago rose 15 1/2 to $6.75 and July KC wheat rose 15 1/2 to $7.06
Cotton futures rose slightly in thin trade Tuesday, rebounding from a two-session slide. October cotton gained 1 to 86.68, and December new crop gained 92 to 86.25.
Gold futures climbed on Tuesday as investors bet that rising inflation in China would stoke demand for the metal as a hedge against rising prices in the second-largest gold consumer. August gold rose $11 to $1,245.90, September silver closed at $19.13, up 10.0 cents
Crude-oil futures rose modestly to settle at a 14-month high Tuesday ahead of U.S. data expected to show that continued strong demand from U.S. refiners is trimming crude inventories. August crude oil gained 39 cents to $103.53 a barrel. August gasoline gained 4.23 cents to $2.92 a gallon, and August distillates gained a fraction to $2.98 a gallon.
Natural gas futures moved lower Tuesday, slipping after sharp gains in the previous session as traders gauge how hot weather will influence gas usage. August Natural gas fell 4 cents to $3.70.
On Wall Street, stocks rose for the fourth session in a row on Tuesday as investors bet that companies will be able to surpass the low bar that has been set for earnings season, leaving room for better-than-expected results that could fuel the rally further. The Dow gained 75 to close at 15,300, the Nasdaq closed at 3,504, up 19 and the S&P 500 gained 11 to 1,652.