Market Recap: Hogs Gain on Corn Losses
Lean-hog futures overcame early-session pressure and closed mostly higher even as front-month June contracts ended a seven-day rally. June lean hogs slipped 10 to 91.10, July hogs, the most actively traded contract, rose 52 to close at 91.57.
Live-cattle futures closed lower in a late-session selloff as some traders grew more cautious about near-term beef demand and, by extension, eventual prices in this week's cash markets. Feeder cattle were mostly higher, however, due to early losses in corn futures. June live cattle finished down 55 at $117, August feeders gained 70 to close at $159.
US soybean futures closed higher, boosted by concerns about dry soil in parts of the Midwest keeping recently planted crops from germinating. Worries about a farmer strike in Argentina also supported prices. Wheat fell on expectations for a good US winter-wheat harvest and good spring-wheat conditions, and corn fell on good conditions reported by the USDA for the US crop. July soybeans gained 9 1/2 to $13.49, July wheat in Chicago fell 14 1/2 to $6.13, July wheat in KC lost 17 to close at $6.38, and July corn dropped 1/2 to $5.67.
Front-month cotton futures tumbled to its lowest settlement since February 2010 as rain fell over Texas, the top US producing state, improving planting conditions. July cotton fell 164 to 66.89, and the October contract lost 242 to 65.36.
Gold futures edged higher Tuesday, settling just short of Friday's three-week high on hopes that the recent slump in prices and the potential for more easy-money policies from central banks would increase demand for the precious metal. August gold rose $3 to $1,616.90, and July silver closed at $28.40, up 39.8 cents.
Crude futures wavered between gains and losses Tuesday as investors looked past improving data on the U.S. services sector to keep vigil on the debt crisis in Europe. July crude traded flat at $83.98 a barrel, July gasoline gained a fraction to $2.67 a gallon, July distillates gained a fraction to $2.63 a gallon.
Natural gas futures settled higher for a second day Tuesday on expectations that expected warmer temperatures in the eastern U.S. will boost demand. July Natural gas gained 3.1 cents to $2.44.
On Wall Street, stocks rose on Tuesday, recovering some ground from last week's selloff, as data showing the vast U.S. services sector improved in May outweighed investor angst about the euro zone's fiscal crisis. The Dow gained 26 to close at 12,127, the Nasdaq closed at 2,778, up 18, and the S&P 500 gained 7 to close at 1,285.