Market Recap: Hogs Gain on Percieved Tight Cattle Supplies
Lean-hog futures were lifted by spillover buying across the meat sector. October hogs picked up 12 to 90.17, December hogs gained 35 to 86.42.
Cattle futures held on to early session gains to settle at their highest levels in nearly five months on a bullish supply report, which was released Friday afternoon. Feeder-cattle futures also benefited from the tight supply view.
October live-cattle gained 65 to $126, December cattle added 75 to $130, October feeder-cattle futures advanced 187 to $162.
Soybean futures on Monday fell to the lowest closing price in five weeks as the harvest starts in the U.S., the world's second-biggest exporter of the oilseed behind Brazil, after rainfall last week helped stabilize yields. Corn prices rebounded after touching a three-year low on Monday. Wheat futures gained on signs of improved demand for U.S. inventories from overseas buyers.
November soybeans fell 7 1/2 to $13.07, December corn rose 2 1/4 to $4.53, December wheat in Chicago added 7 1/4 to $6.53, and December KC wheat gained 5 to $6.97.
Cotton futures flip-flopped around even Monday as wet weather in the Southeastern U.S. spurred concerns of damage to the crop, but a lack of buying interest curbed the upside. December cotton fell 25 to 84.27, and the March contract fell 23 to 84.18.
Gold futures fell for a second session on Monday as investors weighed the likelihood of a rollback of Federal Reserve stimulus. December gold fell $5.50 at $1,327, December silver closed at $21.85, down 7.0 cents
Crude-oil futures prices settled Monday at their lowest prices in nearly seven weeks as tensions over Syria eased and seasonally weak gasoline futures fell to a new 2013 low. November crude oil in its first day as the front-month contract, fell $1.16 to $103.59 a barrel, October gasoline fell 6.12 cents to $2.62 a gallon, and October distillates fell 4.8 cents to $2.95 a gallon.
Natural-gas futures prices settled lower Monday as moderating temperatures diminished demand. October natural gas dropped 8.5 cents to $3.60.
On Wall Street, stocks fell on Monday, putting the S&P 500 on track for a third session of declines, weighed down by a Federal Reserve official's comments and a looming political deadline in Washington. The Dow fell 49 to 15,401, the Nasdaq closed at 3,765, down 9 and the S&P 500 fell 8 to 1,701.