Market Recap: Hogs Gain on Wholesale Pork Prices
U.S. lean hog futures were mixed on Tuesday as traders weighed weaker wholesale pork prices against bullish technical indicators for later-expiring contracts. February hog futures fell 95 to 86.17, and the April contract gained 55 to 89.10
U.S. live cattle futures finished higher on Tuesday on a jump in wholesale beef prices and a weaker U.S. dollar. February Live Cattle rose 160 to $125, March feeder cattle rose 87 to $155.
US wheat futures ended lower on profit-taking and lack of fresh supportive news. March wheat in Chicago ended down 6 1/4 to $6.62 and March wheat in KC dropped 7 to $7.12.
US corn futures ended slightly lower amid tight trading, with some profit-taking occurring after recent gains. March corn ended down 2 at $6.42.
US soybean futures ended slightly lower, with prices hovering near unchanged levels for most of the day, Soy product futures end mixed. March soybeans ended down 1 at $12.32, March soy meal ended down $2.10 at $325.40, and March sooil ended up 1 to 52.17.
Near month cotton futures traded significantly lower on Tuesday, even with the new crop threatened by a shrinking acreage base, with some estimates calling for a 10-15% switch to other crops in the Southeast. March cotton fell 174 to close at $94.57, and the May contract falling 177 to close at $96.06.
Gold futures bounced to positive territory Tuesday as Federal Reserve Chairman Ben Bernanke's testimony and hopes of an imminent Greece deal buoyed investor confidence. Gold gained $23.50 to $1,748.40, and Mar silver closed at $34.19, up 44.4 cents.
Crude oil futures settled higher Tuesday after a volatile session in which global benchmarks shifted from their recent trajectories. March crude gained $1.50 higher at $98.41 a barrel, March distillates gained 2.02 cents to $3.19 a gallon, and March gasoline settled down for the first time in three days, off a fraction at $2.92 a gallon.
Natural-gas futures fell Tuesday as traders worried that time is running out for cold weather to eat into massive U.S. gas stockpiles. March Natural gas dropped 7.8 cents to $2.47.
On Wall Street, U.S. stocks rose Tuesday, helped by reports signaling the Greek government was close to agreeing on budget measures that would open the path to more international rescue money and testimony from Federal Reserve Chairman Ben Bernanke. The Dow gained 33 to close at 12,878, the Nasdaq closed at 2,904, up 2 and the S&P 500 gained 2 to close at 1,347.