Market Recap: Near-month Cotton Soars LImit
Lean-hog futures finished higher, getting a boost from the broad-market gains and expectations that hogs have set a seasonal low. February hog futures rose 122 to 85.52, April hog futures were up 75 at 88.45.
Live-cattle futures settled mixed Tuesday as the market failed to hold on to gains fueled by a broad rally in equities and commodities. February live Cattle rose 1 to $121, Futures for feeder cattle ended higher, with the January contract up 32 at $146.
US wheat futures ended mixed as CBOT wheat got spillover support from corn and macro markets, climbing to a fresh three-month high before trimming gains. March wheat in Chicago ended up 4 1/4 at $6.57, March wheat in KC closed down 4 1/2 at $7.12.
US corn futures ended sharply higher, climbing to a fresh 8-week high, as worries about South America's crop persist. March corn gained 12 at $6.58.
US soybean futures ended at their highest level in two months, fueled by broad-based speculative buying across asset classes, Soy product futures bounced with soybeans. March soy ended up 19 3/4 at $12.27, March soy meal ended up $6.10 at $319.20, and March soy oil finished up 69 to 53.11.
A mix of short-covering and new bets that cotton prices will rise sends futures to a 6-week high in New York, says an analyst who advises textile mills in Asia. March cotton finished up the exchange-permitted daily limit of 400 at 95.80, and the May contract gained 389 to $95.57.
Gold rose and silver surged by 5.9% on Tuesday as investors saw a bargain in the rattled markets as the dollar sank and strength in global manufacturing activity pointed to steady demand. February gold rose $33.70 to $1,600.50, Silver for March delivery rose $1.76 to $29.57.
Oil futures finished at their highest level in eight months Tuesday as heightening tensions between Iran and the West raised fears of supply disruptions. February crude jumped $4.13 to $102.96 a barrel, February gasoline gained 9.12 cents to $2.74 a gallon, and February distillates gained 12.4 cents to $3.03 a gallon.
Natural-gas futures settled narrowly higher Tuesday, but settled below the key $3 per million British thermal unit level for a second straight day, despite a spell of cold temperatures in the Northeast U.S. February- natural gas gained a fraction to $2.99.
On Wall Street, a round of encouraging economic reports from around the world ignited a broad rally in equity and commodities markets. The Dow gained 179 to close at 12,397, the Nasdaq closed at 2,648, up 43 ½ and the S&P 500 gained 19 to finish at 1,277.
