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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. is dedicated to serving the agricultural industry in the Carolinas and Virginia with the latest ag news, exclusive regional weather station readings, and key crop market information. The website is a companion of the Southern Farm Network, provider of daily agricultural radio programming to the Carolinas since 1974. presents radio programs, interviews and news relevant to crop and livestock production and research throughout the mid-Atlantic agricultural community.