Market Recap: Outside Markets Support Grains & Oilseeds

Lean hog futures enjoyed bigger gains than cattle futures as steadily rising prices in cash-hog markets helped overcome concerns about poor margins at pork processors. June hog futures rallied 85 to finish at 91.95, the July contract gained 112 to 92.70.
U.S. live cattle futures gained ground Wednesday with help from broad gains in stock and commodity markets that helped overcome concerns about beef demand in coming weeks. June live cattle finished up 55 to $117, August feeders gained 122 to $157.

US grain futures closed higher, with corn boosted by concerns about dry soil in the corn belt and lower expectations for rain in the next week. Stronger cash markets also supported the markets while stout outside markets and a weaker dollar gave further tailwinds. July corn jumped 18 3/4 to $5.86, July wheat in Chicago climbed 11 to $6.24, July wheat in KC gained 17 to close at $6.55, and July soybeans gained 36 3/4 to $13.86.

Cotton futures surged limit up Wednesday on the weaker dollar and higher equities, but traders don't expect the upward momentum to last. July cotton closed limit up at 69.89, October cotton gained 209 to 67.45.

Gold futures were up for much of the trading day in New York, but erased those gains, and briefly turned negative, in a bit of unusual post-settlement electronic trading. June gold gained $21.50 to $1,636.50 an ounce and June silver gained $1.07 to close at $29.44.
 

Oil futures rose Wednesday after Iran issued a warning over talks about its nuclear program that are scheduled for later this month. July crude gained 73 cents to $85.02 a barrel, July gasoline gained a fraction to $2.69 a gallon, and July distillates gained 3.81 cents to $2.67 a gallon.
 

Natural gas futures fell Wednesday as traders position ahead of weekly data on U.S. inventories that are expected to show a shrinkage in the domestic supply glut. July Natural gas fell 2.5 cents to $2.42.
 

On Wall Street, stocks jumped on Wednesday, with the S&P staging a major reversal above its 200-day moving average, as talk of a rescue of Spain's troubled banks and hopes for more monetary stimulus sparked a rebound from recent selling. The Dow gained 286 to 12,414, 2,844, up 66 and the S&P 500 gained almost 30 to close at 1,315.