Market Recap: Profit Taking Pushes Grains & Oilseeds Lower

U.S. lean-hog futures ended higher, climbing amid stronger wholesale pork values. October lean-hogs ended up 55 to 86.57, December gained 47 to 83.55.

CME live-cattle futures ended lower Tuesday, retreating amid profit-taking after Monday gains and questions about beef demand. August live-cattle ended down 45 to $122, while October live-cattle slipped 42 to $126.

U.S. soybean futures halted their weeklong rally Tuesday, pressured by profit-taking after they surged to one-month highs a day earlier on worries about hot, dry weather in the Midwest. Corn futures also retreated from a one-month high made in the spot grain contract Monday. Wheat futures followed corn prices to end mostly lower.

September soybeans fell 13 3/4 to $14.14, September corn futures slid 16 to $4.99, September wheat in Chicago fell 4 to $6.50, the KC September wheat contract shed 1 to $7.07.

Cotton futures flip-flopped around even Tuesday morning as the market weighed the crop's late development versus its improving condition. Near month October dropped 7 to 84.50, and December new crop gained 10 to 85.00.

Gold futures rose to their highest level in three months on Tuesday as investors sought a haven from escalating political instability in the Middle East and as worries about U.S. government debt resurfaced. December gold rose $27.10 to $1,420.20, September silver closed at $24.65 up 64.1 cents.

U.S. oil prices ended at an 18-month high as traders worried that a potential military strike against Syria could disrupt the region's oil supplies. October crude gained $3.09 to $109.01 a barrel, September gasoline also rallied, rising 6.58 cents to $3.01 a gallon, and September distillates rose 7.30 cents to $3.15 a gallon.

Natural-gas futures settled higher for a second day Tuesday, as above-normal Midwest temperatures spurred buying. September nat gas gained2.1 cents to $3.53.

On Wall Street, stocks suffered their worst day since June on Tuesday, slumping in a broad decline as geopolitical uncertainty rose over a possible U.S.-led military strike against Syria. The Dow fell 170 to 14,776, the Nasdaq closed at 3,578, down 79 and the S&P 500 fell 26 to 1,630. 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.