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.