Market Recap: Soybean Futures Drag Corn and Wheat Lower
U.S. lean-hog futures settled mixed to lower, after a decline in corn futures Monday suggested that feed costs could ease for hog farmers, enabling them to maintain or build up thinned herds. December lean hogs rose 17 to 78.55, February lean hogs slipped 7 to 84.57.
U.S. live-cattle futures rose Monday, boosted by higher beef prices and signs of tightening supplies. October Live cattle gained 25 to finish at $124,
December Cattle, the most-active contract, rose 47 to settle $125.
At the livestock auction held Friday in Siler City, a total of 1,345 cattle were sold. Slaughter cattle trended $1.00 higher. Feeder cattle were $2.00-$3.00 higher.
U.S. soybean futures fell Monday as improved expectations for crops in the U.S. and South America led speculative funds to sell futures. Soybeans dragged corn and wheat futures lower as well. But corn was also pressured by negative technical signals and worries about high prices for the grain having curbed demand. Wheat futures received extra pressured from concerns about weak export demand.
November soybeans fell 30 to $14.92, December corn fell 15 1/2 to $7.37, December wheat in Chicago fell 8 1/2 to $8.48, and December wheat in KC lost 9 to close at $8.81.
No. 2 yellow shelled corn trended 15 to 16 cents lower when compared to last report. Prices ranged $7.26-$8.12 at feed mills and $7.22-$7.62 at elevators. No. 1 yellow soybeans were 30 cents lower and were $15.17 at processors, and $14.38-$14.62 at elevators. No. 2 red winter wheat was not quoted. Soybean meal, f.o.b. at processing plants was $506.10 per ton for 48% protein.
Cotton futures rose to a 3-week high late in the trading session as buy-stops were hit after a big order was placed in a low volume trading day, analysts say. December cotton gained 9 to 72.34, and the March contract jumped 10 to 72.95.
Gold slumped to a one-month low Monday as upbeat economic data tempered expectations for more economic-stimulus efforts by central banks. December gold fell $22.10 to settle $1,737.60,and December silver closed at $32.74, down 92.6 cents.
U.S. oil futures finished nearly unchanged Monday, as traders weighed additional signs of weak global oil demand against the prospect of supply disruptions in the Middle East.
November crude settled a penny lower at $91.85 a barrel, November gasoline fell 4.25 cents to $2.85 a gallon, and November distillates fell 1.48 cents to $3.20 a gallon.
After jumping to a 2012 high last week, natural gas futures closed sharply lower Monday morning as traders took profits amid forecasts of milder weather. November Natural gas fell 12.5 cents to $3.48.
On Wall Street stocks climbed on Monday, rebounding from last week’s losses after Citigroup’s earnings and retail sales sharply exceeded expectations. The Dow gained 95 to close at 13,424, the Nasdaq closed at 3,064, up 20 and the S&P 500 gained 11 ½ to close at 1,440.