Market Recap: Wheat Futures Fall on Improved Crop Conditions
Hog futures advanced, with some gains curbed in the spot contract by a bulge of near-term pork supplies. December hogs added 2 to 85.62, February hogs ended at 90.40, up 6.
U.S. cattle futures rose Tuesday following a jump in wholesale beef prices, with gains further fueled by weakening projected feed costs. December Live-cattle rose 87 to $131, January feeder cattle added 157 to $164.
Wheat futures closed at the lowest price in more than a week after the U.S. Department of Agriculture said in a Monday report that conditions had greatly improved from a year earlier. Corn futures dropped as investors who were long the market sold out of their contracts as Friday is first-notice day, Soybeans had earlier declined as a mix of rain and sun boost crop prospects in South America.
December Wheat in Chicago fell 6 to $6.46, December KC wheat gained ¾ to $7.04, December corn fell 6 1/4 to $4.18, January Soybeans were unchanged at $13.29.
Cotton futures neared a five-week high on Tuesday as bad weather across the U.S. cotton belt eclipsed an expected announcement by China's government that it would start to sell some of its stockpiles of the fiber. March cotton gained 68 to 79.14, and the May contract gained 83 to 75.59.
Gold futures eked out a gain in thin trading Tuesday, even as the U.S. economy showed signs of strength, reducing the need for the precious metal as a safe-haven investment. December Gold ended up 20 cents at $1,241.40, December silver closed at $19.71, down 16 cents.
Oil futures declined Tuesday as traders were reluctant to take big positions ahead of a closely watched inventory report that is expected to show a 10th straight weekly increase in domestic crude supplies. January crude fell 41 cents to $93.68 a barrel, December gasoline gained a fraction to $2.68 a gallon, December distillates rose 1.23 cents to $3.04 a gallon.
Natural gas rose to a six-week high Tuesday as the December contract expired and traders hoped a government storage report would show an above-average draw in stockpiles for this time of year. December Natural gas gained 2.9 cents to $3.81.
On Wall Street, The Nasdaq composite index closed above 4,000 on Tuesday for the first time since 2000 as the Dow and the S&P 500 ended little changed. The Dow gained 1 to 16,073, the Nasdaq closed at 4,017, up 23, and the S&P 500 gained a fraction to 1,802.