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Market Recap: Wheat Futures Soar on Export Demand

U.S. lean-hog futures ended sharply lower, falling amid concerns about demand as wholesale pork prices continue to decline. July lean hogs ended down 122 at $101, while August lean hogs were down 22 to 95.55.
CME live-cattle futures were mixed Monday, feeder-cattle were lower. August live cattle were up 12 to $122, while October live cattle were down 75 at $126. August feeder cattle slipped 2 at $151.

U.S. soybean futures for nearby delivery jumped to a 9 1/2-month high Monday amid concerns about tight domestic supplies. Corn futures climbed with soybeans, supported by tight supplies and concerns about crop-growing weather. U.S. wheat futures settled higher, supported by continued export demand from China.

July soybeans finished up 21 1/4 at $16.09, July corn finished up 7 at $6.91, July wheat in Chicago ended up 4 at $6.60, and Kansas City Board of Trade July wheat climbed 17 1/4 to $6.93.

Cotton futures ticked up Monday morning as the market continued to consolidate around 85 cents a pound for a fourth-consecutive session in very thin post-holiday trade. October cotton fell 6 to 86.37, and December new crop gained 30 to 85.33.

Gold and silver futures rebounded from Friday's lows amid a weaker dollar and a decline in yields on U.S. Treasury bonds. July gold gained $22.10 to $1,234.70, and July silver gained 28 cents to $19.01.

Crude-oil futures were slightly lower Monday, retreating after a surge to multi-month highs last week as investors keep close watch on the situation in Egypt.

August crude fell 8 cents to $103.14 a barrel, August gasoline dropped 1.31 cents to $2.8837 a gallon, and August distillates fell a fraction to $2.98 a gallon.

Natural-gas futures shot to a two-week high Monday, as traders expect hotter temperatures in the Midwest and Northeast to lift demand for gas-fired electricity. August Natural gas jumped 12.4 cents to $3.74.

On Wall Street, stocks advanced heading into the start of earnings season, building on gains sparked by last week’s robust employment report and pushing the S&P 500 closer to its all-time high set in May. The Dow gained 88 to close at 14,224, the Nasdaq closed at 3,484, up 5 and the S&P gained 8 to close at 1,640. 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.