Market Summary: Supplies Light in NC Egg Market
CME lean-hog futures were higher amid short-covering as the market rebounded following three straight days of losses. CME lean-hogs for October ended up 47 to 86.95, Hogs have been under pressure recently from increasing supplies, which is typical this time of year.
U.S. feeder-cattle ended higher, climbing to a fresh 14-month high amid weaker corn prices and technical buying. CME feeder-cattle for August ended up 5 to $155, September feeder-cattle, the most active contract, ended up 0.5 cent to $1.5845.
U.S. grain and soybean futures settled lower Tuesday, pressured by selling after a price jump and reports of healthy-looking crops in parts of the Farm Belt. Corn and soybean futures jumped Monday on worries about hot, dry weather stressing Midwest crops. Traders on Tuesday then took advantage of the higher prices to sell futures, some booking profits on earlier positions. Wheat futures were pulled lower by corn and soybeans. September wheat in Chicago fell 7 /14 to $6.34, and September KC wheat fell 8 to $6.99, September beans fell 12 ¾ to $13.09, and September corn fell 9 ½ to $4.83.
Cotton futures tumbled Tuesday after a better-than-expected forecast for Indian production took the steam out of a recent rally that had also curbed demand. October cotton fell the 400 point limit to 88.76, and December new crop dropped 361 to 89.25.
Crude-oil futures dropped for a second day Tuesday, as traders braced for signs of when the U.S. Federal Reserve will begin reducing its massive economic stimulus program.
September crude, on its last trading day, took the biggest hit, falling $1.60 a barrel to $105.50 a barrel, September gasoline fell 2.47 cents to $2.90 a gallon, while distillates fell 1.6 cents to$3.05 a gallon.
Natural gas futures finished lower Tuesday after wavering between gains and losses, as traders weighed end-of-summer demand following Monday's sharp rally. Natural gas for September delivery settled 1.9 cents to $3.44
On Wall Street, the S&P 500 bounced on Tuesday to end a four-day losing skid, as earnings from Best Buy and others helped buoy retailers and consumer discretionary stocks. The Dow fell 7 to 15,002, the Nasdaq closed at 3,613, up 24 and the S&P 500 gained 6 to 1,652.