New Argentinian Government Statements Scuttle Grain Futures

Cattle futures ended the session lower on Tuesday, pressured by profit-taking as investors reconsidered hopes that demand will get a boost after this week’s Thanksgiving holiday.

December live-cattle futures fell 192 to $130, Cattle futures for February slid 170 to $132, and Feeder-cattle futures for January fell 72 to $164.

Meanwhile, USDA’s cold-storage report showed volumes of pork were lower than anticipated, amid stout demand, which helped buffer hog futures from the selling on Tuesday.

December lean-hogs slid 22 to 57.22, Hog futures for February declined 77 to 57.50.

Wheat futures finished lower on Tuesday, amid concerns that additional South American production will come onto the world market.

Corn and soybean prices were also lower.

Wheat fell sharply on the day after Argentina’s incoming president said he would remove some export taxes. Corn also declined, pressured by the news from Argentina, and Soybeans settled slightly lower, after the Argentine government indicated it would reduce soybean export taxes by substantially less than corn and wheat.

December Chicago wheat fell 10 3/4 to $4.84, December KC wheat fell 7 to $4.57, December corn closed down 3 at $3.64, and January soybeans shed 1/2 to $8.63.

Cotton futures ended higher on Tuesday with the March contract gaining 34 to 61.94, and the May contract jumped 29 to 62.77.

Gold futures marched higher on Tuesday after tensions between Russia and Turkey flared over a downed jet, sparking investor appetite for haven assets. December gold rose $7 to $1,073.80, and December silver closed at $14.15, up 12.7 cents.

Oil prices climbed Tuesday on fears of a supply disruption after the Turkish military shot down a Russian jet fighter along the Syrian border. January crude closed $1.12 higher at $42.87 a barrel, Gasoline futures jumped 7.68 cents to $1.39 a gallon, and Diesel futures rose 2.54 cents to $1.39 a gallon.

Natural-gas prices slid Tuesday on expectations that weekly inventory data would show natural-gas supplies at a new record high. December nat gas fell a penny to $2.20.

Stocks on Wall Street closed higher on Tuesday as the S&P energy sector rose along with crude oil prices and investors focused on global politics after Turkey shot down a Russian warplane near the Syrian border.  The Dow gained 19 to 17,812, the Nasdaq closed at 5,102, up a fraction and the S&P 500 gained 2 to 2,089.