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Oil and Gas Futures Moving Higher with OPEC Meeting Coming Up

Cattle futures pulled back from a three-month high Monday, pressured by profit-taking after a week-long rally, as traders work to gauge the strength of beef demand ahead.

December live-cattle futures dropped 145 to $109, after reaching the highest close since Aug. 31, February live-cattle futures declined 117 to $111, and Feeder-cattle futures for January fell 425 to $126.

Soybean futures rose to the highest level in more than four months Monday, buoyed by optimism over international demand for the oilseeds. Wheat dropped while corn was mixed.

Soybeans rallied for a seventh straight session as promising export data fueled another bout of buying by commodity funds. Meanwhile, wheat fell to a three-month low, pressured by an outlook for improving U.S. growing conditions and abundant supplies.

January Soybeans climbed 10 to $10.56, December Chicago wheat fell 6 1/4 to $3.89, December KC wheat gained ¼ to $4.11, and December corn shed 3/4 to $3.48.

Cotton futures rebounded Monday with the March contract gaining 77 to 72.02, and May gaining 62 to 72.52.

Oil futures rose Monday, reversing earlier losses, as investors debated the possibility of a production cut at this week’s meeting of the Organization of the Petroleum Exporting Countries.

Crude futures climbed 1.18 cents to $47.24 a barrel, Gasoline futures rose 4.84 cents to $1.42 a gallon, and Diesel futures rose 4.93 cents to $1.51 a gallon.

Natural gas rose for the sixth straight session with forecasts that cooler weather is setting in, which will likely lead to increased demand. December nat gas gained 14.7 cents to $3.23.

Stocks on Wall Street declined on Monday for their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits on the heels of a record-setting week.  The Dow fell 54 to 19,097, the Nasdaq closed at 5,368, down 30 and the S&P 500 dropped 11 to 2,201.'

A native of the Texas Panhandle, Rhonda was born and raised on a cotton farm where she saw cotton farming evolve from ditch irrigation to center pivot irrigation and harvest trailers to modules. After graduating from Texas Tech University, she got her start in radio with KGNC News Talk 710 in Amarillo, Texas.