Oil Hits 12-Week High
U.S. lean-hog futures lost steam during the session Tuesday as traders weighed a decision by China to stockpile pork alongside a mix of supportive technical factors and rising supplies. August lean hogs climbed 120 to 89.92, October contracts, the most actively traded closes down 25 at 74.92.
Live-cattle futures treaded water during the session as traders continue to await fresh signs of beef demand. Feeder cattle moved a tick higher following a sell-off in corn futures. August live cattle finished the day up 2, or essentially unchanged, at $120, August feeders gained 22 to close at $138.
US grain and soybean futures settled lower, as Midwest weather boosted optimism for US soy crops. Soybean futures led declines across grain markets, as traders factored in the potential for rains and cooler weather to aid the development of drought stressed soybeans. Corn and wheat stumbled as well, with traders eyeing demand and spring wheat harvests. November soy fell 18 1/2 at $15.65, December corn finished down 4 1/2 at $8.00, September wheat in Chicago ended down 4 1/4 at $8.89, and September wheat in KC closed unchanged at $8.96.
Cotton futures touched a fresh 11-week high in intraday trade, but retraced those gains to close slightly lower. December fell 32 to 75.40, and near-month October dropped 16 to 74.96.
Gold prices settled lower in quiet trading Tuesday, as the euro gave back some of its early-morning gains. December gold fell $3.40 to $1,612.80 an ounce, December silver gained 21 cents to $28.16.
Crude-oil futures rose to a 12-week high Tuesday, rallying on positive market sentiment and concerns about short-term supply. September crude rose $1.47 to $93.67 a barrel, Meanwhile, front-month gasoline rose above the $3 mark after a fire at one of the largest U.S. refineries in California. September gasoline gained 6.91 cents to $2.99 a gallon.
Natural-gas futures rose Tuesday, pushing back toward the $3 mark as U.S. weather forecasts point toward warmer temperatures and attention turns to storms forming in the Atlantic Ocean. September Natural gas gained 5.6 cents to $2.96.
On Wall Street, stocks rose for a third day on Tuesday in light volume, pushing the S&P 500 above 1,400 for the first time since early May, on cautious optimism the European Central Bank will act soon to contain the bloc's debt crisis. The Dow gained 51 to close at 13,168, the Nasdaq closed at 3,015 up almost 26 and the S&P 500 gained 7 to finish at 1,401.