crude is up roughly 10% this month alone. The rapid ascent had some investors cashing in on the gains Tuesday - U.S. Brent closed at its highest level since July 2015. oil prices posted their largest one-day advance of the year Monday to re-enter bull-market territory, settling nearly 23% above this year’s low hit in early June. Brent crude, the global benchmark, declined 1% to $58.44. Light, sweet crude for November delivery fell 34 cents, or 0.7%, to $51.88 a barrel on the New York Mercantile Exchange. Oil prices fell Tuesday, as some investors took profits after U.S. crops less competitive in the export market, while falling crude oil futures eased money flows out of the commodity sector.ĬBOT December corn futures fell 0.4% to $3.52 1/4 a bushel, while December wheat contracts closed 0.1% lower at $4.53 3/4 a bushel. Grain futures also closed lower, with outside influences pressuring those markets. That increased the likelihood of lower oilseed prices going forward as newly harvested soybeans bolstered existing stockpiles. November soybean contracts fell 0.8% to $9.63 1/2 a bushel at the Chicago Board of Trade.Īnalysts said yield data from the early stages of the oilseed harvest, which was 10% complete as of Sunday, increasingly suggested that yields would come in on the high end of estimates. Soybean futures fell on higher yield reports and a slower pace of export sales announcements. The CME’s front-month October lean hog contract fell 1.9% to 55.25 cents a pound, hitting a new low for the year, while lat Ĭash and pork prices have struggled amid high slaughter numbers, which rose to a record 460,000 head on Monday, though wholesale pork inched higher on Monday and at midday Tuesday.Īnalysts see little prospect of near-term relief in the hog market, though some expect prices to firm later this year as meatpackers work through slaughter-ready supplies.
That prompted a selloff in cattle futures, with a number of contracts falling to their lower limits on Monday. The agency also said that stocks of beef in commercial freezers rose 10% in August from a month earlier, well above expectations. Department of Agriculture said last week that feeders placed more cattle than expected in feedlots for fattening in August, suggesting that supplies of slaughter-ready cattle would increase early next year and depress prices. Front-month September feeder cattle futures rose 0.1% to $1.50575 a pound while later months fell. Live cattle contracts for October fell 0.9% to $1.08275 a pound at the Chicago Mercantile Exchange on Tuesday. Cattle futures extended losses as traders continued to take stock of increases in supply expected early next year.
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