Crop markets look set to start the week on a strong note
Morning pork gains apparently boosted nearby hog futures Friday. The most-active August contract posted sizeable gains in response to a midsession report of strong wholesale gains, as well as to its discount to the CME lean hog index. Concerns about the second-half outlook seemed to keep a lid on deferred futures. Indeed, it would not be terribly surprising to see swine futures turn lower after the Friday afternoon pork report indicated a modest loss to end the week. August hog futures gained 0.90 cents to 97.75 cents/pound at its Friday settlement, while the December contract dropped 0.10 to 82.05.
Financial markets and weather news are apparently driving the cotton market. For example, the big stock market gain posted last Friday was at least partially offset by the concurrent jump by the U.S. dollar. Rising equity index futures are apparently boosting the white fiber market early this week, with modest greenback slippage opening the door for further gains. However, bulls may have a hard time sustaining gains if the weather over Texas cotton fields proves as favorable over that predicted for the Corn Belt. October cotton edged up 0.11 cents to 86.54 cents/pound as the sun rose over New York Monday morning, while December advanced 0.22 cents to 85.25.
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