Ag markets were lower on Monday
Hogs futures gave up earlier gains and turned lower on Monday. Although the quarterly USDA Hogs and Pigs reported the decline of overall hog population, the bullish implication to the market was muted by the cash weakness due to ample supplies indicated by the steady daily slaughter numbers. In the meantime, the demand of the pigs is slow as well. February hog futures were down 0.60 cents to 85.05 cents/pound in late Monday action, and June fell 0.375 to 99.875.
Cotton futures posted impressive gains on Monday although grain and soybean products markets were down. The depreciation of US dollars apparently powered the cotton prices upward. The seasonal holiday shopping may also bring some momentum to the fiber industry. The decision of discontinuity its cotton support program from Chinese authorities seemingly did not discourage the bulls either. March cotton added 0.54 cents to 84.66 cents/pound on Monday, while July cotton increased 0.50 cents to 83.92 cents/lb.
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