Nightly Recap of the Metals, Energy, Grains, Meats, and Softs Markets
Soybeans closed limit-down, the largest daily move allowed by the CBOT, with the November contract settling 70 cents lower at $10.94 a bushel. Soybeans fell to their lowest level in nearly 7-months on fund liquidation, and positioning in front of Tuesday's crop report. December soy-meal settled $19.30 lower at $301.40 per short ton, and December soy-oil finished 250 points lower at 45.43 cents per pound.
Corn settled the session limit-down, with the December contract settling 30 cents lower at $5.13 a bushel. Tumbling energy prices and falling equity markets sent commodities significantly lower on the session.
December wheat dropped 48 cents to $6.68 a bushel, December oats closed 13 1/4 cents lower at $3.18 a bushel, and November rice ended 49 cents lower at $19.39 per hundredweight.
Gold closed modestly higher on the regular session, with the December contract gaining $5.90 at $894.40 an ounce. Gold continued higher in the electronic market after the close as investors were turning to gold as a safe haven from the turbulent equity market.
Copper closed 5.5-percent lower today, with the December contract settling at $2.91 a pound. Speculation that the slumping U.S. housing market weakness will persist thus reducing demand for copper was noted for the decline.
The U.S. governments existing home sales report showed sales of previously owned homes crumbled more than expected last month in the U.S., with the median price sliding the most on record.
December silver settled the regular session 3.5-percent lower at $13.03 an ounce, October platinum closed 3.9-percent lower at $1,075 an ounce, and December palladium fell 2.6-percent at $219.70 an ounce.
Crude oil fell nearly 10-percent today, with the November contract settling $10.52 lower at $96.37 a barrel. The failure by the House to pass Paulsons bail-out sent crude crashing lower on speculation that without a plan to stem the credit crisis destruction in the energy markets will continue.
The U.S. Minerals Management Service on Monday reported that 3.509 billion cubic feet of Gulf natural gas output, or 47.4-percent, remained shut in Monday, compared with 52.8-percent Friday. Natural gas for November delivery dropped 40.7 cents to close at $7.221 per million British thermal units.
November RBOB gasoline settled 25.4 cents to close at $2.3615 a gallon, and November heating oil dropped 22.9 cents to settle at $2.7885 a gallon.
Coffee finished 3-percent lower today, with the December contract settling 390 points lower at $1.3025 a pound. Long liquidations continue to pressure the market as funds continue to de-leverage in the face of the credit crisis.
Cotton settled limit-down today with the December contract settling 300 points lower at 57.38 cents a pound. Cotton started the session modestly higher before broad based commodity weakness sent cotton to the lowest level in over a year.
December cocoa settled $186 lower at $2,557 a metric ton, and October world sugar settled 5 points higher at 13.10 cents a pound.
Cattle futures closed dramatically lower today with October feeder cattle finishing 300 points lower at 102.57 cents a pound. Falling cash prices and speculation consumers will switch to lower prices protein sent beef lower. October live cattle settled 290 points lower at 98.05 cents a pound.
The U.S. Department of Agriculture's midday beef wire for Monday showed choice cuts gained $0.07 cent a pound, while select items were $0.04 cents a pound lower.
Hogs settled lower today, with October lean hogs settling 107 points higher at 68.55 cents a pound. Lower than anticipated midday direct cash hog quotes, and fund liquidation was noted for the decline. February pork bellies settled 292 points lower at 96.75 cents a pound.