Market News

Mixed market response to fiscal cliff package

Wall Street, energies, and precious metals had the expected positive reaction to avoiding the fiscal cliff, with the Dow Jones Industrial Average gaining more than 300 points, February crude oil up $1.30 per barrel, and January gold nearly $20 per ounce higher.

Grain and oilseed futures did open higher but couldn’t follow-through, instead focusing on a lack of fresh fundamental news and early position squaring ahead of the January 11 USDA reports.

Live cattle futures were mixed with summer and fall contracts up on expectations for solid consumer demand during the grilling months, while lean hogs were firm to higher on a combination of outside support, anticipated solid demand, and technically oversold signals after Monday’s drop.