Cattle Trade Finishes Limit Down

Live cattle futures fell to their lower daily limit on Wednesday as traders bet on sharply lower cash prices.

Cattle sales on the cash market have been lower so far this week, with market-ready supply growing. Analysts also say consumer appetite for beef is also peaking as spring grilling demand eases in the muggy summer heat.

 

June Live cattle dropped 300 to $124, August also closed limit down at $117, and August feeder cattle fell 390  to $146.

 

Hog futures were steady as the CME contract for June expired. Lighter-weight hogs have strengthened futures, analysts say, though the selling in the cattle market has limited gains.July lean hog futures rose 30 to 82.57, August gained 17 to 82.40.

 

Grain and soybean futures were dragged lower on Wednesday by a dip in the commodity sector. Corn and soybean futures were lower on mixed weather forecasts in key Midwestern growing regions.
July Corn fell 4 to $3.77, while July soybean futures dropped 3/4 to $9.31, July Chicago wheat fell 2 to $4.43, and July KC wheat gained 1/2 to $4.57.

 

Cotton futures continued their week-long slide with the July contract falling 98 to 73.50, and October fell 94 to 72.92.

 

Crude-oil futures fell to a multimonth low on disappointing U.S. stockpile data. Grain and oilseed contracts that had risen overnight gave back those gains on Wednesday as crude prices dropped.

Oil futures tumbled to the lowest level in seven months Wednesday, as high oil inventories continued to erode confidence in the ability of major producers to ease a global supply glut.    July crude delivery slid $1.73 to $44.73 a barrel, July Gasoline futures fell 7 cents to $1.43 a gallon and diesel futures fell 4 cents to $1.41 a gallon.

 

Natural-gas prices fell to a three-month low on Wednesday, as cooler temperatures weighed on prospects for summer demand.

July nat gas fell 3.3 cents to $2.93.

 

On Wall Street, a slide in technology stocks pulled down the Nasdaq Composite on Wednesday and the S&P 500 ended slightly lower, as investors worried about the pace of economic growth after weaker-than-expected inflation numbers and an interest rate hike from the Federal Reserve.  The Dow gained 46 to close at 21,374, the Nasdaq closed at 6,194, down 25, and the S&P 500 dropped 2 to 2,437.

Live cattle futures fell to their lower daily limit on Wednesday as traders bet on sharply lower cash prices.

Cattle sales on the cash market have been lower so far this week, with market-ready supply growing. Analysts also say consumer appetite for beef is also peaking as spring grilling demand eases in the muggy summer heat.

June Live cattle dropped 300 to $124, August also closed limit down at $117, and August feeder cattle fell 390  to $146.

Hog futures were steady as the CME contract for June expired. Lighter-weight hogs have strengthened futures, analysts say, though the selling in the cattle market has limited gains.July lean hog futures rose 30 to 82.57, August gained 17 to 82.40.

Grain and soybean futures were dragged lower on Wednesday by a dip in the commodity sector. Corn and soybean futures were lower on mixed weather forecasts in key Midwestern growing regions.

July Corn fell 4 to $3.77, while July soybean futures dropped 3/4 to $9.31, July Chicago wheat fell 2 to $4.43, and July KC wheat gained 1/2 to $4.57.

Cotton futures continued their week-long slide with the July contract falling 98 to 73.50, and October fell 94 to 72.92.

Crude-oil futures fell to a multimonth low on disappointing U.S. stockpile data. Grain and oilseed contracts that had risen overnight gave back those gains on Wednesday as crude prices dropped.

Oil futures tumbled to the lowest level in seven months Wednesday, as high oil inventories continued to erode confidence in the ability of major producers to ease a global supply glut.    July crude delivery slid $1.73 to $44.73 a barrel, July Gasoline futures fell 7 cents to $1.43 a gallon and diesel futures fell 4 cents to $1.41 a gallon.

Natural-gas prices fell to a three-month low on Wednesday, as cooler temperatures weighed on prospects for summer demand.

July nat gas fell 3.3 cents to $2.93.

On Wall Street, a slide in technology stocks pulled down the Nasdaq Composite on Wednesday and the S&P 500 ended slightly lower, as investors worried about the pace of economic growth after weaker-than-expected inflation numbers and an interest rate hike from the Federal Reserve.  The Dow gained 46 to close at 21,374, the Nasdaq closed at 6,194, down 25, and the S&P 500 dropped 2 to 2,437.


A native of the Texas Panhandle, Rhonda was born and raised on a cotton farm where she saw cotton farming evolve from ditch irrigation to center pivot irrigation and harvest trailers to modules. After graduating from Texas Tech University, she got her start in radio with KGNC News Talk 710 in Amarillo, Texas.

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