CME lean hog futures turned mostly higher in a late-session rally amid trader optimism for post-Thanksgiving demand and expectations of tightened hog supplies this winter. Dec lean hogs closed up 47 at 69.12 while most-active Feb contact finished up 105 at 76.85.
News that the Environmental Protection Agency would announce a delay in permitting higher ethanol levels in 2001 to 2006 vehicles sparked a chain reaction in commodity markets that resulted in a higher close for CME live and feeder cattle. Dec live cattle gained 65 to 101.45, Jan feeders finished up135 at 117.40.
U.S. wheat futures inched lower Friday, but managed to withstand the selling pressures of other commodities amid solid export demand and ongoing U.S. crop concerns. March wheat in Chicago ended down 1/2 at $6.84, March wheat Kansas City ended down 3/4 at $7.25, and March MGE wheat finished up 1 3/4 at $7.41
U.S. corn futures ended a highly volatile week with sharp losses Friday, ending lower on worries about Chinese demand and U.S. ethanol policy. Dec corn ended down 21 to $5.20.
U.S. soy ended lower Friday, tumbling to session lows on the close on concerns about China's government policies and traders reducing risk exposure ahead next week's holiday weighed on prices, Soy product futures tumbled in unison with soybeans. Jan soybeans fell 40 ½ to $12.01, Dec soy oil ended down 196 at 48.96, and Dec soy meal traded down $9.20 at $325.80.
Cotton futures plunged by the exchange-allowed maximum, reversing an equally dramatic increase the day before. Dec cotton fell 6 to $1.27.
Comex gold futures ended little changed Friday, seeing little upside from the weaker dollar as China's credit-tightening moves and a likely rescue package for Ireland saw investors back away from the safe-harbor asset. December gold dropped 70 cents to $1,352.30 an ounce, Dec silver closed at $27.17, up 34.5 cents
Oil prices finished slightly lower Friday, as traders focused on monetary tightening in China and euro-zone jitters. December crude dropped 34 cents to $81.51 a barrel, December gasoline finished down 3.23 cents, to $2.19, and December distillates fell 2.07 cents to $2.27 a gallon.
Natural gas futures rose Friday on an icy weather outlook, propelling the benchmark contract to its first weekly gain in November. December Natural gas gained 15.7 cents to $4.16.
The markets managed to mostly shrug off the latest efforts by China to cool down its red-hot economy. The Dow gained 22 to finish the week at 11,203, the Nasdaq closed at 2,518 up 3 ¾ and the S&P 500 gained 3 to close at 1,199.