U.S. lean hog futures set multi-week highs Wednesday as expectations for higher cash prices and potential tightening of supplies pushed up prices. December lean hogs climbed to a one-month high70.37, up 55, Feb gained 70 to 77.60.
Live cattle futures set new contract highs in all months except the nearby December position as firmer corn prices and a larger-than-expected drop in jobless claims added to support from a strong cash cattle market. The December live cattle gained 37 to 101.92, January feeder cattle closed at 118.27 gaining of 45.
Forecasts for scant rain in dry growing areas of the U.S. Plains during the next 10 days boosted U.S. wheat futures Wednesday. March wheat in Chicago closed up 4 1/2 at $6.85, March wheat in KC jumped 7 1/2 to $7.35, and MGE March wheat gained 3 to close at $7.50.
U.S. corn futures rallied Wednesday on strength in soybeans and dry South American weather that is fueling worries about the crop there. Dec corn ended up 10 1/4 at $5.38.
U.S. soybean futures rallied Wednesday on a huge export sale to China and worries about the South American crop, soy products were mixed Wednesday. December soybeans closed up 16 to $12.55, Dec soy oil ended up 1.02 to 50.24, while Dec soy meal closed down $0.50 to $340.20.
ICE cotton for March delivery soared on Wednesday ending a sell-off since the Nov. 10 record peak. December finished at $1.19, March closed at $1.16.
Gold futures ended lower Wednesday on modest dollar strength and easing worries over North and South Korean tensions. December gold fell $4.60 to $1,373.00, and Dec silver closed at $27.52, down 0.44 cents.
Crude futures rallied Wednesday, ending a slide towards $80 a barrel as traders cheered reports suggesting a better outlook for the U.S. economy. January crude jumped $2.61 to $83.86 a barrel, December gasoline soared 7.94 cents to $2.21 a gallon, and December distillates rose 7.59 cents to $2.32 a gallon.
Natural gas futures ended nearly unchanged Wednesday as traders weighed the first gas inventory draw of the season with expectations for warmer-than-normal temperatures in the Northeast next week. December Natural gas gained a fraction to $4.26.
The Dow soared Wednesday, recapturing all of Tuesday’s tumble, as Wall Street showed it was thankful for a two-year low in weekly jobless claims and hopeful signs that Black Friday may impress. The Dow gained 150 to close at 11,187, the Nasdaq closed at 2,543, up 48, and the S&P 500 gained 17 to close at 1,198.