Cattle futures resumed their upward path Friday as end-of-week buying buoyed cash markets and fed through to derivative markets. The prospect of higher supplies ahead of the holiday season didn’t deter sellers from holding out for higher cash prices, driving futures higher after Thursday’s modest decline. December live cattle gained 297 to $127, February closed limit up at $131, and November feeders gained 295 to finish $160.
Hog futures slid into the weekend with the December contract falling 70 to 65.10, and February falling 7 to 71.97.
Corn and soybean futures fell Friday as global currency swings and the advancing U.S. harvest halted a brief rally in the crop markets.
Soybean prices led the losses as a sharp drop in Brazil’s currency led to a selloff in the oilseed market. Fund buying has recently lifted prices for the crops, along with optimism over export demand. New supply data will come next week, when the USDA releases its November crop report. Analysts expect the government to boost corn yields and trim soybean yields, but some also believe those revisions have already been factored into futures prices, with markets awaiting demand signals to post major movements.
December corn fell 2 ¼ to $3.48, November soybeans dropped 12 to end the week at $9.77, December Chicago wheat fell 1/4 to $4.25, and December KC Wheat gained 1 to finish at $4.26.
Cotton futures finished the week in negative territory with the December contract falling 36 to 68.72, and March falling 20 to 68.77.
Oil futures advanced to a fresh two-year high Friday, buoyed by expectations for OPEC to extend its deal to cut production and the steady reduction of excess U.S. supply.
December crude gained $1.10 to close at $55.64 a barrel, December gasoline gained 2 cents to $1.79 a gallon, and December diesel gained 3 cents to $1.88 a gallon.
Natural-gas futures rose on Friday, as forecasts for cold weather eased concerns about slow demand. December nat gas gained 4.9 cents to $2.98.
On Wall Street, a surge in shares of heavyweight Apple helped push up major Wall Street indexes on Friday, as investors also assessed a mixed U.S. labor market report. The Dow gained 22 to finish the week at 23,539, the Nasdaq closed at 6,764, up 49, and the S&P 500 gained almost 8 to close at 2,587.