Cattle futures fell on Thursday, giving back the previous session’s gains as traders looked ahead to a government supply report. The futures market was under some pressure after prices in the cash market for physical cattle fell this week. Hog futures also fell. Hog traders have supply concerns of their own. A recent tumble in corn prices on updated forecasts for a larger-than-expected harvest this year made it cheaper for farmers to continue expanding their pig herds
December live cattle futures fell 65 to $119, February dropped 62 to $125, and November feeders dropped 22 to $157.
December lean hog contracts dropped 102 to 60.10, February dropped 87 to 66.57.
Corn futures sank to new lows Thursday as underwhelming export sales pressured grain-and-oilseed prices. The U.S. Department of Agriculture said that exporters sold 954,500 metric tons of corn in the week ended Nov. 9, along with 1.177 million tons of soybeans. Both were at the low end of the range of pre-report analyst estimates. Soybean oil sales of 2,700 tons fell well below expectations. Front-month wheat futures rose.
December corn futures fell 1 ¾ to $3.36, January soybeans dropped 4 ¼ to $9.72, December Chicago wheat climbed 1 ½ to $4.21, and December KC wheat fell ¾ to $4.17.
Cotton saw another mid-week bump with the December gained 40 to 69.21, and March gained 34 to 69.18.
Oil prices extended their losing streak Thursday as rising U.S. petroleum inventories and wavering demand forecasts continued to weigh on the market.
December crude futures fell for a third straight day, settling down 19 cents, at $55.14 a barrel, Gasoline futures fell 2.51 cents to $1.71 a gallon, Diesel futures fell a fraction to $1.90 a gallon.
Natural-gas prices fell for a fourth straight day Thursday, as uncertainty about weather outweighed data showing that more natural gas was withdrawn from storage than expected last week. December Natural gas fell 2.7 cents to $3.05.
Wall Street’s main indexes rose sharply on Thursday boosted by earnings-related gains in Wal-Mart and Cisco, while a tax bill expected to boost corporate earnings passed its first, if smallest, hurdle. The Dow gained 187 to 23,458, the Nasdaq closed at 6,793, up 87, and the S&P 500 gained 21 to 2,585.