Corn & Soybean Futures Bounce on Positive Export Data
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Hog futures reversed early gains, following cattle futures sharply lower on the day amid selling across the livestock markets.

August Hogs slid 112 to $118, October hogs fell 52 to $103.

Cattle futures ended the session sharply lower Thursday, pressured by profit-taking after a steep climb in recent weeks raised concerns about demand for record-expensive hamburgers and steaks.

August live cattle fell 192 to $157, October cattle shed 260 to $157.

Corn fell to a new four-year low after a U.S. Department of Agriculture report showed disappointing export sales in the week that ended on July 24. Soybeans rose as the USDA report showed strong demand for U.S. supplies. Wheat also gained on strong export sales.

September corn fell 4 3/4 to $3.57, August soybeans rose 4 to $12.24, September Chicago wheat futures gained 3 to $5.30, September KC wheat gained 8 ¾ to $6.25.

A global glut of cotton continues to weigh on the futures market with near month October falling 12 to 62.09, but December new crop gained 3 to 64.37.

Gold prices closed at their lowest level in six weeks, after jobless claims data Thursday pointed to a potentially strong U.S. employment number for July. December gold fell $14.10 to $1,282.80, September silver closed at $20.41, down 18.5 cents.

U.S. oil futures slumped Thursday on news that a refinery in Kansas could be closed for four weeks after a fire, reducing demand for crude oil.

September crude fell $2.10 to $98.17 a barrel, August gasoline dropped 1.22 cents to $2.83 a gallon, August diesel fell a fraction to $2.88.

Natural gas prices jumped Thursday after weekly U.S. inventory gains were smaller than expected and weather forecasts turned warmer for the coming weeks.  September Natural gas rose 5.5 cents to $3.84.

On Wall Street, stocks took a beating, falling more than 1 percent on Thursday, with the S&P 500 on track for its worst daily decline since April and first monthly drop since January, as concerns mounted over the strength of overseas economies and ongoing tensions with Russia.  The Dow lost 317 to close at 16,563, the Nasdaq closed at 4,369, down 93, and the S&P 500 fell 39 to 1,930.

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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