Cattle futures rose to a two-week high on Wednesday.
Traders were unconcerned by falling wholesale beef prices, instead looking to the week’s cash trade. Many anticipated higher prices, though sales didn’t surface during Wednesday’s session.
Hog futures fell after opening higher. Both cash and meat prices were trending upward on Wednesday, with wholesale pork rising. But ongoing concerns about oversupply in the hog market are limiting buying interest.
December live-cattle futures rose 82 to $120, February gained 92 to $126, and January feeders gained 107 to $155.
December lean hogs fell 67 to 65.07, February dropped 62 to 70.90.
Corn and soybean futures bounced Wednesday, while soybean prices sagged.
Analysts said that chart patterns in the corn and wheat market sparked buying interest among traders. Corn prices in particular found support on suggestions that Chinese buyers were purchasing more grain. Soybean futures closed lower, however, after trading sideways through much of Wednesday’s session. Ongoing concerns about Argentine weather limited losses.
December Corn rose 2 ¾ to $3.39, January soybeans fell ½ to $9.92, December Chicago wheat gained 5 ¾ to $4.16, and December KC wheat gained 4 to $4.13.
Cotton futures ended higher with the March contract gaining 129 to 73.43, and May gained 116 to 73.97.
Oil futures fell for a third straight day Wednesday as investors became less certain that major oil producing nations will strike a deal to extend their output cuts.
January crude fell 69 cents to $57.30 a barrel, Gasoline futures fell 4.11 cents to $1.73 a gallon — their biggest single day decline since Oct. 6, and Diesel futures fell 2.86 cents to $1.92 a gallon.
Natural gas futures climbed for a third straight Wednesday amid growing confidence that cold weather is approaching.
January nat gas rose 5.1 cents to $3.17.
On Wall Street, the Nasdaq posted its biggest one-day drop in more than three months on Wednesday as investors fled high-flying technology stocks and shifted to banks and other pockets of the market that could benefit from improving economic conditions, lower regulations and taxes, and higher interest rates. The Dow gained 103 to 23,940, the Nasdaq closed at 6,824, down 87, and the S&P 500 fell a fraction to 2,626.