Cotton Futures Regain Some of the Week’s Losses

Cattle futures tumbled Friday, pressured by a string of weaker-than-expected cash cattle sales, which disappointed investors hoping for a rebound in demand from packers and retailers this week.  Profit-taking also weighed on the cattle market after four consecutive sessions of narrow gains.

June live-cattle futures shed 277, to $152, August live-cattle declined 212 to $150.

Feeder-cattle futures, too, fell, with the front-month August contract slipping 280 to $223

The hog market, meanwhile, ended narrowly lower in most contracts as the front-month June issue headed into expiration.

June hogs expired 75 higher at 81.45, Hogs for July declined 112 to 78.05. All other contracts were lower.

 

Corn futures settled lower on Friday, weighed down by concerns of ample supplies and a stronger dollar.  Soybeans were mostly lower and wheat was down.

Corn futures have declined for three consecutive sessions, weighed down by traders’ reactions to an Agriculture Department report on Wednesday that projected larger-than-expected stockpiles this year, as well as a jump in estimates for global corn inventories this season and next. Soybeans were mostly lower, also pressured by abundant global supplies.

July corn futures finished down 3 1/2 at $3.53, July Soybean were flat at $9.40, July Chicago wheat was down 1/2 at $5.03, and July KC wheat gained 2 ¾ to $5.26.

Cotton futures regained some of the week’s losses with the July contract gaining 54 to finish the week at 64.07, and December new crop gained 28 to 64.66.

Gold edged lower Friday, as a recent spate of solid U.S. economic data outweighed holdups in the latest round of Greek financial talks.  August gold closed down $1.20 at $1,179.20, July silver closed at $15.82, down 13.5 cents.

Oil prices fell Friday on continuing concerns about oversupply ahead of the latest U.S. oil drilling data.

Oil prices have traded in a tight range in recent weeks, with U.S. prices pivoting around the psychologically key $60-a-barrel level.  July crude fell 81 cents to $59.96 a barrel, July gasoline fell 2 cents to $2.12 a gallon, and July diesel fell 3 cents to $1.89 a gallon.

Natural gas prices fell Friday as traders continued a two-day selloff as data suggested an oversupplied market. July nat gas fell 6.9 cents to $2.75.

A setback in Greek debt talks weighed down stocks on Wall Street Friday, with investors also fretting that sturdy U.S. data may accelerate the timing for a hike in interest rates, while oil prices fell on concerns production may rise further.  The Dow fell 140 to finish the week at 17,898, the Nasdaq closed at 5,051, down 31, and the S&P 500 dropped 14 to 2,094.


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.