Cattle futures settle lower after weaker-than-expected pricing in a weekly Fed auction that left 18 of the 30 lots unsold. Hogs lost their early advance even with supportive cash prices.
April live cattle fell 65 to $113, the June contract fell 42 to $104, and March feeders gained 27 to $124. April lean hogs fell 52 to 70.77, and the May contract fell 42 to 75.52.
Grain and soybean futures rebounded Wednesday as a weaker dollar and widespread buying boosted prices for agricultural commodities.
Soybeans climbed to a nearly one-month high, buoyed by fresh buying by commodity funds, which have helped lift prices for the oilseeds this month. Currency swings and buying by commodity funds also pushed corn to a fresh more than seven-month high, while wheat rallied on the lower dollar.
March Soybeans jumped 16 1/4 to $10.61, March corn rose 4 1/2 to $3.78, March Chicago wheat gained 5 1/4 to $4.54, and March KC wheat gained 4 to $4.69.
Cotton futures slipped again on Wednesday with the March contract dropping 61 to 75.71, and May falling 67 to 77.28.
Oil futures edged lower Wednesday after federal data showed that stockpiles of U.S. crude and gasoline surged to record levels last week.
But the figures, which analysts described as decidedly bearish, didn’t shake crude from the tight range it has traded in since the start of the year. March crude fell 9 cents to $53.11 a barrel, Gasoline futures gained a fraction to $1.54 a gallon, and Diesel futures fell a fraction to $1.63.
Natural-gas futures edged higher Wednesday, breaking a three session streak of losses. Natural gas rose 2 cents to $2.92.
Stocks on Wall Street pushed further into record-high territory on Wednesday, with the S&P 500 notching a seven-session winning streak, helped by a round of robust economic data and ongoing optimism that President Donald Trump will cut corporate taxes. The Dow gained 107 to 20,611, the Nasdaq closed at 5,819, up 36 and the S&P 500 gained 11 to 2,349.