The national hog herd rose to a quarterly record in September, suggesting heavy supplies for the remainder of the year even as inventories ease in early 2018. Hog futures have been under pressure recently, falling 40% from a mid-July high, as hog weights rose and new slaughter capacity pushed pork processing to records. October lean hogs rose 15 to 55.55, December tumbled 137 to 58.27.
Cattle futures, however, saw small gains. October live cattle gained 40 to $108, December gained 15 to $115, and September feeders gained 37 to $152.
Grain and soybean futures fell on pressure from the ongoing U.S. harvest.
Farmers across in Midwest are starting to collect their corn and soybean crops. While still in early stages, analysts say many farmers are reporting better-than-expected yields.
That weighed down futures on Thursday, despite signs of strong demand for those crops. Traders were positioning ahead of a quarterly grain stocks report due today at noon. Analysts expect to see supplies of corn and soybeans in domestic silos as of Sept. 1 increasing to multiyear highs from the same time in 2016.
November soybeans fell 6 to $9.59, December corn fell 1 ½ to $3.52, while December Chicago wheat dropped 6 ½ to $4.55, and December KC wheat dropped 6 to $4.53.
Cotton futures once again posted small gains with the December crop up 32 at 68.97, and March up 26 to 68.05.
Oil futures moved into the red, erasing much of this week’s gains as investors took profits.
Prices had been on the rise earlier Thursday following concerns that Iraqi Kurdistan’s independence vote could hit supply from the oil-rich region and after U.S. data Wednesday showed that record-high exports of U.S. crude and additional demand from refineries helped drain 1.8 million barrels from U.S. crude inventories last week.
But investors pulled back, sending oil prices tumbling amid concerns that the rally had gone too far. November crude futures fell 58 cents to $51.56 a barrel, Gasoline futures fell 2.22 cents to $1.63 a gallon, and Diesel futures fell 1.43 cents to $1.83 a gallon.
Natural gas futures fell as worries about upcoming demand outweighed government data that showed a smaller-than-expected increase in stockpiles last week.
November Natural gas fell 4.4 cents to $3.01.
Stocks on Wall Street edged higher on Thursday, as the S&P 500 eked out a record on gains in McDonald’s and healthcare names, while investors continued to hope President Donald Trump will be able to make progress on tax reform. The Dow gained 40 to 22,381, the Nasdaq closed at 6,453, up a fraction and the S&P 500 gained 3 to 2,510.