Grain & Oilseed Futures End with a Bounce

Hog futures closed higher, but gave back most of the session’s gains.

December lean hogs rose 55 to 60.65, the February contract gained 50 to 67.07.

Feedlots placed more cattle than expected in lots for fattening last month, suggesting that beef supplies will continue to grow next year. Much of the pressure on futures this week came from lower cash prices for physical cattle.

December Live Cattle closed 70 lower at $118, February dropped 45 to $124, and January feeders fell 217 to $151.

Grain and soybean futures ended the week with a bounce. In particular, speculative players are already holding large overall short positions in corn and wheat, leaving little room for further selling without new indications of real-world factors to drive prices lower.

Meanwhile, soybean traders were increasingly concerned with dry weather in Argentina, a major crop producer.

January soybeans rose 18 ½  to $9.90, December corn rose 6 ½  to $3.43, December Chicago wheat climbed 5 ¾  to $4.27, and December KC wheat gained 5 to $4.22.

Cotton futures followed other row crop futures higher into the weekend with the December contract gaining 57 to 69.78, and March gaining 17 to 69.35.

Oil futures gained Friday after a week of losses, on fresh signs that Saudi Arabia plans to back an extension of OPEC’s deal to curb global production.

December crude rose $1.41 to $56.55 a barrel, Gasoline futures rose 3 cents to $1.74 a gallon and diesel futures gained 4 cents to $1.94 a gallon.

Natural-gas futures rose Friday, helped by forecasts for cold weather through November and a decline in stockpiles.

December nat gas gained 4.4 cents to $3.09.

Stocks on Wall Street ended the week on a sour note on Friday, with major indexes slipping modestly as investors weighed the fate of the Republicans’ tax overhaul plan.  The Dow fell 100 to 23,358, the Nasdaq closed at 6,782, down 10 and the S&P 500 fell 6 to 2,578.


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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