Hog futures declined Wednesday, pressured by profit taking after hopes that demand for pork will remain stout in the face of a global economic slowdown had recently lifted prices sharply higher. October hogs shed 50 to 67.00, Hogs for December fell 117 to 62.30
The cattle market fell to the lowest levels in over one year amid nearer-term concerns about demand. August live-cattle futures shed 125 to $142, the lowest closing price for a front-month contract in 14 months. October futures fell 132 to $140. September Feeder-cattle futures slid 130 to $198
Grain and soybean futures fell Wednesday amid a stronger U.S. dollar and ongoing concerns over demand for the crops.
Soybeans fell to a six-and-a-half year low, pressured by liquidation by investors who fear a slump in China’s economy will slow demand for the oilseeds just as U.S. farmers are gearing up to harvest the second-largest crop in history. Wheat declined to a more than two-month low, weighed down by strength in the U.S. dollar and stiff competition for world export business, and corn futures fell to the lowest in more than a week, weighed down by early harvest in the Delta region and weak demand for the crop.
September Soybeans slid 16 1/2 to $8.77, September Chicago wheat shed 5 1/4 to $4.89, September KC wheat gained ½ to $4.66, and September corn slid 3 3/4 to $3.61.
Questions remain whether China’s appetite for cotton will remain strong in light of the recent devaluation of its currency amid slowing economic growth and rocky financial markets, giving futures little reason to rise. October cotton fell 120 to 62.56, and December new crop fell 65 to 62.51.
Gold futures fell Wednesday, as strong U.S. economic data convinced some investors the Federal Reserve may raise interest rates in coming months. December delivery, the most actively traded contract, closed down $13.70 at $1,124.60, and September silver closed at $14.07, down 57.3 cents.
Oil futures fell Wednesday after weekly U.S. inventory data showed a surprise drop in gasoline demand and record-high stockpiles of crude oil and petroleum products.
October crude fell 71 cents to $38.60 a barrel, Gasoline futures dropped 8.37 cents to $1.35 a gallon, and Diesel futures fell 1.43 cents to $1.38 a gallon.
Natural gas prices inched up Wednesday as weather forecasts continue to warm, pushing stronger expectations for demand and helping to prop up the market. September nat gas gained a fraction to $2.69.
Wall Street was sharply higher on Wednesday while European shares and commodities prices fell as investors balanced strong U.S. economic data and interest rate comments with fears about China’s slowing economy. The Dow gained 619 to 16,285, the Nasdaq closed at 4,697, up 191 and the S&P 500 gained 72 to 1,940.