Grains & Oilseeds Begin Slow Climb
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U.S. hog futures tumbled by the exchange-imposed daily limit of three cents in all actively traded contracts Wednesday, as profit-taking was met with concerns that supplies could grow in the weeks ahead.

August Hogs closed limit down at $124, the lowest closing price in a month. October hogs also fell the limit to $110.

Cattle futures reversed earlier losses to end the session mostly higher, as signs of steady beef buying raised expectations for prices packers may be willing to pay for slaughter-ready cattle in the cash markets.

August live cattle rose 10 to $156, August Feeder-cattle advanced 122 to $217.

Soybeans rose Wednesday on signs that the lowest prices in more than two years have spurred demand for supplies from the U.S., the world’s second-biggest exporter of the oilseeds by volume. Corn prices were little changed as investors speculate whether the lowest prices in more than four years will spur demand for U.S. supplies, while taking into account favorable weather that has left the crop in the best condition in 10 years. Wheat futures gained, also on speculation that the lowest price in nearly four years will encourage importers to buy supplies from the U.S., the world’s biggest exporter of the grain by volume.

August soybean rose 18 to $12.02, August Corn rose 2 1/4 to $3.62, September Chicago wheat rose 6 1/4 to $5.30, and September KC wheat gained 2 ¼ to $6.23.

Cotton futures continued to inch higher on Wednesday, again on bargain buying.  October cotton closed at 68.77, down 3 and December new crop gained 17 to 68.08.

Gold edged lower Wednesday, as negotiators worked to end fighting between Israel and Hamas. August gold fell $1.60 to $1,304.70, September silver closed at $20.99, down 1.3 cents.

Oil futures advanced Wednesday after government storage data showed a larger-than-expected decline in oil inventories, especially at a key storage hub in Oklahoma. September crude gained 73 cents to $103.12 a barrel, August gasoline fell 2.06 cents at $2.86 a gallon, the lowest settlement price since Feb. 28. August diesel rose 2.12 cents to $2.87.

Natural-gas prices closed at a new eight-month low again Wednesday as a mild summer extended the market’s losing streak to five sessions. August nat gas fell 1 cent to $3.76.

stocks ended mostly higher on Wednesday, with the S&P 500 closing at a record on bullish results from Apple, though Boeing dragged on the Dow and conflicts in Ukraine and the Gaza Strip kept the broader market’s gains in check.  The Dow fell 26 to 17,086, the Nasdaq closed at 4,473, up 17 and the S&P 500 gained 3 to close at 1,987.

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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