Hog Futures End Mixed After Three-day Rally

Hog futures were mixed on Wednesday as a multiday rally stumbled. The hog market has been buoyed by three consecutive days of higher cash prices for slaughter-ready hogs.

October Lean hogs rose 45 to 60.32, December fell 17 to 61.90.

Cattle futures were little changed, giving back earlier gains. Meatpackers paid mostly steady prices at the online Fed Cattle Exchange auction on Wednesday morning. That helped buttress the futures market, despite larger supplies of slaughter-ready cattle this week.

October live cattle were steady at $109, December gained 2 to $114, and October feeders fell 32 to $152.

Grain futures fell to multiweek lows in a quiet session Wednesday, while soybeans rose.

Oilseed futures got a boost from the soybean oil market.  Wheat and corn futures, meanwhile, were under pressure throughout Wednesday’s session. There wasn’t enough new information to stimulate buying interest, analysts said, with trading volume falling from Tuesday’s session.

Rainfall, which moved eastward across the Midwest, delayed harvest activity. That helped soybean prices while limiting selling in the corn market.

November soybeans rose 3 to $9.58, December Chicago wheat fell 5 ¾  to $4.42, December KC wheat dropped 5 ¾ to $4.36, and December corn futures slid 1 ¼  to $3.48.

Cotton futures rebounded Wednesday, closing in the black for the first time all week.  December cotton gained 12 to 68.60, and March gained 110 to 67.91.

Oil futures fell to a two week low Wednesday as investors continued to cash in on last week’s bullish market and retrace crude’s upward march.

November crude futures tumbled 44 cents to $49.98 a barrel, Gasoline futures rose 1.5 cents to $1.58 a gallon, and Diesel futures gained 2.34 cents to $1.77 a gallon.

Natural-gas prices rose Wednesday, bouncing back after four days of losses as investors took advantage of recent lows to reenter the market ahead of government storage data.

November Natural gas rose 4.5 cents to $2.94.

On Wall Street, stocks edged up to extend their run of record closing highs on Wednesday as data on the services sector added to signs of strength in the economy and prospects for earnings.  The Dow gained 20 to 22,661, the Nasdaq closed at 6,534, up 2 and the S&P 500 gained 3 to 2,537.

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.