Hog futures fell sharply as traders locked in profits on a multi-day rally this week. Analysts said Friday’s selling was driven in part by bets that the futures market was out of step with cash prices for slaughter-ready hogs.
October lean hogs fell 175 to 59.17, the December contract dropped 187 to 60.92.
Cattle futures, meanwhile, were higher on Friday.
October live cattle rose 87 to $111, the December contract was also up 87 at $116, and October feeders were up 37 at $153.
Grain and soybean futures were steady to higher on Friday as harvest difficulties deflected some pressure from other markets.
Contracts were initially mixed. Sharply lower prices for crude oil and falling commodity indices pressured agricultural markets, as traders exited the sector ahead of the weekend. A higher dollar, meanwhile, made U.S. crops more expensive in the export market. But grain and soybean futures turned higher on a series of factors that traders bet could help control the surplus of crops going forward.
Rain in the U.S. this past week delayed harvest activity, which is already behind the pace of recent years. Wheat futures were also higher as traders bet that relatively low prices for the grain would attract buying interest.
December Corn rose ½ to $3.50, November soybeans rose 4 to $9.72, December Chicago wheat futures climbed 2 ¾ to $4.43, and December KC wheat gained 2 ½ to $4.36.
Cotton futures bounced into the weekend with the December contract gaining 57 to 68.84, and March gaining 61 to 68.29.
Oil futures posted their first weekly losses in a month as investors held out for signs that global crude supplies are tightening, and many anticipated that Tropical Storm Nate would curb refiners’ demand for crude.
November crude futures dropped $1.50 to $49.29 a barrel, Gasoline futures fell 5.26 cents to $1.55 a gallon, and Diesel futures fell 4.24 cents to $1.74 a gallon.
Natural gas futures tumbled Friday as concerns about warmer-than-usual weather outweighed tight supplies.
November nat gas fell 6 cents to $2.86.
On Wall Street, the S&P 500 dipped on Friday, breaking an eight-day streak of gains, as the first monthly decline in U.S. nonfarm jobs in seven years dampened sentiment while pharmacy shares declined on fear of competition from Amazon. The Dow fell 1 to 22,773, the Nasdaq closed at 6,590, up 4 and the S&P 500 fell 2 to 2,549.