Hog Futures Rebound after Tuesday’s Losses

Cattle futures turned higher as the week’s cash trade started. Traders are looking to a monthly government cattle report on Friday, which will update the market on supplies of cattle being fattened in feedlots. With beef production this quarter already expected at a record, analysts say growing supplies will pressure prices going into 2018. October live cattle futures rose 30 to $111, December gained 67 to $116, and October feeders gained 37 to $152.

Hog futures rose Wednesday, regaining ground after a selloff on Tuesday. Ongoing strength in the cash hog market continued to attract buyers to futures, analysts said. December lean hog futures rose 157 to 63.75, and February gained 85 to 68.00

Grain and soybean futures fell Wednesday. A combination of improving South American weather forecasts, a brisk US harvest pace and large stockpiles are limiting buying interest.   A higher dollar is also pressuring prices.  Analysts said the path of least resistance for crop prices was lower, with traders waiting for signs of additional demand. December corn fell 1 ½ to $3.48, December soybean dropped ½ to $9.84, December Chicago wheat fell 4 ¾ to $4.30, and December KC wheat fell 5 ¼ to $4.28.

Near month cotton futures closed lower, summer 2018 contracts and beyond closed higher.  December cotton fell 14 to 67.63, and March dropped 15 to 67.33.

Oil futures rose for a fourth straight session to hit three-week highs Wednesday after government data showed a larger-than-expected draw from U.S. crude stockpiles.

November crude futures settled up 16 cents at $52.04 a barrel, Gasoline futures rose 1.28 cents to $1.64 a gallon, and Diesel futures rose a fraction to $1.80 a gallon.

Natural-gas futures posted their biggest daily decline in four weeks Wednesday as investors faced an uncertain weather outlook and the prospect of rising production. November nat gas fell 10.8 cents to $2.85.

On Wall Street, the Dow Jones industrial average closed above the 23,000 level for the first time on Wednesday, driven by a jump in IBM after the computing giant hinted at a return to revenue growth.  The Dow gained 160 to close at 23,157, the Nasdaq closed at 6,624, up a fraction, and the S&P 500 gained 2 to 2,561.

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.