Hog futures leaped Friday despite a report that showed the national herd growing to a record size for this time of year. Analysts said Friday’s rally was sparked more by technical factors than the underlying fundamental outlook.
December lean hogs rose 167 to 59.95, climbing above 61 cents during the session. October contract closed 15lower at 55.40.
Cattle futures were little changed. October live cattle futures closed 12 higher at $109, December gained 20, at $115, October feeders fell 72 $152.
Corn and soybean futures rose after a government report showed a smaller-than-expected build up in quarterly stocks.
USDA said Friday that stocks of corn in domestic grain bins on Sept. 1 rose to 2.295 billion bushels, up from 1.737 billion the same time last year. That was the highest in almost 30 years, though below the range of pre-report estimates.
Quarterly soybean stocks, meanwhile, rose to a decade high of 301 million bushels, up from 197 million last year. That, too, was lower than analyst estimates. The report sparked buying in corn and soybean markets as traders bet that the USDA may have overestimated last year’s U.S. crop production. A bumper crop last year exacerbated a global crop glut, though robust demand helped cap the pile up. Wheat futures were under pressure, however, after the USDA put Sept. 1 stocks and domestic production above expectations.
December corn futures rose 2 ¾ to $3.56, November soybean futures rose 8 ¾ to $9.68, December Chicago wheat futures fell 6 ¾ to $4.47, and December KC wheat fell 10 ¼ $4.42.
Cotton futures gave back some of the week’s gains Friday. December new crop fell 52 to 68.45, and March dropped 27 to 67.78.
Oil futures swung between small gains and losses Friday, as investors reacted to the latest data measuring U.S. production.
November crude closed up 11 cents to $51.67 a barrel, Gasoline futures fell 3 cents to $1.61 a gallon in their fourth straight session of losses and diesel futures shed 2 cents to $1.81.
Natural gas futures wobbled between small gains and losses Friday, as uncertainty about the impact of milder weather continued rippling through the market. November nat gas closed down 1.0 cent to $3.00.
On Wall Street, the S&P 500 and the Nasdaq advanced to record levels on Friday, buoyed by gains in technology stocks, while each of the major indexes closed out the quarter with solid gains. The Dow gained 23 to 22,405, the Nasdaq closed at 6,495, up 42, and the S&P 500 gained 9 to 2,519.