Hogs Surge to Two Week High

Hog futures surged to a two-week high on Wednesday as a government report showed falling pork stocks. The U.S. Department of Agriculture said in a monthly report that stocks of frozen pork fell, and Lower frozen reserves came despite growing supplies of lean hogs.

December Lean hogs rose 212 to 62.82, February gained 215 to 69.10.

Cattle futures were also higher. Strong cash prices nevertheless helped carry the cattle market higher into the Thanksgiving break.

December live cattle rose 107 to $119, February gained 142 to $125, and January feeders gained 110 to $152.

Soybean futures led gains ahead of the Thanksgiving break, helped by moves in the U.S. dollar and crude oil. Higher crude oil prices, meanwhile, attracted investors to agricultural markets. Corn and wheat futures were mixed. Wheat futures were under pressure as a scare over heightened radioactivity levels in Russia eased.

January Soybeans rose 8 ¼  to $9.97, December Chicago wheat fell 2 to $4.22, December KC wheat gained ¾ to $4.21, and December corn rose ¼  to $3.45.

Cotton futures ended the week mixed with the December contract falling 16 to 70.74, and March gaining 100 to 71.14.  all other months were higher.

Oil prices rose to the highest level in more than two years Wednesday, boosted by a drop in U.S. crude stockpiles.

January crude gained 96 cents to $57.79 a barrel, Gasoline futures closed unchanged at $1.77 a gallon and diesel futures were also unchanged at  $1.93 a gallon.

Natural-gas prices fell Wednesday, as warm weather forecasts outweighed data showing a decline in U.S. stockpiles. December natural gas fell 5 cents to $2.97

On Wall Street, stocks were little changed on Wednesday with telecom services shares among the biggest movers, while energy sector also rose tracking gains in crude oil.  The Dow fell 64 to 23,526, the Nasdaq closed at 6,867, up 4 and the S&P 500 fell 2 to 2,597.


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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