Cattle futures fell to the lowest close this year as cash-market prices tumbled amid a boost in slaughter-ready cattle supplies. Falling cash prices have increased pressure on the futures market, with traders betting that cash prices will fall further as cattle supplies increase in the fall.
August live cattle fell 235 to $107, October dropped 210 to $106, and August feeders fell 177 to $140.
Hog futures also fell on Thursday, extending a selloff that began a day earlier on a sharp drop in pork belly prices. Analysts say record-high belly prices on the back of strong demand for bacon has been one of the bright spots in the hog market.
October lean hogs fell 185 to 66.92, and the December contract fell 167 to 61.80.
Soybeans rose on higher-than-expected export sales and renewed concerns about a rain shortage. USDA said that the U.S. sold 1.35 million metric tons of soybeans for the 2016-17 and 2017-18 crop years. That was above the high end of pre-report estimates. Grains were under pressure on Thursday due to ongoing worries about large grain stocks and technical weakness pushed prices lower. Solid export sales weren’t enough to offset those pressures.
September Soybeans rose 8 1/2 to $9.30, September corn futures fell 2 to $3.50, trading at a low for the year, while September Chicago wheat dropped 5 ¼ to $4.14, and September KC wheat also fell 5 ¼ to $4.14.
Cotton futures ended lightly mixed on Thursday with the October contract falling 10 to 67.45, and December gaining 9 to 66.91.
Crude oil futures rose Thursday, snapping a three day losing streak as the market rebounded from a three week low amid signs that a supply glut is shrinking.
September crude rose 31 cents to $47.09 a barrel, Gasoline futures rose 2.31 cents to $1.58 a gallon, and Diesel futures rose a fraction to $1.58 a gallon.
Natural gas futures rose Thursday, snapping a four-session losing streak after government data showed that stockpiles grew more than expected last week, but revised figures indicated that the total amount of natural gas in storage was lower than previously thought.
September Natural gas rose 3.9 cents to $2.92.
On Wall Street, stocks sold off on Thursday, pushing the S&P 500 to its lowest in a month, as escalating worries about the Trump administration’s ability to push through its agenda rattled investors. The Dow fell 274 to 21,750, the Nasdaq closed at 6,221, down 123, and the S&P 500 fell 38 to 2,430.