Livestock Futures Rebound after Lower Open

Cattle futures rose Thursday after bouncing off lows made earlier in the day.  Live cattle contracts opened lower at the Chicago Mercantile Exchange only to reverse course. Hog futures also rose after opening lower.

June live cattle gained 47 to $122, the August contract gained 82 to $119, and Feeder cattle contracts also rose, with the May contract gaining 30 to $142.

June lean hog futures closed 25 higher at 79.15, July gained 27 to 79.27.

Soybean futures erased a month of gains on Thursday amid concerns that political turmoil and currency weakness in Brazil could encourage farmers there to sell more of their record harvest. The sell-off in soybeans also weighed on corn futures.  Wheat followed corn and beans lower

July Soybeans closed down 31 cents at $9.44, July corn fell 5 ½  to $3.66, July Chicago wheat closed 1 ¼ lower at $4.25, and July KC wheat dropped ½ to $4.26.

Cotton futures also fell with the July contract dropping 93 to 79.24, and October falling 88 to 75.68.

Oil prices settled at a three-week high on Thursday as investors weighed declining crude stockpiles in the U.S. against signs of a broader oversupplied market.

June crude gained 28 cents to $49.35 a barrel, Gasoline futures closed unchanged at $1.60 a gallon, and diesel futures added 1 cent to $1.54 a gallon.

Natural gas prices fell on Thursday following inventory data that showed a larger-than-expected build in stockpiles last week.  June nat gas fell 1 to $3.18.

Stocks on Wall Street rebounded on Thursday from its biggest selloff in more than eight months with help from a move to loosen internet regulations and strong economic data.  The Dow gained 56 to 20,663, the Nasdaq closed at 6,055, up 43, and the S&P 500 gained 8 to 2,365.

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.