Livestock futures fell Thursday as the prospect of larger supplies started to chip away at the elevated cash prices that have triggered contract highs in recent sessions.
The potential supply squeeze that triggered higher cash cattle prices last week still left a disconnect between cattle buyers, with beef prices continuing to climb.
December live-cattle fell 227 to $124, February fell 130 to $128, and November feeders dropped 177 to $157.
December lean-hogs slipped 80 to 65.80, and February dropped 10 to 72.05.
Soybean futures gained to a near three-week high Thursday as solid demand and expectations for smaller crop yields boosted the market. Corn and wheat also rose.
Prices for the oilseeds drew strength from weekly export sales data showing net soybean sales for the week ended Oct. 26 totaled almost two million metric tons, which topped some analyst expectations. That’s good news for U.S. soybeans, which face growing competition in the global marketplace from other big producers, like Brazil. Meanwhile, corn prices got a lift from signs of improving demand. Gains in the corn market were capped by reports of better-than-expected yields coming from U.S. fields during the advancing U.S. harvest. Wheat rose, snapping a six-day stretch of losses.
Soybeans for November delivery rose 8 to $9.89, December corn climbed 2 1/4 to $3.50, December Chicago wheat gained 8 to $4.26, and December KC wheat gained 10 to $4.25.
Cotton futures rebounded from losses earlier in the week with the December contract gaining 91 to 69.08, and March gaining 82 to 68.97.
Oil futures wavered between slight gains and losses on Thursday after the market reached multi-month highs earlier in the week, prompting some investors to take profits. December crude gained 24 cents to $54.54 a barrel, December gasoline gained 2 cents to $1.77 a gallon, and December diesel fell 1 cent to $1.85 a gallon.
Natural gas futures gained on a cooler weather outlook. December nat gas gained 4 cents to $2.94.
The Dow industrials climbed to a record high on Thursday while losses in Facebook kept the S&P 500 and the Nasdaq in check as investors assessed the long-awaited tax cut plan unveiled by U.S. President Donald Trump’s fellow Republicans. The Dow gained 81 to 23,516, the Nasdaq closed at 6,714, down 1 and the S&P 500 finished virtually unchanged at 2,579.