Lower US Dollar Boosts Grains & Cotton Futures

Cattle futures edged higher Friday, lifted to 2-1/2-week highs by sales in the cash markets at higher prices, amid strong demand for beef.

June live-cattle futures rose 27 to $122, Cattle for August picked up 15 to $117, and Feeder-cattle futures for August advanced 27 to $146.


The hog market turned higher into the end of the trading day, boosted by strength in demand for pork, too, as the U.S. grilling season supports buying interest across the meat case. Hog futures for June picked up 27 to 82.30, Most-active hog futures for July rose 152 to 85.97.

Soybean futures retreated as traders booked profits ahead of the weekend and the oilseed market absorbed an uptick in world farmer selling. Corn and wheat gained.

Soybeans declined after surging more than 4% in the previous session, weighed down by profit taking among traders. Wheat advanced to a more than six-week high, buoyed by a sharply lower U.S. dollar and concerns over adverse conditions in key growing regions. Corn nudged higher, notching a fresh nearly 11-month high as the dollar sank.

July Soybeans fell 12 1/4 to $11.32, July Chicago wheat gained 11 3/4 to $4.97, July KC wheat gained 9 ½ to $4.74, and July corn added 3 to $4.18.

Cotton futures jumped Friday, boosted by a weaker dollar and rains in Texas, the largest growing region in the U.S.  July cotton gained 43 to 63.30, and December new crop gained 69 to 63.36.

Gold futures jumped Friday after U.S. jobs data showed a drastic slowdown in hiring in May, easing investor concerns that the Federal Reserve will raise interest rates in coming months.  June gold gained $31.10 to $1,240.90, and July silver closed at $16.40, up 38 cents.

Oil prices fell Friday as U.S. drilling activity picked up.  July crude settled down 55 cents at $48.62 a barrel, Gasoline futures settled down 2.71 cents, to $1.60 a gallon, and Diesel futures fell 2.07 cents to $1.48.

Natural gas fell Friday after rallying sharply in the past week. July Natural gas fell a fraction to $2.39.

Wall Street finished lower on Friday, led down by financial shares, after a surprisingly weak jobs report prompted doubts about the U.S. economy and its ability to sustain a near-term interest rate hike.  The Dow fell 31 to 17,807, the Nasdaq closed at 4,942, down 28, and the S&P 500 fell 6 to finish the week at 2,099.

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.