Market Recap: Corn Continues to Push Wheat Higher
U.S. lean hog futures spiraled downward Friday after government wholesale pork prices late Thursday hit their lowest mark in 14 months, reinforcing enduring signs that pork demand this year has slowed noticeably from last year's record-setting pace. June hogs fell 52 to $93.60, the July contract fell 102 to $93.77.
Live cattle futures finished modestly lower, closing at weaker prices than a week ago as traders remained concerned about the strength of beef demand in coming week. April Cattle closed down 27 to $125, April feeders fell 170 to close at $154.
US wheat futures end higher, boosted by a rise in corn prices and concerns that the US winter-wheat crop, coming out of dormancy early due to warm weather, will need proper weather conditions. May wheat in Chicago climbed 7 1/4 to $6.72 while May wheat in KC added 1 to $7.05.
US corn futures ended higher, supported by optimism about Chinese demand. May corn ended up 4 at $6.73.
US soy futures ended higher, extending the market's uptrend. May soybeans gained 5 at $13.74; May soy meal ended up $3 to $374.40 and May soy oil ended up 2 at 55.50.
Cotton futures ticked up for the second day in a row as merchants and traders bought at the lows. May cotton gained 14 to close at 87.48, and the July contract gained 4 to finish the week at $88.05.
Gold futures edged lower Friday as a weaker dollar tempered worries about a potential import tariff increase by top gold consumer India. April gold fell $3.70 to $1,655.80 an ounce, and May silver closed at $32.60, down 12.2 cents
Crude futures followed broader markets higher Friday as prices rebounded a day after speculation over a potential release of strategic oil reserves roiled energy markets. April crude gained $1.95 to $107.06 a barrel, April gasoline jumped 6.84 cents to $3.35 a gallon, and April distillates gained 5.94 cents to $3.28 a gallon.
Natural-gas futures ended slightly lower Thursday, shrugging off a larger-than-expected decline in inventory and focusing on the likelihood of weak demand ahead. April Natural gas a fraction to $2.27.
On Wall Street, a report suggesting high gasoline prices are beginning to undermine consumer confidence worried traders, causing the Dow to fall for the first time in eight sessions. The Dow lost 20 to close at 13,232, the Nasdaq closed at 2,055, down 1 and the S&P 500 gained 1 to 1,404.