Market Recap: Grains & Oilseeds Stumble on End-of-Month Profit Taking
U.S. hog futures settled higher, supported by anticipation of stronger export demand later in the year, and bullish technical signals. July hogs added 47 to 93.47, October hogs picked up 7 to 83.60
U.S. live-cattle futures settled sharply lower Thursday, as traders awaited signals of retail demand for beef from the cash cattle trade. June Live cattle slid 102 to $120, Most-active July cattle shed 135 to $119.
U.S. corn futures fell Thursday, stumbling to a one-week low on profit-taking after recent gains and weakening cash prices. U.S. wheat futures finished lower, declining in unison with corn futures while the announced detection of unapproved genetically modified wheat raised anxiety about future export demand. Soybean futures ended mixed amid position evening at the end of the month.
July corn finished down 10 3/4 at $6.54, July wheat in Chicago ended down 4 at $6.98, Kansas City Board of Trade July wheat dropped 1 3/4 to $7.46, July soybeans finished down 6 at $14.95.
Cotton futures fell, settling at a more than four-month low as speculative investors liquidated positions amid a lack of buying from mills. July cotton fell 59 to 80.11, and December new crop fell 55 to 82.83.
Gold futures climbed to a two-week high on Thursday as a weaker estimate of U.S. economic growth and another steep drop in Asian shares boosted demand for the metal as a safe-haven. August gold rose $20.20 to $1,412, and July silver closed at $22.69, up 23.7 cents
Crude-oil futures settled higher in a volatile session Thursday, lifted by an uptick in gasoline demand and a drop in U.S. inventories of the fuel ahead of the summer driving season. July crude gained 48 cents, $93.61 a barrel, Gasoline futures shot higher after the report, with the front-month June contract gaining almost a penny to $2.81 a gallon, June distillates fell 2.64 cents to $2.84 a gallon.
Natural-gas tumbled Thursday after a report on U.S. gas stockpiles spurred concerns that weaker fuel demand this summer will send supplies higher. July Natural gas fell 16.1 cents to $4.02.
U.S. stocks rose on Thursday as weaker-than-forecast economic data argued for continued bond buying by the Federal Reserve, while higher euro zone confidence aided European shares and the euro. The Dow gained 21 to 15,324, the Nasdaq closed at 3,491, up 23, and the S&P 500 gained 6 to 1,654.