Market Recap: Grains & Oilseeds Take a Dip after Thursday’s Big Run-up
U.S. lean-hog futures finished mixed Friday, as nearby contracts rose amid a strong cash market, and deferred contracts fell alongside corn futures.
The CME October lean-hog contract, which expired Friday, closed up 37 at 82.70, December hogs, the most actively traded contract, rose 1 to 78.50.
U.S. live cattle futures ended lower Friday amid technical selling and questions about beef demand. October live cattle ended down 7 to $123, the November contract ended up 42 to $144. Feeder cattle ended mixed, with the November contract ending up 42 to $144.
At the livestock auctions held Thursday in Smithfield, a total of 593 cattle were sold. Slaughter cattle trended $3.00 -$5.00 lower. Feeder cattle were $2.00-$4.00 higher.
US grain and soybean futures settled lower Friday, pressured by pre-weekend profit-taking after prices jumped Thursday. Wheat also fell on worries about poor export demand and concerns about USDA forecasts on Thursday showing greater world supplies than analysts expected. Weak export sales data also pressures corn. Soybeans got extra pressure from the potential for large new South American soybean crops. December wheat in Chicago dropped 29 1/4 at $8.56, December wheat in KC fell 27 ¾ to $8.90, December corn fell 20 1/2 at $7.52, and November soybeans lost 26 at $15.22.
No. 2 yellow shelled corn trended 18 to 21 cents lower when compared to last report. Prices ranged $7.42-$8.27 at feed mills and $7.37-$7.78 at elevators. No. 1 yellow soybeans were 31 cents lower and were $15.47 at processors, and $14.68-$14.77 at elevators. No. 2 red winter wheat was not quoted. Soybean meal, f.o.b. at processing plants was $524.30 per ton for 48% protein.
Cotton futures ended higher despite Thursday's USDA forecast for higher global production and weaker-than-expected demand, as prices find support from dwindling supplies of ICE-certified fiber. December- cotton gained 6 to 71.36, and March gained 5 to 71.91.
Industrially focused precious metals slumped to multi-week lows on Friday on worries about global growth and the view that labor tensions in major producer South Africa would ease and limit supply disruptions. December gold dropped $10.90 to $1,759.70, December Silver fell 25 to $33.66.
U.S. crude oil prices fell Friday as a selloff in gasoline markets sparked some profit-taking among oil traders heading into the weekend. November crude finished the week at $91.86 a barrel, down 21 cents, November gasoline fell 6 cents to $2.89 a gallon, and November distillates fell 3.32 cents a gallon Friday to $3.22.
Natural-gas futures capped a weeklong rally Friday with a slim rise, but it was enough to put prices at a new 2012 high for the second straight day. November Natural-gas futures gained a fraction to $3.61.
On Wall Street, stocks wrapped up their worst week in four months, led lower on Friday by financial shares as results from Wells Fargo and JPMorgan ignited concerns about shrinking profit margins for big lenders. The Dow gained 2 to close at 13,328, the Nasdaq closed at 3,044, down 4 and the S&P 500 fell 4 to close at 1,428.