CME lean-hog futures extended their latest rally to nine of the last 10 days in October, supported by firmer cash and pork prices along with technical factors. October hogs touched a one-month high, to close up 95 at 75.80, and December hogs reached a fresh five-week high and close up 77 at 74.97.
Live-cattle futures finished narrowly mixed after trading both sides of unchanged. Traders prepping books for USDA cold-storage and cattle-on-feed reports that came out at 3pm EDT. Cash-cattle markets were idle after trading Thursday took small bite out of near-record-high prices. October live cattle closed down 22 at $125, December live cattle gained 32 to $128.
At the livestock auctions held Thursday at Smithfield a total of 496 cattle and no goats were sold. Slaughter cows trended steady to $8.00 lower, feeder steers were $4.00 to $6.00 higher, and feeder heifers trended mixed when compared to last week’s sales.
At the state graded feeder cattle sale in Turnersburg, 188 steers and 184 heifers were sold.
U.S. wheat futures rallied Friday, boosted by signals from Russia that it may consider limits on grain exports, which could elevate demand for the American crop. Corn and soybean futures ended higher, stabilizing after a week of volatile price declines. Both futures drew support from rallying wheat futures and technical buying associated with perceptions that the markets were oversold. December Wheat in Chicago rose 17 3/4 to $8.97, December wheat in KC rose 16 3/4 to $9.62, November soybeans gained 3 to $16.21, and December corn rose 2 1/4 to $7.48.
No. 2 yellow shelled corn trended steady to 2 cents higher when compared to last report. Prices ranged $7.36-$8.23 at feed mills and $7.33-7.73 at elevators. No. 1 yellow soybeans trended 3 cents higher and were $16.96 at processors, and $15.72-$16.32 at elevators. No. 2 red winter wheat trended 17 cents higher. Prices were $8.17 at the elevators. Soybean meal, f.o.b. at processing plants was $544.50 per ton for 48% protein.
Cotton futures tumbled as traders liquidated long positions and the dollar gathered strength. October cotton fell 174 to close at 72.00, and new crop December fell 197 to 73.25.
Gold futures ended Friday at their highest level in more than six months on a stronger euro and speculation that Spain may be setting the stage for a sovereign-debt bailout request. December gold gained $7.80 to $1,778, December silver closed at $34.63, down 4.4 cents
U.S. crude-oil futures settled higher Friday, rebounding from four straight losing sessions as the dollar weakened against the euro and broader markets rose. The gains came as the front-month contract switched to November futures. November crude rose 47 cents to t $92.89 a barrel,
October gasoline gained 3.85 cents to $2.94 a gallon, and October distillates gained 2.32 cents to $3.12 a gallon.
On Wall Street, stocks closed flat on Friday even though investors welcomed Spain's efforts to seek a bailout and cheered Apple's newest iPhone that went on sale today, driving its shares to a record high. The Dow fell 17 to finish the week at 13,579, the Nasdaq gained 4 to 3,179, and the S&P 500 lost a fraction to close at 1,460.