Market Recap: Hog Futures Reach 10-month High

U.S. hog futures ended the trading day at a 10-month high, supported by signals that demand for pork remains steady. June hogs picked up 30 to 95.62, Most-active July hogs added 37 to 93.85
 

U.S. cattle futures settled higher, as traders worked to narrow the gap between the futures market and cash cattle prices. June Live cattle added 95 to $121, Most-active July cattle advanced 140 to $120.

U.S. wheat futures settled at three-week highs Friday, reversing early losses as end-of-the-month positioning overshadowed the reaction of some of the biggest U.S. wheat buyers to the discovery of a genetically modified strain in Oregon. Corn and soybean futures sustained price strength throughout the day, supported by uncertainty surrounding eventual crop acreage and solid demand for tight physical stockpiles of corn and soybeans. July wheat in Chicago ended up 6 3/4 at $7.05, Kansas City Board of Trade July wheat climbed 5 to $7.51, July corn finished up 7 3/4 at $6.62, and July soybeans finished up 14 1/4 at $15.10.

Cotton futures also eased after the U.S. Commerce Department said consumers' personal spending fell last month for the first time in nearly a year. Cotton is particularly sensitive to economic data. Economic weakness, particularly a slowdown in consumer spending, signals lower demand for apparel and other goods made with the fiber. July cotton fell 77 to 79.36, and December new crop also dropped 77 to 82.06.

Gold futures pulled back on Friday, locking in a second consecutive monthly decline on signs that the pace of coin and bar purchases were slowing. August gold fell $19 to $1,393.00, and July silver closed at $22.24, down 44.7 cents
 

Oil futures settled at a one-month low Friday after the Organization of the Petroleum Exporting Countries agreed to keep output steady and stock markets fell. July crude dropped $1.64 to $91.97 a barrel, June gasoline fell 3.36 cents, to $2.77 a gallon, and June distillates fell 5.10 cents to $2.79 a gallon. Both contracts expired at the close of trading Friday.
 

Natural-gas slipped below the key $4 level Friday as investors worry that mild weather to start the summer will lower U.S. fuel demand. July nat gas fell 3.9 cents to $3.98
 

On Wall Street, stocks ended the month of May down on Friday, extending losses into the close, but in spite of Friday’s the three major indexes closed out the month with gains with the S&P closed out its best five months since 1997. The Dow closed down 208 at 15,115, the Nasdaq closed at 3,455, down 35, and the S&P 500 fell 23 to 1,630.

 


SFNToday.com is dedicated to serving the agricultural industry in the Carolinas and Virginia with the latest ag news, exclusive regional weather station readings, and key crop market information. The website is a companion of the Southern Farm Network, provider of daily agricultural radio programming to the Carolinas since 1974. SFNToday.com presents radio programs, interviews and news relevant to crop and livestock production and research throughout the mid-Atlantic agricultural community.

Leave a Reply

Your email address will not be published. Required fields are marked *

*