Market Recap: Hogs Decline Due to Nervous Investors
Lean hog futures closed lower on Wednesday as soft demand for animals from pork processors continued to unnerve investors. April hog futures finished down 72 to 88.90, May futures fell 5 to 97.90.
U.S. live cattle futures finished lower on Wednesday as traders took profits from a fresh record high, Cattle Feeder cattle futures also surged to fresh record highs and finished in the black, helped by falling corn prices. February Live cattle fell 15 to $126, March feeder cattle futures finished up 37 to $156.
US wheat futures end mostly lower on overflowing world supplies and pressure from corn. Market falls to three-week lows, along with corn, despite gains in soybeans. March wheat ends down 9 to $6.26, March wheat in KC fell 5 1/2 to $6.70.
US corn futures end lower, stumbling on a lack of demand and technical selling. March corn ended down 6 1/2 at $6.27.
US soy futures continued to rally, hitting a 4-month high amid concerns about Brazil's crop and support from Chinese demand. March soybeans ended up 6 at $12.61, helping March soy oil rise 33 to 53.35 and March soy meal gained $2.70 to $332.80.
ICE cotton continued to edge higher after last week's decline in prices helped the fiber become more competitive in international markets, says Penson Futures senior analyst Sharon Johnson. Cotton for March delivery gained 25 to 92.50, while the May contract closed up 64 at 93.48.
Crude-oil futures rose Wednesday after a report from an Iranian state television broadcast–later denied by the Iranian government–said the country had cut oil exports to six European nations. March crude rose $1.06 to $101.80 a barrel, March gasoline gained 2.42 cents to $3.00 a gallon, and March distillates gained 2.68 cents to $3.19 a gallon.
Natural-gas futures prices fell 4.2% Wednesday to settle at a two-week low, amid fears of a growing supply glut. March nat gas fell 10.7 to $2.42.
Stocks slumped Wednesday in one of their worst showings this year as Greece, slogging through negotiations with other countries over a bailout, once again cast a long shadow over the financial markets. Apple also slid to sit near the lows of the day. The Dow fell 97 to close at 12,780, the Nasdaq closed at 2,915, down 16, and the S&P 500 fell 7 to close at 1,343.