Market Recap: Hogs End Mixed on Supply Concerns
Lean hog futures were mixed, continuing a Recent gain that has been fueled by strong pork prices, and expectations that supplies could tighten. October lean hogs fell 47 to 81.32, and the December contract gained 50 at 76.55.
U.S. cattle futures climbed on Friday, ending higher on an optimistic demand outlook fed by recent gains in the cash market and a better-than-expected jobs report.
October live cattle ended up 77 to $123, December live cattle, the most active contract, gained 6 to $126. October feeder cattle climbed 35 to $144.
U.S. corn futures fell Friday, pressured by concerns about weak demand and a private forecast for a larger corn harvest than widely expected. Wheat futures also fell, pressured by the decline in corn prices and worries about weak demand for U.S. wheat exports. Soybeans settled flat, as traders weigh tight overall supplies against improving expectations for the U.S. crop.
December corn fell 9 to $7.48, December wheat in Chicago dropped 11 3/4 to $8.57, December wheat in KC lost 8 to finish the week at $8.78, and November soybeans settled flat at $15.51.
Cotton ticked lower in very thin trade, roughly half of 2012's average daily volume. Analysts say the market is likely looking ahead to next week's USDA supply/demand report, which isn't expected to be bullish for prices. December cotton fell a fraction to 71.49, and the March contract also lost a fraction to 72.30.
Gold futures fell Friday as a better-than-expected U.S. employment report poured cold water on hopes of a protracted period of monetary stimulus. December gold fell $15.70 to $1,780.80, and December silver fell 53 cents to $34.57.
Crude-oil futures fell Friday, ending a week of big price swings, as the threat of gasoline-supply problems and refinery shutdowns raised new concerns about oil demand. November crude fell $1.83 to $89.88 a barrel, November gasoline futures rose a penny to $2.95 a gallon, and November distillates fell 3.25 cents to $3.15 a gallon.
Natural-gas futures fell Friday on moderating weather forecasts. November nat gas settled at $3.39, down 1.
The S&P 500 broke a four-day string of gains, ending slightly lower on Friday as an unexpected drop in the U.S. unemployment rate was overshadowed by concerns about the coming earnings season, which begins with Alcoa this week. The Dow gained 34 to finish the week at 13,610, the Nasdaq closed at 3,136, down 13, and the S&P 500 fell a fraction to 1,460.