Market Recap: Hogs Gain Going Into Holiday Weekend
U.S. lean-hog futures, too, settled higher, supported by strong demand for pork in the near-term. June hogs added 67 to 94.87 , The most-active July contract picked up 27 to 93.30
U.S. live-cattle futures settled higher Friday, narrowing the gap between futures and cash cattle prices as consumers get ready for Memorial Day, a major sales period for beef. Feeder-cattle futures were higher, too. June Live cattle gained 145 to $112, the August contract gained 102 to $119, and August feeder cattle picked up 190 to $144
U.S. soybean futures finished mixed Friday, with the spot July contract slumping as traders took profits after prices rallied to eight-month highs Thursday, wheat futures settled lower, slumping as traders take profits off the table after prices rallied Thursday. And corn futures ended mixed, as traders took a cautious approach ahead of the holiday weekend amid uncertainty over the rate of planting for the U.S. crop, which started slowly due to a cold spring but since have proceeded at a rapid pace.
July soybeans finished down 23 1/4 at $14.76, July wheat in Chicago ended down 5 3/4 at $6.97, Kansas City Board of Trade July wheat dropped 8 3/4 to $7.45, and July corn finished down 4 3/4 at $6.57.
Cotton futures eased Friday as the market continued to suffer from a lack of demand, even as near month futures fell to levels not seen since February. July cotton fell 29 to 81.49, and December new crop gained 13 to 83.77.
Gold prices finished lower Friday as stronger economic data curbed demand for the haven asset and as some investors closed out bets on higher gold prices ahead of a long weekend in Europe and the U.S. June gold fell $5.20 to $1,386.60, and July silver closed at $22.49, down 1.2 cents.
Crude-oil futures prices fell for the fourth day Friday amid concerns over future growth in oil demand by the world's two biggest oil consumers. July crude oil dropped 10 cents to $94.15 a barrel, June gasoline gained 1.09 cents to $2.83 a gallon June distillates fell a fraction to $2.85 a gallon.
Natural gas futures skidded lower Friday, retreating from a three-week high as investors moved to lock in profits ahead of the Memorial Day weekend. June Natural gas fell 2.4 cents to $4.23.
On Wall Street, the S&P fell for the third straight day Friday, with the three major stock indexes posting their first negative week since mid-April on lingering concern that the US central bank may scale back its stimulus measures to support the economy. The Dow gained 8 to close at 15,303, the Nasdaq closed at 3,459, off a fraction and the S&P 500 also fell a fraction to 1,649.