Market Recap: Lean Hogs Gain on Technical Strength
U.S. lean-hog futures ended higher Friday, climbing to a two-week high amid technical strength and concern that hot weather would curb hog supplies. October lean hogs ended up 3 to 87.62, December lean-hogs ended up 45 to 84.75
U.S. live-cattle futures ended mixed amid a lack of direction from the cash market, feeder cattle ended higher Friday, climbing for the fourth day in a row amid sluggish corn prices and tight supplies. October live cattle fell 17 to $126, December live cattle gained 22 to $130, and feeder cattle for September ended up 7 to $156.
U.S. soybean futures declined Friday, as market participants scaled back bullish bets.
Traders remain focused weather, as forecasts for modest rainfall in the northern and eastern edges of the Farm Belt this weekend could replenish some dry soybean fields. Corn futures also faced pressure from profit taking, but recovered late in the session to settle just above unchanged. Wheat futures ended mixed, supported in the spot contract by the gains in corn.
September soybeans fell 6 to $14.24, December corn picked up 1/2 to $4.82, September wheat in Chicago picked up 2 to $6.43, and September KC wheat fell 1/4 to $7.00.
Cotton futures fell to a 12-week low of 82.43 in intraday trade, a level that brought in buyers, pushing the December contract to end 25 higher at 83.49. Near month October gained 10 to 83.70.
Gold prices fell on Friday as traders headed to the sidelines ahead of a long U.S. holiday weekend with the threat of U.S. military intervention in Syria lingering. December gold fell $16.80 to $1,396.10, December silver closed at $23.51 down 62.70 cents.
Oil futures fell Friday as the White House signaled that a potential military strike against Syria would be limited in scope, alleviating some concerns from traders over possible crude supply disruptions in the Middle East.
October crude dropped $1.15 o $107.65 a barrel, September gasoline fell 4.78 cents to $3.01 a gallon,, and September distillates dropped 4.54 cents to $3.13 a gallon.
Natural gas futures also fell Friday, wiping out much of the prior day's gains, as traders digest an inventory report showing sluggish demand and look ahead to cooler weather in the coming weeks. October Natural gas lost 3.7 cents to close at $3.58.
On Wall Street, stocks fell and U.S. Treasury prices rose on Friday after Secretary of State John Kerry made a televised address making it clear that the United States will punish the Syrian President for a chemical weapons attack on civilians. The Dow fell 30 to 14,810, the Nasdaq closed at 3,589, down 30 and the S&P 500 fell 5 to 1,632.