Market Recap: Wheat Futures Gain on Export News
U.S. lean-hog futures finished mostly higher, supported by domestic pork demand that has exceeded the expectations of most analysts. December Lean Hogs rose 77 to 79.62, February hogs were up 37 at 85.70.
Live-cattle futures ended mostly lower Friday, pressured by weaker outside markets. Feeder cattle futures slumped, too. December live cattle fell 77 to $127, October feeders fell 7 to $146.
US wheat futures settled higher, while soybeans fell and corn was mixed. Wheat futures pared their gains at the end of the day; futures were up in the morning after Ukraine said it may run out of exportable wheat stocks next month, but traders said it was already known that the country's supplies were tight, and some market participants sold futures to book profits ahead of the weekend. Soybean futures fell on profit-taking after gains yesterday, and corn traded mixed on uncertainty about whether weak demand is already balanced with drought-reduced tight supplies. December wheat in Chicago gained 4 to $8.72, November soybeans fell 11 1/4 to $15.34, and December corn gained 3/4 to $7.61
Cotton futures declined after a searing rally last week, partially fueled by concerns about the US crop, sent prices to a 4-month high. Profit-taking and a stronger dollar undid some of that Friday, with the December falling 84 to 76.88, and the March contract ended the week unchanged at 75.43.
Crude oil futures fell to an 11-day low Friday amid sliding equities and strength in the dollar. November fell $2.05 a barrel, to $90.05. November gasoline lost 4.88 cents to $2.69 a gallon, the lowest price since July 2, and November distillates fell 5.21 cents to $3.13 a gallon.
Natural-gas futures quietly pushed to a 2012 high Friday, rising on new forecasts that called for colder-than-normal temperatures. November Natural gas rose 3 cents to $3.61.
On Wall Street, stocks suffered their worst day since late June on Friday, after bellwethers General Electric and McDonald's extended a string of disappointing earnings. The Dow fell 205 to 13,343, the Nasdaq closed at 3,005, down 67, and the S&P 500 fell 24 to close the week at 1,433.