Market Summary: Cotton Futures Continue Bull Run
CME lean hogs fell Friday, retreating amid profit-taking following strong gains earlier in the week. July lean hogs closed down 15 to 93.02, while August lean hogs settled down 18 to 91.20
U.S. live-cattle futures were mostly lower Friday, retreating amid technical pressure and recent cash-market weakness despite continued strength in beef prices. June live cattle closed down 2 to $116, August feeder cattle were down 17 to $156.
U.S. spot corn futures plunged Friday as traders reduced risk exposure amid a great deal of uncertainty surrounding crop weather and the global economy. July corn dropped 22 to $5.79.
Separately, soybeans and wheat futures moved lower, as well. Soybeans fell as broader-based selling overshadowed strong demand and crop uncertainties ahead of the weekend. July soybeans fell 10 to $13.76, July wheat in Chicago fell 14 to $6.09, July Wheat in KC dropped 16 to $6.30.
Cotton futures gained nearly 10% on the week after the surprise purchase of nearly three-quarters of a million bales of US cotton to top buyer China, but fundamentals may come back to bite traders. July Cotton closed at 79.98, up 189, the October contract gained 58 to close at 70.88
Gold futures ticked higher alongside broader markets as expectations of a global liquidity injection from coordinated central bank action bolstered investor risk appetite. August gold gained $8.50 to $1,628.10 an ounce, and July silver closed at $28.74, up 33.3 cents
U.S. crude futures ended nearly flat Friday, as hopes of further central bank stimulus couldn't excite traders ahead of a pivotal election in Greece this weekend.
July crude gained 12 cents to $84.03 a barrel, July gasoline gained 2.53 cents to $2.70 a gallon, and July distillates gained 1.87 cents to $2.64 a gallon.
Natural-gas-futures settled weaker Friday after a frenzied runup Thursday following U.S. data signaling stronger-than-anticipated demand last week. July natural-gas closed at $2.467 off 2.8 cents.
On Wall Street, s tocks rallied on Friday to close a second straight week of gains on hopes of collective action from global central banks if Sunday's election in Greece triggers market turmoil. The Dow gained 115 to finish the week at 12,767, the Nasdaq closed at 2,872, up 36, and the S&P 500 gained 13 to close at 1,342.