Cattle futures resumed their recent slump Thursday, pressured by weakness in the cash markets, where most producers have fetched lower prices for their animals this week.
October cattle futures dropped 157 to $1.01, the lowest settlement in three weeks. December live-cattle futures declined 50 to $1.03, and September feeder-cattle futures slid 95 to $134
Hog futures bounced off of seven-year lows hit earlier in the week, ahead of a USDA report due out on later today. Analysts surveyed by The Wall Street Journal predict the data will show the nation’s herd is still expanding even in the face of steep losses for farmers.
October futures rose 32 to 52.02, after dropping to the lowest settlement since Oct. 14, 2009. December hog futures rose 27 to 46.97.
Soybean futures rose Thursday amid ongoing robust demand for U.S. supplies of the crop. Meanwhile, wheat slid and corn was mixed.
Soybeans gained, rising in part due to stronger-than-expected weekly export sales. Meanwhile, wheat fell, weighed down in part by expectations that a quarterly report due out from the USDA today will show expanding U.S. grain inventories. Corn closed unchanged to lower, pressured by declining wheat and disappointing export sales.
November Soybeans climbed 4 3/4 to $9.50, December Chicago wheat fell 4 1/4 to $3.99, December KC wheat fell 4 to $4.17, and December corn was flat, while May dipped 1/4 to $3.46.
Cotton futures continue to give back gains with the December contract falling 101 to 67.47, and March dropping 63 to 68.35.
Gold futures bounced from a one-week low on Thursday, after a drop in stocks outweighed the impacts of a stronger U.S. dollar. October gold gained $1.10 to $1,320.50, and October silver closed unchanged at $19.05.
Oil futures continued to push higher Thursday, building on gains following OPEC’s agreement to cut output. November crude rose 78 cents to $47.83 a barrel, Gasoline futures fell 1 cent to $1.46 a gallon, and Diesel futures gained 1.92 cents to $1.51 a gallon.
Natural gas fell on Thursday, as expectations that cooler weather is approaching outweighed a bullish inventory report. November nat gas fell 4.3 cents to $2.95.
Stocks on Wall Street dropped on Thursday, weighed down by Apple as well as selling in Wells Fargo, Citigroup and other major banks as investors worried about the health of Deutsche Bank. The Dow fell 195 to 18,143, the Nasdaq closed at 5,269, down 49 and the S&P 500 fell 20 to 2,151.