Livestock futures eased into the close of the session Friday, pulling back from a rally to the highest levels in months on profit-taking as investors searched for fresh signs of near-term demand.
August Feeder-cattle futures fell 20 to $222, June live-cattle futures erased gains from the previous session, sliding 117 to $1.52, August live-cattle declined 147 to $151
The hog market, too, was weighed down by profit-taking and spillover selling after a run to multimonth peaks. June hogs shed 77 to 83.82, July hogs fell 117 cents to 83.45
Grain futures slid Friday amid fresh demand concerns and an increase in selling ahead of the weekend.
Meanwhile, soybeans gained.
Wheat prices tumbled to the lowest level in more than two weeks as investors resumed selling activity thanks in part to renewed pessimism over demand, Corn prices also sagged, weighed down by a long-awaited proposal by the Environmental Protection Agency on Friday to ease annual requirements for ethanol in gasoline, which analysts said could dent demand for corn if production of the biofuel slackens. And Soybean prices gained, thanks largely to short-covering among investors following friendly export sales figures and hopes that blending increases proposed by the EPA would spur greater demand for biodiesel
July Chicago wheat fell 12 3/4 to $4.76, July KC wheat fell 12 ¾ to $4.97, July corn shed 2 to $3.51, and July soybeans added 7 1/2 to $9.33
After a wild ride, cotton prices settled near where they started on Friday, as enthusiasm about strong demand for U.S.-grown fiber succumbed to a wave of profit-taking by traders. July cotton gained 128 to 64.33, and December new crop gained 103 to 65.06.
Oil prices extended their gains Friday as drilling activity dropped again, along with U.S. inventories.
Prices have shot up by around 40% in the past two months on expectations that U.S. oil production will slow. But the rally had sputtered recently, as U.S. prices have stalled around $60 a barrel. July crude rose $2.75 to $60.43 a barrel, July gasoline futures recently rose 10.1 cents to $2.07 a gallon, and July diesel rose 8.3 cents to $1.95 a gallon.
Natural gas prices fell Friday in a session that capped a five-day losing streak, as the market absorbed data that suggest a larger glut than expected. July nat gas lost 6.4 cents to $2.64
On Wall Street stocks fell on Friday as data showed the economy contracted in the first quarter, though major indexes still posted their best month since February. The Dow fell 115 to 18,010, the Nasdaq 5,070, down 27, and the S&P 500 fell 13 to 2,107