Live-cattle futures finished at a fresh multi-day high Friday, bolstered by stout consumer demand for beef and confidence that cash trade will be steady or higher than the previous week. Lean-hog futures were mostly lower.
Live-cattle futures rose, pulled up in part by anticipation that cash prices would hold steady or even increase compared with the previous week. August live-cattle futures closed up 187 at $146, October cattle gained 142 at $143, September feeder cattle added 205 at $202.
Lean-hog futures closed mostly lower, pulled down by lower cash prices. Hog and pork production remains well above the previous year, as hog producers have taken advantage of cheaper feed costs to boost herds and pack on pounds. But the increased supply has weighed on futures prices, which are near the lowest level since early this year. Some analysts are concerned that hog output is poised to grow further in the weeks ahead, likely exerting further pressure on prices. October lean hogs closed down 62 at 66.42, December hogs were unchanged at 62.05
Soybean futures rose Friday, supported by a broad recovery in global financial markets and renewed optimism over demand for the crop.
Meanwhile, wheat fell while corn was mixed.
Soybeans led the gains, rising as stock markets stabilized around the world after a volatile week sparked by sharp declines in Chinese shares. Wheat fell to a three-month low, buffeted by ample global supplies of the grain and stiff competition for export demand, and Corn was mixed, with higher soybean prices and trader positioning bolstering the market while early harvest progress in the Delta region limited gains.
September Soybeans rose 7 to $8.93, September Chicago wheat fell 7 1/4 to $4.77, September KC wheat fell 6 ¾ to $4.57, and September corn shed 1/2 to $3.63.
Cotton futures slipped going into the weekend. Near-month October fell 8 to 63.75, and December new crop fell 35 to 63.00.
Gold futures rose Friday after some investors reviewed their expectations for higher interest rates in the U.S. and as a rally in crude oil lent support. December gold rose $11.40 to $1,134.00, September silver closed at $14.54, up 11.2 cents.
Crude oil futures finished out the week with solid gains. October crude gained $2.74, to finish at $45.30 a barrel, September gasoline closed at $1.52, up 6 cents and September diesel gained 8 cents to $1.58.
Natural gas prices surged to their highest close in a week on Friday, as weather forecasts and bargain hunters continued to support prices. October nat gas gained 5.1 cents to $2.71.
Wall Street ended near flat on Friday after comments by a top Federal Reserve official suggested that a September rate rise was more likely than some investors expected. The Dow fell 11 to 16,643, the Nasdaq gained 15 to 4,828, and the S&P 500 gained 1 to finish the week at 1,988.