Wheat Futures Climb, Pulling Grain Complex Along

Livestock futures were mixed in a quiet session on Friday, as cattle and hog contracts consolidated after some recent losses.  Hogs recovered from a selloff on Thursday as hot weather in key states continues to limit hog weight-gain. But contracts for delivery in October and December fell, as traders bet growing supplies will keep prices down later this year.

Cash prices in the cattle market turned sharply lower during the week

July Lean hog rose 27 to 82.32, the August contract gained 20 to 79,12.

June live cattle futures fell 80 to $121, August gained 67 to $118, and August feeder cattle futures were 80 higher at $147.

Wheat futures hit fresh highs on Friday, as drought in the northern U.S. continued to push prices upward.

Acute dryness in parts of the northern Plains have left the spring wheat crop there in dire condition. Strength in wheat futures also helped pull higher contracts for corn

July Chicago wheat rose 11 ½  to $4.65, July KC wheat gained 8 ¼ to $4.73,  July corn futures rose 5 ½  to $3.84, and July soybeans climbed 4 1/4 to $9.39.

Near-month cotton futures continued their week-long slide on lackluster export demand, May 2018 and beyond were higher.  July cotton fell 3 to 71.88, the October contract fell 36 to 70.86.

Oil futures inched up Friday, but still fell hard for the week, holding near its lowest levels of the year because of the lingering glut.

July crude gained 28 cents to $44.74 a barrel, Gasoline futures gained 1.91 cents to $1.45 a gallon, and Diesel futures rose 1.24 cents to $1.42 a gallon.

Natural gas futures backed off a two-week high because of profit-taking and fears about oversupply weighing on the market.

July Natural gas settled down 1.9 cents at $3.03.

Wall Street ended little changed on Friday although Amazon.com’s $13.7 billion deal to buy upscale grocer Whole Foods roiled the retail sector and rocked shares of an array of companies including Wal-Mart and Target.

The Dow Jones Industrial Average rose 24 to 21,384, the S&P 500 gained a fraction to 2,433 and the Nasdaq Composite dropped 13 to 6,151.

A native of the Texas Panhandle, Rhonda was born and raised on a cotton farm where she saw cotton farming evolve from ditch irrigation to center pivot irrigation and harvest trailers to modules. After graduating from Texas Tech University, she got her start in radio with KGNC News Talk 710 in Amarillo, Texas.