Hog futures fell on Thursday, reversing course as traders bet that prices had hit a seasonal peak. A recent hot spell in major hog-producing states helped support higher prices recently on the back of concerns that hogs would eat less and not put on as much weight.
July Lean hogs fell 52 to 82.05, the August contract dropped 147 to 78.92.
Cattle futures were mixed, however, making some recovery after a sharp selloff the previous session. Cheaper corn helped push futures higher.
Live cattle futures continued to fall sharply on lower cash-market prices this week.
June live cattle fell 200 to $122, the August contract fell 37 to $117, and August feeder cattle climbed 95 to $147, initially boosted by lower corn contracts
Wheat futures hit a four-month high Thursday as traders bet that recent weather troubles would limit this year’s crop and ease stockpiles. Corn and soybean futures recovered from lower prices to close higher. Soybean futures were supported by a higher-than-expected oilseed crush rate in May.
July Chicago wheat rose 10 ¾ to $4.53, July KC wheat gained 7 ¾ to $4.65, July corn gained 2 ½ to $3.79, and July soybeans gained 3 to $9.34.
Cotton futures slid Thursday as traders began to doubt that the pace of U.S. cotton exports would meet government projections.
July Cotton fell 159 to 72.07, and the October contract fell 170 to 71.22.
Oil futures slipped again Thursday, guided lower for a second-straight session by an unexpected increase in gasoline stockpiles.
July crude settled down 27 cents to $44.46 a barrel, Gasoline futures gained a fraction to $1.43 a gallon, and Diesel futures also gained a fraction to $1.41 a gallon.
Natural gas prices jumped, posting some of their strongest gains of the year after government data showed a smaller-than-expected storage addition for last week. July Natural gas gained 12.3 cents to $3.05.
A recent slump in technology stocks worsened on Thursday, dragging on major U.S. indexes, while investors fretted about the economy’s health after the Federal Reserve lifted interest rates. The Dow fell 14 to 21,359, the Nasdaq closed at 6,165, down 29, and the S&P 500 dropped 5 to 2,432.