Live-cattle futures ended the session lower on Thursday, as pressure from a steep drop in wholesale beef prices and worries about slack demand for beef are compounded by heavy cattle supplies.
October cattle futures pared losses to decline 327 to $121, the lowest closing price for a front-month contract since August 2013. Live-cattle futures for December reversed earlier gains to fall 92 to $129. October Feeder-cattle declined 77 to $177.
Hog futures have also turned lower, pressured by profit-taking from recent gains and spillover selling across the livestock markets. October hog futures fell 90 to 72.62, Most active December hogs shed 220 to 64.52.
Soybean futures fell as profit-taking hit the oilseeds following a run-up in their price. Wheat rose and corn was mixed.
Soybeans closed lower after gaining early in the session following a rally the previous day. Wheat futures rallied during the session to the highest price for a front-month contract since Aug. 11 after USDA released estimates for stockpiles and production the previous day below analyst expectations.
November Soybeans dropped 14 3/4 to $8.77, December Chicago wheat closed below its intraday high, finishing up 5 1/2 at $5.18, December KC wheat gained 5 ¾ to $5.07, and December corn rose 1 to $3.88.
Cotton closed mixed Thursday with the December contract gaining 16 to 60.60, and the March contract falling 2 60.29.
Gold futures eased on Thursday as caution ahead of key U.S. employment data outweighed support from a weaker U.S. stock market. December gold fell $1.50 to t $1,113.70, December silver closed at $14.51, down 7 cents.
Oil prices spiked but ended lower as weaker U.S. manufacturing data and a less threatening hurricane deflated a rally.
November crude fell 35 cents at $44.74 a barrel, Gasoline futures retreated to nearly unchanged, settling up 1 at $1.36 a gallon, and Diesel futures retreated to losses, down 1.76 cents to $1.51 a gallon.
Natural gas plummeted to a new three-year low as heavy surpluses deepen a selloff. November nat gas fell 9.1 cents to $2.43.
On Wall Street, The S&P 500 and Nasdaq closed slightly higher on Thursday in a choppy start to the fourth quarter as investors waited for the monthly U.S. jobs report and the start of earnings season. The Dow fell 12 to 16,272, the Nasdaq closed at 4,627, up 6 and the S&P 500 gained 3 to 1,923.