Market Recap: Grains & Oilseeds Tumble on CME Group Reporting Mistake
U.S. lean-hog futures finished mostly higher Friday on steady pork demand and a strengthening cash market, after lower morning trading. December lean hog futures added 37 to 84.07, February hogs, the most actively traded contract, lost 2 to 86.92.
U.S. live-cattle futures finished lower Friday, strained by weak cash-market trading and expectations of tepid consumer demand in the face of high beef prices. December live-cattle shed 147 to $126, February live-cattle futures, the most actively traded contract, were also lower, dropping 170 to $130.
At the livestock auction held Thursday at Smithfield a total of 768 cattle and no goats were sold. Slaughter cows trended steady, feeder steers trended mixed and heifers trended $6.00 to $14.00 higher when compared to last week’s sales.
U.S. wheat futures dropped on Friday, pressured by higher-than-expected deliveries of wheat against futures at the Chicago Board of Trade. Wheat futures added to their losses on Friday after CME Group said that on Thursday it reported an incorrect number of Board of Trade wheat contracts available for delivery–a different figure from the actual deliveries that the company also reported. Soybeans fell on profit-taking ahead of the weekend and the end of the month, after prices rose over the last two weeks.
December wheat in Chicago fell 24 1/2 to $8.44, December wheat in KC fell 19 ¾ to $8.97, December corn futures fell 3 1/2 to $7.48, and January soybeans fell 9 1/4 to $14.38.
No. 2 yellow shelled corn trended mixed when compared to last report. Prices ranged $7.68-$8.23 at feed mills and $7.33-7.83 at elevators. No. 1 yellow soybeans trended 10 cents lower and were $14.18 at processors, and $13.56-$14.09 at elevators. No. 2 red winter wheat had no trend available. Soybean meal, f.o.b. at processing plants, was $497.40 per ton for 48% protein.
N.C. EGGS: The market is steady on all sizes. Supplies are moderate. Retail demand is moderate. Weighted average prices for small lot sales of grade A eggs delivered to nearby retail outlets: Extra Large 151.57, Large 153.12, Medium 122.86, and Small 102.00.
Cotton futures edged higher as foreign buyers continued to purchase the fiber, traders say. March cotton gained 73.91, and the May contract gained 49 to 74.51.
Crude-oil futures rose Friday, moving prices into positive territory for the week as traders were more hopeful that the U.S. fiscal cliff could be averted. January crude gained 84 cents to $88.91 a barrel, December gasoline fell 2.56 cents to $2.76 a gallon, and December distillates gained a fraction to $3.04 a gallon.
Natural gas futures extended a losing streak into a third straight session Friday, as traders returned their focus to weather forecasts signaling weak heating demand. January Natural gas fell 8.7 cents to $3.56.
On Wall Street, major stock indexes closed little changed and Treasury yields slipped on Friday as concern about the stalemate in crucial US budget talks added to worries about slowing economic growth in the world’s largest economy, though the euro rose on the European outlook.
The Dow gained 3 to end the month at 13,025, the Nasdaq closed at 3,010, down 1 and the S&P 500 gained a fraction to end the week at 1,416.