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Market Recap: Hog & Cattle Futures Showing Wear

Lean-hog and feeder-cattle futures continued to show wear from skyrocketing feed prices, even though corn for coming months finished the day only a tick higher. Feeders early in the day fell by their 300 point limit in Globex trading, but only flirted with limits in the pit. Aug feeders finished down 222 at $139. Lean-hogs also fall sharply on signs that high feed costs are pushing producers to liquidate. Aug hogs fell 187 to 90.40, the October contract all fell 187 to 79.47. Live Cattle rebounded to close mostly lower. August live cattle gained 17 to $117. Deferred contracts mostly lower.

US grain and soy futures ended mostly higher, as traders continued to worry that a Midwest drought will reduce the size of the corn and soybean harvests. Midwest temperatures are expected to heat up again this week, and rain in the forecasts is too light to ease worries about the drought. September corn ended up 9 1/4 at $7.40, August soybeans gained 22 1/4 to $15.94, September wheat in Chicago rose 1 to $8.47, and September wheat in KC gained 4 to $8.51.

ICE cotton soared on news that China, the world's largest cotton importer, saw a 7.6% GDP increase in the second quarter. December cotton jumped 240 to 72.66, and the October contract gained 240 to 71.76.

Crude-oil futures moved higher Friday following news the Obama administration had expanded sanctions on Iran. August crude oil settled at $87.10 a barrel, up $1.02, Front-month gasoline closed at $2.82 a gallon, up one cent, and Front-month distillates closed at $2.79 a gallon, up 1.5 cents

Natural-gas futures ended where they began Friday, holding as traders gauged Thursday's increase in U.S. gas inventories and look to weather forecasts for signals on when the latest period of hot temperatures may subside. August Natural gas y settled unchanged at $2.87.

On Wall Street, stocks rose 1 percent on Friday as data in China allayed concerns about a further slowing of global growth and banks advanced after JPMorgan released earnings. The Dow gained 203 to close at 12,777, the Nasdaq closed at 2,908, up 42, and the S&P 500 gained 22 to close at 1,356. is dedicated to serving the agricultural industry in the Carolinas and Virginia with the latest ag news, exclusive regional weather station readings, and key crop market information. The website is a companion of the Southern Farm Network, provider of daily agricultural radio programming to the Carolinas since 1974. presents radio programs, interviews and news relevant to crop and livestock production and research throughout the mid-Atlantic agricultural community.