Market Recap: Hog Futures Continue Downward Slump
U.S. lean-hog futures extended their downward slump Friday, pressured by expectations for weaker cash prices and larger hog supplies headed to slaughter in the weeks to come. October lean hogs fell 11 to 90.05, December hogs slid 122 to 86.07
Cattle futures ended narrowly higher ahead of cash trade and a federal on-feed inventory report that came out after the closing bell on Friday, which was expected to reveal the smallest number of cattle placed into commercial feedyards on record for the month of August.
October Live cattle added 2 to $125, after notching a two-week high for the spot contract the day before.
Feeder cattle also rose. Most-active October feeder-cattle picked up 85 to $160.
Soybean futures fell to a one-month low Friday, pressured by speculation that widespread rains in the Midwest this week will improve the prospects of the drought-stricken U.S. soybean crop.
Corn and wheat futures were pulled lower by the weakness in soybean futures, analysts said. Corn also was weighed down by anecdotal reports indicating that yields for corn harvested in the southern and eastern Midwest are better than expected.
November Soybean dropped 24 1/4 to $13.15, December Corn fell 8 1/2 to $4.51, December wheat in Chicago fell 10 3/4 to $6.40, and December KC wheat fell 9 ¼ to $6.92.
Cotton futures eased Friday morning on concerns about weak demand for the fiber. Near month October fell 39 to 85.34, and December new crop fell 82 to 84.72.
Gold futures slumped on Friday as comments from a slate of Federal Reserve officials caused traders to reassess their expectations for the duration of the central bank's bond-buying program.
December Gold fell $36.80 to $1,332.50, and December silver closed at $21.92, down $1.36.
Natural-gas futures prices settled at a one-week low on Friday as moderating temperatures signaled the start of a seasonal lull in demand.
At the same time, analysts said, a relatively calm hurricane season isn't posing any threat to gas production in the Gulf of Mexico, diminishing concerns that had helped prop up prices in recent days. October natural gas dropped 3.3 cents to $3.68.
U.S. oil prices tumbled Friday after many traders closed long positions amid easing concerns over Middle East supply disruptions and took profits from a midweek rally ahead of the expiration of the October contract. October crude, which expired at the end of the trading session, fell $1.72 to $104.67 a barrel, October gasoline dropped 1.30 cents to $2.68 a gallon, and October distillates gained a fraction to $3.00 a gallon.
On Wall Street, stocks fell on Friday as investors digested comments by Federal Reserve officials in the wake of the central bank's decision to maintain its stimulus, but two companies made initial public offerings with stellar results. The Dow fell 185 to 15,451, the Nasdaq closed at 3,774, down 14 and the S&P 500 fell 12 to 1,709.