Market Recap: Hog Futures Continue Downward Spiral

U.S. lean-hog futures continued to reel Thursday as traders and investment funds continue to hustle for the exits before fast-growing supplies expand even further. October hogs fell 60 to 72.57, and the December contract lost 22 to 70.60.
 

U.S. cattle futures finished higher, lifted by a sell-off in grain prices, which could slow the flow of cattle through the supply chain. Feeder-cattle futures also rose after grain futures fell. August Live Cattle rose 40 to $120, August Feeders gained 105 to $141.
At the livestock auctions held Wednesday at North Wilkesboro and Norwood a total of 605 cattle and 6 goats were sold. Slaughter cows trended mixed and feeder calves were mixed when compared to last week’s sales.

U.S. grain and soy futures fell Thursday, pressured by technically driven profit-taking and forecasts for rain this weekend. September corn fell 21 1/2 to $8.08, September soybeans fell 20 3/4 to $17.27, September wheat in Chicago fell 22 to $8.74, and Kansas City Board of Trade September wheat fell 22 1/4 to $8.83.
 

No. 2 yellow shelled corn trended 19 to 20 cents lower when compared to last report. Prices ranged $7.95-$8.82 at feed mills and $7.99-8.74 at elevators. No. 1 yellow soybeans trended 12 cents lower and were $17.75 at processors, and $16.70-$17.17 at elevators. No. 2 red winter wheat trended 20 cents lower. Prices were $7.80-$7.95 at the elevators. Soybean meal, f.o.b. at processing plants was $587.80 per ton for 48% protein.

Tropical Storm Isaac isn't expected to cause much damage to cotton-producing regions along the Gulf of Mexico, nor bring that much rain. Near month October cotton fell 17 to 75.90, and new crop December also fell 17 to 76.80.

Gold futures settled at their highest level in more than four months Thursday as speculation about a third liquidity injection from the Federal Reserve intensified. December Gold rose $32.30 to $1,672.80, and December silver gained 90 cents to $30.53.

Crude-oil futures eased Thursday as the market soured on the likelihood of Federal Reserve stimulus actions, analysts and traders said.

October crude fell 99 cents to $96.27 a barrel, September gasoline rose 1.16 cents to $3.11 a gallon, and September distillates rose a fraction to $3.13 a gallon.
 

Natural-gas futures settled modestly weaker, as worries about a growing storm's potential impact on U.S. Gulf output tempered news of increasingly swelling inventories. September natural gas futures fell 2.4 cents to $2.80.
 

On Wall Street, stocks fell on Thursday as expectations for quick stimulus action from the Federal Reserve receded and Chinese and euro zone data pointed to a stalling global economy. The Dow fell 115 to 13,057, the Nasdaq closed at 3,053, down 20, and the S&P 500 lost 11 to 1,402.