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Market Recap: Hogs Continue to Tumble on Seasonal Demand Pressures

U.S. lean-hog futures tumbled Wednesday, ending sharply lower on growing supplies and expectations demand will soon start to wane. The drop is being driven by growing hog supplies, which typically increase this time of year. October lean hogs ended down 112 at 85.82, and December also fell 112 to 82.62.

CME live-cattle were mixed. Feeder-cattle futures were mixed, as well. August live-cattle ended up 3 at $124, while October live-cattle closed down 17 at $127. August feeder-cattle ended up 17 at $155.

U.S. grain and soybean futures settled higher Wednesday, boosted by a threat to Midwest crops from hot, dry weather forecasts. Soybean futures also benefited from continued strong signs of export demand for soy products. Wheat was pulled higher by the gains in corn and soybeans. But its gains were limited by higher-than-expected Canadian government estimates for that country's wheat production this year.
September corn gained 14 1/4 to $4.98, September soybeans rose 23 3/4 to $13.33, September wheat in Chicago rose 4 1/2 to $6.38, and September KC wheat rose 2 3/4 centsto $6.99.

Soft-commodity markets fell to multi-week lows Wednesday as brighter supply outlooks and weaker currencies in grower nations sparked a wave of selling. December Cotton shed 86 to 88.00, and near month October fell 485 to 83.91.

Gold prices edged lower on Wednesday after the Federal Open Market Committee meeting minutes showed overall support for curtailing the central bank's stimulus measures by mid-2014. December Gold settled Wednesday trade down $2.50 at $1,369.90, and October silver fell $1.61 to $22.96

Crude-oil futures fell Wednesday after the minutes from the Federal Reserve's July policy meeting failed to provide a clear signal on when the central bank would scale back its economic-stimulus efforts. October crude fell $1.26, to $103.85 a barrel, September gasoline gained 1.05 cents to $2.93 a gallon, and September distillates fell a fraction to $3.07 a gallon.

Natural gas futures settled higher as forecasts for higher temperatures in the Midwest are expected to spur additional demand for the fuel. September Natural gas gained 1.6 cents to $3.46.

On Wall Street, stocks ended lower in choppy trading on Wednesday after minutes from the U.S. Federal Reserve's July meeting offered few clues on the timing of a reduction in its bond-buying program. The Dow fell 105 to 14,897, the Nasdaq closed at 3,599, down 13, and the S&P 500 dropped 9 to 1,642. 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.