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Market Recap: Hogs Rebound from Tuesday’s Sharp Losses

Lean-hog futures at the Chicago Mercantile Exchange Wednesday closed mixed with the nearby contracts ending higher as prices rebounded from sharp losses on Tuesday.

Lean hogs had traded higher throughout most of the day before the distant contracts sold off late amid month-ending position adjustments. August lean hogs closed up 70 at 97.57, while October hogs rose 12 to 83.32.

Live-cattle futures closed mixed while traders await the development of the week's cash market action, which may not occur until Thursday or Friday. August futures are nearly in line with the expectations for this week's cash prices as traders prepare for first notice day on Monday for deliveries to be made against futures. Feeder cattle were up modestly on expectations of tight supplies. August live cattle were down 20 at $121, October was down 17 at $125, and August feeders were up 17 at $153.

U.S. grain and soybean futures settled higher Wednesday, boosted by buying after recent price declines. Corn and soybean futures benefited from buyers taking renewed interest in the two commodities after sharp price declines last week. Wheat futures also rose on strong recent export demand for U.S. wheat, including large purchases by China earlier this month. September corn futures gained 3 1/2 to $4.99, August soybean futures rose 24 to $13.74, September wheat in Chicago rose 9 to $6.64, and the BT September KC wheat rose 10 1/2 to $7.06

Cotton futures ticked lower Wednesday morning as the market continued to trade in a thin, sideways fashion. October cotton gained 15 to 85.63, and December new crop gained 4 to 85.18.

Gold prices remained lower, but cut some earlier losses, Wednesday as traders found few clues about the path of monetary policy in the Federal Reserve's statement. December gold fell $11.80 to $1,313.00, December silver fell 5 cents to $19.69.

Oil futures rose sharply Wednesday as traders focused on inventory data and upbeat reports on the U.S. economy after the Federal Reserve gave few hints of when it would unwind its bond-buying program.

September crude jumped $1.95 to $105.03, August gasoline gained 2.57 cents to $3.04 a gallon, and August distillates gained 3.64 cents to $3.04 a gallon.

Natural-gas futures ticked higher Wednesday as traders took a break from five sessions of declines. September Natural gas settled gained 1.4 cents to $3.44.

On Wall Street, stocks ended a volatile session near flat and the dollar surrendered gains on Wednesday after the U.S. Federal Reserve offered no indication that a reduction in the pace of its stimulus program is imminent. The Dow fell 21 to 15,499, the Nasdaq gained 9 to 3,636, and the S&P 500 fell a fraction to 1,685. 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.