Market Recap: Livestock Stumbles on Wholesale Demand
Lean hog futures closed broadly lower because of signs of unstable demand for pork. February hog futures fell 45 to 86.85 April hog fell 135 to 88.30.
Live cattle futures closed sharply lower due to a slowing rally in wholesale beef prices and bearish signs from cash cattle markets. February live Cattle fell 122 to $123, and March feeder cattle fell 152 to $153.
US wheat futures stumbled again, ending lower on broad commodity pressure and ample world supplies. March wheat in Chicago ended down 16 to $6.30, and March wheat in KC fell 19 to $6.73.
US corn futures ended lower amid broad-based commodity losses and lingering pressure from Thursday's USDA report. March corn ended down 5 1/4 to $6.31.
US soybean futures ended with modest gains Friday, breaking a three-day string of losses, Soy-product futures end mostly lower, succumbing to broader commodity weakness in the absence of fresh supportive news. March soybeans ended up 1 1/2 to $12.29, March soy oil fell 1 to 52.53 while March soy meal dropped $1 to $320.
Late-afternoon bargain hunting helped ICE cotton pull up from a six-week intraday low of 89.99c/lb. Still, Thursday's bearish USDA report and the NCC plantings survey weighed on market. March cotton gained 23 to close at 90.61, and the May contract gained 18 to close at 92.06.
Gold settled in negative territory as uncertainty over Greece's future saw market participants move to cash ahead of the weekend. April gold fell $15.90 to $1,725.30 an ounce, and Mar silver closed at $33.60, down 31.3 cents.
Crude-oil futures fell Friday in line with broader market declines as the International Energy Agency cut its estimates for global oil demand this year. March crude fell $1.17 to $98.67 a barrel, March gasoline dropped 3.79 cents to $2.97 a gallon, and March distillates fell 2.64 cents to $3.18 a gallon.
Natural gas futures finished a quiet session unchanged Friday, as market participants weighed the prospect of additional production cuts against weak weather-driven demand. March Natural gas finished the week at $2.47.
On Wall Street, Stocks fell on Friday, putting the S&P 500 on pace for its first weekly decline in the past six, after another snag in negotiations for a financial bailout package for Greece. the Dow fell 89 to 12,801, The Nasdaq fell 23 to 2,903 and the Standard & Poor's 500 finished down 9 at 1,342.