Market Recap: Nearby Corn Contracts Gain on Supply Concerns
Lean-hog futures ended lower for the second straight day, as the market's upside momentum following a month-long rally fades. July lean hogs closed down 62 at 98.02, The June lean-hogs contract, which expired Friday, was the only contract to end higher, gaining 72 to $102.
U.S. live-cattle futures ended lower, falling to three-week lows on sluggish beef demand and weak cash prices for cattle. Feeder-cattle futures also fell.
June Live cattle futures ended down 85 at $119, August live cattle closed down 75 at $118, and August feeders tumbled 207 to $143.
U.S. corn futures settled mixed Friday, with nearby futures up on concerns about tight current supplies. Soybean futures, like corn, ended with nearby contracts up on tight current supplies, while November soybeans were down on expectations for a sizable crop this year. Wheat futures fell on expectations for adequate U.S. and world wheat supplies this year.
July corn gained 11 1/2 to $6.55, July soybeans gained 6 1/4 to $15.16, July wheat in Chicago fell 4 3/4 to $6.80, and July wheat in KC lost 7 to finish the week at $7.11.
Cotton futures fell after USDA last week lowered its forecast for the U.S. cotton crop next season by due to extremely dry weather in the Southwest. The December, which falls right after the upcoming season's harvest, rose 29 to 89.44, while near-month July gained 77 to 92.49.
Gold futures ended higher Friday as weaker U.S. equity markets and an uptick in the producer price index burnished the allure of the precious metal as a haven. August gold rose $9.80 to $1,387.60, July Silver jumped 37.1 cents to $21.59.
Crude-oil futures settled at a four-month high Friday, lifted by fears that U.S. intervention in Syria will stoke further conflict in the oil-rich Middle East. July crude rose $1.16 to settle at $97.85 a barrel, July gasoline jumped 3.54 cents to $2.89 a gallon, and July distillates gained 2.27 cents to $2.96 a gallon.
Natural gas futures settled lower Friday amid signs of rising supplies and little chance of a jump in near-term demand, as moderate temperatures hold across much of the U.S. July Natural gas dropped 8.1 cents to $3.73.
On Wall Street, stocks extended their slide Friday with the Dow losing more than 100 points as investors booked profits a day after the S&P 500 recorded its second-best session of the year and data showed consumer sentiment cooled off in June. The Dow fell 105 to 15,070, the Nasdaq closed at 3,423, down 21 and the S&P 500 dropped 9 to finish the week at 1,626.