Market Recap: Pork Demand Issues Cause Hog Futures to Tumble
U.S. lean-hog futures tumbled amid concerns about pork demand, both in domestic and export markets.
June hog futures fell 135 to 91.52, after hitting a fresh nine-month high for the spot-month contract Thursday. July futures dropped 157 to 90.97.
U.S. live-cattle futures fell Friday, pressured by sentiment that the market could soon pass a seasonal peak in beef demand. Futures also faced a lack of buying interest ahead of a federal supply report that came after the market closed. Feeder-cattle futures were pressured by the decline in the live-cattle market.
June live-cattle futures slipped 5 to $119, August live cattle fell 117 to $111 Most-active August feeder-cattle futures fell 175 to $143.
U.S. soybean futures settled higher Friday, with the spot July contract setting a fresh nine-week high on worries about tight near-term supplies. Corn futures ended mixed, with traders buying nearby contracts in the face of tight domestic stockpiles of the grain, wheat futures settled lower Friday, falling for the third consecutive day amid selling based on technical factors and expectations for ample global wheat supplies this year.
July soybeans finished up 21 at $14.48, July corn finished up 11 1/4 at $6.52, July wheat in Chicago ended down 4 1/2 at $6.83, and Kansas City Board of Trade July wheat dropped 6 1/4 to $7.37.
Cotton futures were flat on Friday after settling at a two-week low in the previous session. July cotton gained 38 to 86.41, and December new crop gained 57 to 85.90.
Gold fell for the seventh straight trading day Friday, notching its longest losing streak in four years. June gold finished down $22.20 at $1,364.70, and June silver fell 30 cents to 22.30.
Oil futures rose to a one-week high Friday, as broader markets rallied on positive U.S. economic data.
June crude gained 86 cents to $96.02 a barrel, June gasoline gained 2.47 cents to $2.90 a gallon, and June distillates gained 2.83 cents to $2.93 a gallon.
Natural-gas futures surged Friday afternoon, retaking the $4- level and erasing a steep day-earlier loss. June nat gas 13 cents higher at $4.06.
On Wall Street, stocks continued their climb into uncharted territory on Friday, racking up the fourth week of gains in a row as encouraging economic data prompted investors to pick up shares of growth companies. The Dow gained 121 to finish the week at 15,354, the Nasdaq closed at 3,498, up 33 and the S&P 500 gained 17 to 1,667.