Market Recap: Soybean Futures Settle Higher
Lean-hog futures ended higher on spillover support from the cattle complex and a recent surge in wholesale pork prices. August lean-hogs ended up 4 to $100.
U.S. live-cattle futures ended sharply higher Thursday on supply concerns in the wake of Tyson Foods' ban of a widely used feed additive. Feeder cattle were also higher. August live cattle ended up 14 at $122, while October live cattle, the most-active contract, closed up 24 at $127. August feeders gained 167 to $154.
U.S. soybean futures settled higher Thursday, boosted by positioning ahead of a government crop report. Corn futures also rose on positioning ahead of the USDA report and concerns about dryness in parts of the Farm Belt. Wheat futures fell, pressured by worries about weaker export demand and expectations for ample world wheat supplies during the current crop year.
August soybeans, gained 28 to $13.55, September corn rose 5 1/4 to $4.73, September wheat in Chicago fell 2 1/4 to $6.41, and September KC wheat rose 3 to $7.02.
Cotton futures ended near an eight-week high as hot weather in China and the U.S. encouraged buying. October cotton gained 4 to 88.57, and December new crop gained 43 to 88.76.
Gold and industrially focused precious metals climbed Thursday as stronger Chinese trade data stoked demand hopes. December cotton rose $24.60 to $1,309.90, and September silver closed at $20.19, up 68.5 cents
Crude-oil futures settled at a one-week low Thursday as traders looked to limit losses on long positions amid concerns that the U.S. Federal Reserve could begin reducing stimulus efforts in September.
September crude fell 97 cents to $103.40 a barrel, August gasoline dropped 1.35 cents to $2.85 a gallon, and August distillates fell a fraction to $2.95 a gallon.
Natural-gas futures prices rose Thursday on hopes that a near 20-cent drop over the prior five days will lead utilities to burn more gas than coal. September nat gas gained 5 cents to $3.29.
On Wall Street, stocks advanced on Thursday snapping a three day losing skid as a rally in Microsoft helped lift the tech sector. The Dow gained 27 to 15,498, the Nasdaq closed at 3,669, up 15, and the S&P 500 gained 6 ½ to 1,697.