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Market Recap: Soybean Futures Soar on USDA Reports

U.S. feeder-cattle futures were lifted by a federal supply report indicating record large harvests for corn, the main feed ingredient for most commercially produced cattle. October feeder-cattle futures picked up 37 to $158. October live-cattle shed 22 to $124, pressured by expectations for steady to slightly weaker cash trade this week.

U.S. hog futures, meanwhile, ended the day nearly unchanged. October hogs dropped 1 to 90.20, December lean-hogs rose 2 to 87.27.

Soybean futures settled sharply higher Thursday after the U.S. Department of Agriculture cut projected U.S. output this year due to a spate of hot, dry weather in parts of the Midwest. November soybeans rose 37 3/4 to $13.96.

Meanwhile, corn prices declined after the USDA surprised analysts by raising its forecast for the size of this year's corn harvest. December corn fell 6 1/4 to $4.66.

Wheat prices settled higher after falling earlier in the session. December wheat in Chicago gained 5 to $6.53, December KC gained 7 $7.01.
Cotton futures turned negative Thursday after the U.S. government raised its outlook for global production this year and lowered its forecast for exports of domestic fiber, citing increased competition for market share. But, futures shrugged off the news to end higher. Near month October gained 108 to 85.88, and December new crop gained 45 to 83.77.

Gold futures fell to a four-week low on Thursday as upbeat U.S. labor market data reinforced expectations that the Federal Reserve would curb its bond-buying effort. December gold fell $33.20 to $1,330.60, December silver closed at $22.14, down $1.02.

Oil futures rose Thursday as traders expressed doubts about a diplomatic solution to the crisis in Syria and continued to worry about potential crude supply disruptions in the Middle East. October crude gained $1.04 to $108.60 a barrel, October gasoline rose 5.05 cents to $2.76 a gallon, and October distillates gained 4.46 cents to $3.11 a gallon.

Natural-gas futures prices climbed to settle at an eight-day high Thursday after government data showed inventories rose by less than expected last week. October natural gas gained 7.1 cents to $3.63.

On Wall Street, stocks slipped on Thursday, ending seven straight days of gains by the S&P 500 as a drop in precious metal prices dragged mining shares lower. The Dow fell 25 to 15,300, the Nasdaq closed at 3,715, down 9 and the S&P 500 dropped 5 to 1,683. 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.