Market Recap: Soybeans Gain Fifth out of Six Sessions
U.S. hog futures declined, falling closer in line with recent prices paid by packers in the negotiated markets, which hover below 90 cents a pound, and also facing pressure by profit-taking. December hogs fell 95 to 91.10 Hogs for April slipped 13 to 94.45.
U.S. live-cattle futures ended the session lower, pressured by profit-taking and technical trading, following a 10-month high for the spot contract the day before. October live-cattle let go of 5 to $133, December cattle slid 115 to $133.
Soybean futures rose–the fifth gain in six sessions, Wednesday on signs of increased demand for U.S. inventories and forecasts for low inventories. Corn and wheat prices declined. November Soybean rose 8 1/2 to $12.87, December Corn fell 1 3/4 to $4.30, December Wheat in Chicago fell 6 1/4 to $6.75, and December KC wheat dropped 4 to $7.47.
Cotton futures fell to a new nine-month low Wednesday as the U.S. harvest progressed amid tepid demand for the fiber. December new crop cotton fell 31 to 78.34, and March 2014 fell 30 to 80.15.
Gold edged higher on Wednesday as investors anticipated the Federal Reserve will stick to its bond-buying program. The most actively traded contract, for December delivery, rose $3.80 to $1,349.30, December silver gained 43 cents to $22.92.
U.S. crude-oil futures prices held earlier losses on rising inventories Wednesday after the Fed kept its economic stimulus policy unchanged.
December crude finished down $1.35 a barrel at $96.85 a barrel. November rose 4.10 cents to $2.65 a gallon November distillates gained 1.45 cents to $2.97 a gallon.
Natural gas futures fell for the third straight session on Wednesday, as traders await a government inventory report expected to show high supplies for this time of year amid forecasts for warm temperatures at the start of the winter heating season. December Natural gas fell a fraction to $3.62.
On Wall Street, stocks fell on Wednesday, putting the S&P 500 on track to snap a four-day streak of gains after the Federal Reserve said it had a weaker growth outlook for the economy, even as it held steady with its stimulus program for the time being. The Dow fell 46 to 15,634, the Nasdaq closed at 3,933, down 18 and the S&P 500 dropped 7 to close at 1,764.