Market Recap: Stronger Dollar Drags Down Cotton Futures
Hogs shrugged off early weakness, but ended the week in the red in light trading, with cash market indicators steady to flat in the near term. June lean hogs fell 5 to close at $93.02, and the July contract lost 40 to close at $92.92.
Cattle futures closed mixed on Friday with profit taking offsetting light buying interest. Demand prospects moving forward is suspect, and futures also saw pressures from outside markets. June live cattle gained 52 to close at $119, August feeders gained 27 to close at $159.
U.S. corn futures closed higher Friday, as traders worried that dry weather in the corn belt could hinder crop development there, shrinking the harvest this fall. July Corn closed up 4 at $5.98.
Soybean futures also fell Friday, pressured by macroeconomic worries and by market participants selling soybean futures to take profits after recent gains. July soybeans on Friday fell 1 3/4 to $14.26.
Wheat futures mostly fell, pressured by outside markets and the ongoing harvest of U.S. winter wheat. Analysts say yields so far haven't shown as much crop damage from last month's dry weather as they had worried would be the case. July wheat in Chicago fell 11 1/2 to $6.30, July wheat in KC fell 12 1/2 to $6.56
Cotton futures fell as the stronger dollar made US exports more expensive and some speculative investors took profits. July cotton fell 99 to 72.90, and the October contract fell 257 to close at 68.72.
Gold futures edged higher Friday, tracking the euro as the currency cut its losses on hopes for aid to Spain's banking system. August gold rose $3.40 to $1,591.40 an ounce, and July silver closed at $28.47, down 5.8 cents.
Oil prices neared eight-month lows Friday as concerns over global energy demand deepened amid worries over economic growth in the U.S. and Europe. July crude finished down 72 cents at $84.10 a barrel, July gasoline futures on Friday gained a fraction to $2.68 a gallon, July distillates also gained a fraction to $2.67 a gallon.
Natural-gas futures ended modestly higher Friday as bargain hunters snapped up contracts after a fall Thursday to one-month lows on oversupply concerns. July Natural gas closed Friday at $2.29, up 2.5 cents.
On Wall Street the S&P 500 ended its best week in 2012 on Friday, as investors returned to stocks after sources told Reuters that Spain was expected to request aid for its troubled banks. The Dow gained 93 to finish the week at 12,554, the Nasdaq closed at 2,858, up 27, and the S&P 500 gained 10 to close at 1,325.