Market Recap: Threat of Halt to Russian Imports Scuttles Hog Futures
Hog futures fell to a two-week low Friday, as Russia signaled it may halt pork imports from the U.S. because of a trade dispute.
December hog futures shed 115 to 82.30, February futures, the most actively traded contract, fell 97 to 83.47.
U.S. live-cattle futures finished lower Friday on sluggish packer demand and concerns about the potential halt in exports to Russia. December live cattle settled 2 at $125 aFebruary live cattle were down 37 to $134.
At the livestock auction held Thursday at Smithfield a total of 626 cattle and no goats were sold. Slaughter cows trended $3.00 to $5.00 lower, feeder steers trended $16.00 to $21.00 higher and heifers trended mixed when compared to last week’s sales.
U.S. corn futures fell Friday on renewed worries about weak export demand and technically based selling. Corn has been pressured for weeks by concerns that high prices have curbed demand for the grain, and those concerns resurfaced Friday, as export demand remained soft overall. Soybean futures stumbled Friday as well, succumbing to end-of-week profit- taking after rallying in the past four sessions. Wheat futures stumbled in unison with corn.
March Corn ended down 14 1/4 at $7.37, January soybeans dropped 19 to $14.72, March wheat in Chicago ended down 1 to $8.6, Kansas City Board of Trade March wheat dropped 2 1/4 to $9.09.
No. 2 yellow shelled corn trended 14 to 16 cents lower when compared to last report. Prices ranged $7.22-$8.07 at feed mills and $7.32-7.67 at elevators. No. 1 yellow soybeans trended 19 cents lower and were $14.47 at processors, and $12.37-$14.12 at elevators. No. 2 red winter wheat had no trend available. Soybean meal, f.o.b. at processing plants, was $500.50 per ton for 48% protein.
N.C. EGGS: The market is steady on all sizes. Supplies are moderate. Retail demand is moderate. Weighted average prices for small lot sales of grade A eggs delivered to nearby retail outlets: Extra Large 151.57, Large 153.12, Medium 122.86, and Small 102.00.
Big export sales and expectations for reduced plantings pushed cotton futures higher ahead of the USDA's monthly supply/demand report, due Tuesday. March cotton gained 24 to 73.79, and the May contract gained 23 to 74.70.
Gold futures carved out a modest gain Friday, climbing back above the closely watched $1,700 level after touching a one-month low. February gold rose $3.70 to $1,705.50, and March silver closed at $33.13, up 1.7 cents.
Crude-oil futures fell for a fourth-straight session Friday, as weakness in fuel markets lowered investors' view on oil demand. January crude fell 33 cents to $85.93 a barrel, January distillates fell 2.79 cents to $2.91 a gallon, and January gasoline gained a fraction to $2.59 a gallon.
Natural-gas futures settled lower Friday, tumbling under the weight of forecasts that temperatures will remain above normal in the eastern U.S. for the next two weeks. January natural-gas fell 11.5 cents to $3.55.
On Wall Street, the Dow and the S&P 500 advanced modestly on Friday, though another sell-off in Apple depressed technology shares and kept the Nasdaq negative, overshadowing a sharply better-than-expected jobs report. The Dow gained 39 to end the week at 13,113, the Nasdaq closed at 2,978, down 11 and the S&P 500 fell a fraction to 1,413.