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Market Recap: Wheat Futures Continue to Gain in Increased Demand

U.S. feeder-cattle futures were pressured by profit taking Friday, after carving out fresh contract highs the day before.

The feeder-cattle market has been underpinned by tight supplies after severe drought and industry consolidation encouraged many producers to thin herds and feed fewer head. October feeder-cattle shed 25 to $164, October live-cattle added 55 to $128.

The hog market, meanwhile, ended the day higher ahead of a closely watched quarterly supply report, due out after the close Friday. Hog futures also have been pushed to new contract highs this week amid growing concern that animal loss due to porcine epidemic diarrhea virus, or PEDV, is greater than previously anticipated. October hogs added 12 to 92.92, December hogs picked up 4 to 88.12.

Wheat futures rose to the highest close in 14 weeks on signs of strong demand for supplies from the U.S., the world's biggest exporter of the grain. Soybeans also gained, while corn declined.

December wheat in Chicago gained 4 3/4 to $6.83, December KC wheat gained 4 ½ to $7.31, November Soybeans rose 3 to $13.19, and December Corn fell 2 3/4 to $4.54.

Cotton futures climbed to the highest price in more than five weeks Friday, on concerns about the size and quality of the crop in the world's top three producers. December new crop cotton ended up 116 at 86.63, the March contract also gained 116 to 86.34.

Gold futures rose Friday amid growing worries over legislative gridlock in Washington and hopes of continued stimulus from the Federal Reserve. December gold rose $15.10 to $1,339.20, December silver closed at $21.83, up 6.5 cents

Oil futures fell Friday after members of the United Nations Security Council agreed on a resolution for Syria to destroy its chemical weapons, and U.S. and Iranian diplomats had constructive talks on the country's nuclear ambitions. November crude fell 16 cents to $102.87 a barrel, October gasoline gained 2.88 cents to $2.67 a gallon, and October distillates fell 1.36 cents to $2.99 a gallon.

Natural gas futures finished higher for a third straight session Friday, wiping out early-session losses as traders shrugged off signs of weakening autumn demand. November Natural gas gained 2.2 cents to $3.58.

On Wall Street, stocks fell Friday, putting the S&P 500 and Dow on track for their first weekly drop in four, as congressional Democrats and Republicans struggled to pass a federal budget to avert a government shutdown days away. The Dow fell 76 to 15,252, the Nasdaq closed at 3,779, down 8 and the S&P 500 fell 8 as well to 1,690. 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.