Market Recap: Wheat Lone Gainer in Grains & Oilseeds
U.S. lean-hog futures ended mixed Friday, with nearby futures rallying on cash prices and recent strength in wholesale pork, while deferred contracts fell on weaker corn. August lean hogs ended up 82 at 99.25, December lean-hogs ended down 1 at 80.80.
Live-cattle futures settled slightly lower amid technical pressure as traders awaited cash-market trades. Cash-market trades Thursday were considered disappointing, and several contracts fell to six-week lows on Thursday, which attracted more selling, traders said. August live-cattle ended down 15 to $120, the October contract fell 2 to $124.
U.S. corn and soybean futures settled lower Friday, as favorable weather for crop growth continued to fuel bearish sentiment among traders. Wheat futures were higher, boosted by expectations for continued strength in export demand from buyers including China. September corn futures fell 11 1/2 to $4.76, September wheat in Chicago rose 2 1/2 to $6.60, September KC wheat closed unchanged at $7.06, and September soybeans fell 21 ½ to $12.12.
Cotton futures continued to wallow around 85 cent range in very thin trade Friday. October cotton fell 56 to 85.32, and December new crop fell 45 to 84.98.
Gold futures settled near unchanged on Friday after a weaker-than-expected U.S. labor market reading soothed worries of an impending end to the Federal Reserve's stimulus measures. December gold fell 70 cents to $1,310.50, September silver closed at $19.91, up 28.8 cents.
Crude-oil futures fell Friday after U.S. jobs growth and factory orders data came in below expectations. September crude oil dropped 95 cents to $106.94 a barrel, September gasoline fell 3.37 cents to $2.99 a gallon, and September distillates fell 2.52 cents to $3.07 a gallon.
Natural-gas futures fell to a fresh five-month low Friday, as mild-weather forecasts and an above-average increase in gas stockpiles depressed expectations of future fuel demand. September Natural gas fell 4 cents to $3.34.
On Wall Street, Slower-than-expected U.S. jobs growth pushed Treasury yields and the dollar lower while stocks turned upward in late trading on Friday as investors grew cautious on the outlook for U.S. economic growth and Federal Reserve plans for trimming stimulus. The Dow finished the week up 30 at 15,658, the Nasdaq closed at 3,689, up 13 and the S&P 500 gained 2 to close at 1,709.