Ready Hog Supplies Push Futures Lower
The cattle market extended gains for a fourth straight session, climbing to the highest levels in nearly one month as supplies look to expand this fall less than previously feared.
August live-cattle futures rose 7 to $113, Cattle futures for October picked up 47 to $113, Feeder-cattle futures for August slipped 17 to $142.
The hog market ended sharply lower, as supplies of market-ready hogs swell.
Hog futures for August slid 292 to 71.67, the lowest close for a front-month contract in more than three months, October hog futures dropped 2.57 to 61.05
Soybean futures extended gains Wednesday as Midwest weather forecasts turned warmer and drier and evidence of continued export demand buoyed the market.
Meanwhile, corn rose while wheat slipped.
Soybeans rose further off a more than three-month low notched on Monday amid calls for heat to return to the Farm Belt next week and again in mid-August. The corn market also benefited from hopes of a prolonged uptick in export demand as tight grain supplies in South America. Wheat closed slightly lower due to ample domestic grain inventories and weakness in the European wheat market.
August Soybeans gained 17 to $10.10, September corn advanced 3 1/4 to $3.35, September Chicago wheat slipped 1/4 to $4.14, and September KC wheat gained ½ to $4.12.
Near month Cotton futures gained on Wednesday with the October contract closing at 73.83, up 20, and out months all fell, with December new crop falling 65 to 73.30.
Gold traded higher Wednesday after the Federal Reserve left interest rates unchanged but hinted at the possibility of an increase in the coming months. August gold gained $16.80 to $1,337.60, and August silver closed at $20.39, up 74 cents.
Crude-oil prices fell to three-month lows as supplies keep building in storage, inflaming fears that an oversupply of gasoline and other fuels is a sign that a two-year glut isn’t receding as quickly as many had hoped. September crude fell 82 cents to $42.10, August gasoline fell 2 cents to $1.33 a gallon, and August diesel fell 3 cents to $1.30.
Natural gas prices settled lower for a third straight session Wednesday as traders reacted to mixed signals from forecasts for hot weather and a stock surplus. August Natural gas fell 4 cents to $2.67.
Stocks on Wall Street ended lower on Wednesday after the Federal Reserve left interest rates unchanged but opened the door to a possible rate increase later this year. The Dow fell 1 to 18,427, the Nasdaq closed at 5,139, up 29 and the S&P 500 dropped 2 to 2,166.