Wheat Futures See Double-Digit Increase on Drought Woes
Lean hog futures rallied ahead of a government update on hog expansion that was released after the close. In the cattle market, traders said light cash trade for the June contract, which expires today, continued to be behind futures
July lean hogs rose 155 to 89.47, and the August contract gained 127 to 80.75.
June live cattle fell 5 to $120, the August contract gained 87 to $116, and August feeders gained 77 to $147.
Wheat markets rose sharply higher Thursday, driven by stressed crops in Montana and the Dakotas that point to failing spring wheat crops. Meanwhile, traders in grains and soybeans are looking ahead to today’s update from USDA on stocks and acreage.
Chicago wheat for July rose 23 to $4.80, July KC wheat gained 19 to$4.80 corn for July rose 3 to end at $3.68, and July soybeans were up 1 1/2 at $9.15
Cotton futures continue to struggle with the October contract falling 42 to 69.05, and December new crop falling 41 to 67.24.
Oil futures continued their climb for a sixth straight session Thursday as last week’s drop in U.S. production stoked hopes that the slide in prices since May is starting to take a toll on the country’s shale output. Oil prices have had their longest streak of gains since April. But oil is still in a bear market, and observers said the rally may be running out of steam.
August crude futures rose 19 cents to $44.93 a barrel, Gasoline futures rose a fraction to $1.48 a gallon, and Diesel futures rose 1.3 cents to $1.44 a gallon.
Natural gas futures fell Thursday, snapping a five session streak of gains, as traders took profits.
August Natural gas for fell 5.2 cents to $3.04.
Stocks on Wall Street fell sharply on Thursday, with the S&P 500 and Dow industrials posting their worst daily drop in about six weeks, as a recent decline in technology shares deepened and outweighed strength in bank shares. The Dow fell 167 to 21,287, the Nasdaq closed at 6,144, down 90 and the S&P 500 dropped 21 to 2,419.