Weekly USA commodities&pork prices for pig producers.
• US live cattle futures were mixed, feeder cattle futures were mostly higher and lean hog futures were higher Monday.
• Corn and soy complex futures were lower, while wheat futures were mixed.
• The value of the US dollar against the euro was lower.
• Crude oil futures were lower.
• New York gold futures were higher.
• US stock indexes were sharply higher.
• European stock indexes were sharply higher.
• Asian stock indexes closed mostly higher Monday.
Steady demand for pork and strong cash hog prices supported lean hog futures. October lean hog futures advanced .500c, closing at 90.700c a lb.
The cutout value for a pork carcass weighing 205 lbs. jumped 1.18c Friday to close at 96.82c a lb. Primal cutout values were sharply higher for loins, picnics and bellies. Cutout values were sharply lower for ribs and hams and lower for butts.
Corn, wheat and soy complex futures declined Friday on follow-through selling from Thursday’s USDA forecast of a record-large 2013 U.S. corn crop and record-high 2013-14 global wheat production. Corn futures touched new three-year lows and were down 40 percent from 2012 record highs.
Chicago December wheat fell 11½c, closing at $6.41½ a bushel, Kansas City December dropped 9¾c, closing at $6.92 a bushel, and Minneapolis December lost 9c, closing at $7.05¾ a bushel. December corn futures fell 7¼c, closing at $4.59 a bushel. November soybeans lost 14½c, closing at $13.81½ a bushel. October soybean meal fell $4.60, closing at $444.60 a ton. October soybean oil dropped 0.44c, closing at 42.34c a lb.
Major US stock indexes were higher Friday with the Dow up 3 percent for the week and posting the largest weekly gain in nine months. The market shrugged of disappointing retail sales data and focused on the overall economy and next week’s Federal Reserve meeting. The Dow Jones Industrial Average rose more than 75 points, closing at 15,376.06. The Standard & Poor’s 500 Index rose about 5 points, closing at 1,687.99. The Nasdaq Composite Index gained more than 6 points, closing at 3,722.18.
The value of the US dollar against the euro was lower Friday.
Crude oil futures declined Friday as talks with Syria progressed. The October contract lost 39c, closing at $108.21 a barrel.
Gold futures fell to five-week lows Friday as traders anticipated the Federal Reserve will begin to reduce the economic stimulus at its meeting next week. The October contract fell $21.90, closing at $1,308.40 an oz.