Wheat posted the biggest weekly gain in 19 months amid concern that freezing weather damaged winter crops in the U.S., the world’s top exporter, while turmoil in Ukraine may delay shipments. Soybeans climbed, and corn dropped.
Hog futures rose to a record, joining this month’s cattle rally to an all-time high, as supply concerns mounted amid a spreading virus that kills piglets and signs emerged that Russia may lift a ban on U.S. pork imports.
Cattle and hog futures were poised to extend rallies as ranchers struggle to boost the U.S. cow herd from a 63-year low, while a virus that kills piglets spread, spurring concerns that meat supplies will ebb.
Wheat futures fell from a two-month high on speculation that export sales will ease from the U.S., the world’s top shipper. Oats dropped from a record, while soybeans rose to the highest since September.
Gold futures posted the biggest drop in almost four weeks after an increase in new-home sales in the U.S. to a five-year high bolstered optimism in the economy, crimping demand for the metal as an alternative investment.
Cattle futures rose to a record as ranchers struggle to boost the U.S. herd from a 63-year low, and hogs climbed to a 34-month high after a virus that kills piglets spread, spurring concerns that meat supplies will shrink.