Market Recap: Hogs & Cattle Falter on Wholesale Prices
U.S. lean-hog futures ended narrowly higher, following a midday rise in U.S. wholesale pork prices. Thinly-traded May hog futures added 4 to 91.45, Most-active June hog futures fell 2 to 91.30
U.S. live-cattle futures settled modestly lower Tuesday amid concerns that retailers are pushing back at near-record beef prices. Feeder-cattle futures followed live-cattle prices lower. June live-cattle fell 47 to $120, August live-cattle prices shed 35 to $121, May feeders fell 152 to $136
At the 3 livestock auctions held Monday at Canton, Turnersburg and Siler City a total of 992 cattle and 15 goats were sold. Slaughter cows trended mostly steady to $2.00 lower, feeder steers trended mixed, and heifers trended mixed when compared to last week’s sales.
N.C. BROILER-FRYERS: The market is steady and the live supply is adequate to meet the moderate demand. Average weights are heavy. The estimated slaughter for Tuesday in North Carolina is 2,894,000 head compared to 2,835,000 head last Tuesday.
N.C. EGGS: The market is higher on all sizes. Supplies are moderate. Retail demand is good. Weighted average prices for small lot sales of grade A eggs delivered to nearby retail outlets: Extra Large 119.15, Large 118.85, Medium 105.08, and Small 82.00.
U.S. soybean futures rallied Tuesday, climbing amid tight short-term supplies and uncertainty about how the weather could impact farmer planting in the month ahead. Soybean and corn traders are watching weather forecasts for a clearer signal on whether corn planting, which is off to its slowest start in nearly 30 years, according to the U.S. Department of Agriculture, will start to pick up. Wheat prices gained amid a pessimistic outlook for the winter wheat crop.
July soybeans ended up 13 at $13.82, July corn settled up 3 1/2 to $6.40, July wheat in Chicago ended up 6 1/4 at $7.09 and Kansas City Board of Trade July wheat gained 1 1/4 to $7.58.
No. 2 yellow shelled corn trended mixed when compared to last report. Prices ranged $6.90-$7.30 at feed mills and $6.60-$7.15 at elevators. No. 1 yellow soybeans trended 13 to 19 cents higher and were $14.62 at processors, and $13.67-$14.63 at elevators. No. 2 red winter wheat trended 6 cents higher and was $5.59 at the elevators. Soybean meal, f.o.b. at processing plants, was $473.30 per ton for 48% protein.
Cotton futures slipped Tuesday as the world's second-biggest grower, India, was expected to produce more cotton than previously expected this season. July cotton fell 24 to 87.15, and December new crop gained 2 to 85.97.
Gold futures ended lower Tuesday as some investors were drawn away from the market by a new record in equities and a stronger dollar. June gold fell $19.20 to $1,448.80, June silver fell $1.41 to $23.78.
U.S. crude-oil futures ended lower Tuesday as investors focused on new indications that oil supplies are rising. June crude fell 54 cents to $95.62 a barrel, June gasoline gained 3.23 cents, to $2.83 a gallon, and June distillates gained a fraction to $2.92 a gallon.
Natural gas futures settled at their lowest level in a month Tuesday as traders focus on waning demand for gas-fueled heating and brace for another big increase in gas stockpiles later this week. June Natural gas dropped 9.1 cents to $3.92.
On Wall Street, the Dow finished above 15,000 for the first time on Tuesday, while the S&P 500 closed at a record high for a fourth straight day, extending the market’s rally as investors continued to move into equities after upbeat German economic data. The Dow gained 87 to 15,056, the Nasdaq closed at 3,396, up 3 and the S&P 500 gained 8 to1,625.