Market Recap: Hogs Follow Cattle Futures Lower due to Cattle on Feed Report
U.S. lean-hog futures finished lower, facing some spillover selling from the declining cattle futures.
Thinly traded May hog futures fell 27 to 87.57, Most-active June hog futures shed 75 to 89.45.
U.S. live-cattle futures finished modestly lower Monday, as traders digested a federal report released Friday that showed larger-than-expected supply of cattle in the nation's feedyards. April live-cattle futures fell 37 to $125, Most-active June futures slipped 47 to $120.
At the livestock auction held Friday in Siler City a total of 880 cattle and 113 goats were sold. Slaughter cows trended mostly 50 cents to 2.50 lower; bulls were 1.00 to 2.00 lower. Average dressing slaughter cows brought $71.50-$79.50, with high dressing up to $88. Average dressing slaughter bulls, 1000 lbs. & up, sold from $90-$98.
U.S. soybean futures slumped for the second day in a row on worries about slowing demand and easing concerns about planting delays in the U.S. Midwest. Corn and wheat futures slipped in unison with soybeans.
May soybeans fell 11 to $14.17, May wheat in Chicago ended down 6 3/4 at $7.02, Kansas City Board of Trade May wheat dropped 6 1/2 to $7.39, and May corn ended down 6 1/4 at $6.45.
U.S. 2 yellow shelled corn trended two to seven cents lower when compared to last report. Prices ranged $6.86-$7.25 at feed mills and $6.61-$7.25 at elevators. U.S. 1 yellow soybeans trended 11 to 19 cents lower and were $14.34 at processors, and $13.69-$14.17 at elevators. U.S. 2 soft red winter wheat trended seven to nine cents lower, quoting $6.03 at elevators. Soybean meal, f.o.b. at processing plants, was $460.00 per ton for 48% protein.
Fruit and vegetable prices (shipping point f.o.b.): Greens: Demand moderate. Market about steady. Some shippers experiencing a production gap. Wide range in prices. Various containers bunched/loose Kale $9-$15, Collard, Mustard, and Turnip Tops $7-$8 some $6.50. Sweet Potatoes: Demand moderate. Market about steady. 40 pound cartons Orange Types U.S. No. 1 $13-$15 few higher and lower, U.S. No. 1 Petite $10-$12 few higher and lower, U.S. No. 2 $7-$9 few higher and lower, No Grade Marks jumbo $6-$7 few higher and lower.
China, the world's biggest cotton importer and consumer, reported its imports of the fiber fell 15% in March from a year earlier. But that might not be negative as the near month May contract gained 88 to 84.36, and December new crop gained 102 to 86.19.
Gold futures on Monday continued to rebound from last week's historic selloff, locking in a gain as futures investors and buyers of gold coins and bars continued to step into the market. June gold rose $25.60 to $1,421.20, and May silver closed at $23.32, up 36.4 cents
Oil futures settled higher Monday, with Brent crude above $100 a barrel for the first time in a week, as buyers swooped in following last week's deep selloff.
May crude, which expired at the close of trading, gained 75 cents to $88.76 a barrel, May gasoline fell a fraction to $2.76 a gallon, and May distillates gained 2.18 cents to $2.80 a gallon.
Natural-gas futures fell Monday, posting the biggest price loss since mid-February, as revised weather forecasts called for above-normal temperatures in the central U.S. May natural-gas futures fell 14.1 cents, to $4.26.
On Wall Street, stocks extended gains and the Nasdaq rose Monday with shares of Microsoft boosting both the Nasdaq and the S&P. The Dow gained 19 to 14,567, the Nasdaq closed at 3,233, up 27 and the S&P 500 gained 7 to 1,562.