Market Recap: Livestock Edges Higher with Corn
U.S. lean-hog futures edged higher Tuesday, amid gains in corn futures and improved demand from retailers, who may be beginning to restock hams and other pork items for the weeks before the Christmas season. December lean-hogs gained 2 to 81.65, February added 27 to 87.70
U.S. live-cattle futures closed higher Tuesday, supported by expectations of tighter supplies in coming months and signs of strengthening beef demand in the near-term. December live-cattle rose 45 to $127, February Cattle climbed 37 to $130
At the 2 livestock auctions held Monday at Turnersburg and Siler City a total of 1170 cattle and 26 goats were sold. Slaughter cows trended mixed, feeder steers trended mixed and heifers trended steady to $5.00 lower when compared to last week’s sales. Average dressing slaughter cows brought $65.00 to $80.00.
N.C. EGGS: The market is higher on large and extra large, steady on the balance. 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 151.57, Large 153.12, Medium 122.86, and Small 102.00.
U.S. grain and soybeans rose Tuesday, led by technical trading and short-covering in a low-volume session. Corn futures were pulled higher by soybeans. Some traders also said corn futures benefited from a new signal that the Mississippi River isn't expected to close, despite low water levels, allowing transportation of corn to continue on the river. Wheat futures have underlying support from concerns about the hard red winter wheat crop.
January Soybeans closed up 18 to $14.12, December corn ended up 4 1/2 to $7.43, December wheat in Chicago climbed 3 1/4 to $8.45, and December wheat in KC gained 1 ½ to $8.77.
No. 2 yellow shelled corn trended 4 to 5 cents higher when compared to last report. Prices ranged $7.33-$8.22 at feed mills and $7.28-7.73 at elevators. No. 1 yellow soybeans trended 18 cents higher and were $13.97 at processors, and $13.19-$13.83 at elevators. No. 2 red winter wheat had no trend available. Soybean meal, f.o.b. at processing plants, was $484.60 per ton for 48% protein.
NY cotton futures end slightly higher as traders continue to square their books ahead of first-notice day, which is Friday. December cotton gained 23 to 72.50, and March gained 37 to 72.43.
Gold slipped on Tuesday on concern about the U.S. fiscal cliff and hopes for easing tension in the Middle East amid reports of a potential truce between Israel and Hamas. December gold fell $10.80 to $1,723.60, and December silver closed at $32.93, down 25.90 cents
Crude oil futures prices plunged after reports Israel and Palestinians were near a truce eased worries the conflict would block supplies from the region. January crude fell $2.53 a barrel to $86.75 a barrel. December gasoline dropped 4.2 cents to $2.71 a gallon, and December distillates lost 3.59 cents to $3.03 a gallon.
Natural-gas futures jumped Tuesday to a new 12-month high in anticipation of a natural-gas-storage report expected to show a decline due to cold weather. December Natural gas rose 11.3 cents to $3.83.
On Wall street, stocks ended their two-day rally on Tuesday after Federal Reserve Chairman Ben Bernanke said the central bank lacks tools to cushion the economy from the impact of the ‘fiscal cliff’. The Dow fell 7 to close at 12,788, the Nasdaq gained a fraction to close at 2,916, and the S&P 500 also gained a fraction to finish at 1,387.