Market Recap: Planting Delays Push Corn Futures Higher

U.S. lean-hog futures settled mostly lower, as market participants remain uncertain how long the seasonal uptrend in pork demand will hold. May hog futures added 2 to 92, Most-active June futures fell 12 to 90.57
 

U.S. live-cattle futures rose Thursday, stemming their recent slide, after wholesale choice-grade beef prices hit record highs.
June live-cattle futures gained 35 to $120, August live-cattle prices rose 52 to $120.


At the 2 livestock auctions held Wednesday at Norwood and North Wilkesboro a total of 1079 cattle and 8 goats were sold. Slaughter cows trended mostly steady to $2.50 lower, feeder steers trended mostly $2.00 to $5.00 lower, and heifers trended mostly $4.00 to $5.00 lower when compared to the previous week. Average dressing slaughter cows brought $70.50 to $83.00. Average dressing slaughter bulls, 1000 lbs. & up, sold at $92.00 to $101.00 with high dressing up to $105.00.
 

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 Thursday in North Carolina is 2,878,000 head compared to 2,796,000 head last Thursday.

U.S. corn futures jumped Thursday, reversing from Wednesday's losses on tight supplies and fears about planting delays. Wheat futures settled higher, fueled by traders shedding bets on prices declining amid views the market was oversold and traders bracing for potentially supportive data in Friday's USDA crop-production report. Soybean futures ended higher, boosted by tight domestic stockpiles of the oilseed and traders attempting to factor in the impact of slow plantings and current weather conditions on the 2013 crop-production potential.
 

May corn gained 19 1/2 to $6.94, July wheat in Chicago ended up 17 1/2 at $7.23, Kansas City Board of Trade July wheat rose 19 to $7.79, and July soybeans finished up 18 at $14.08.

Greens: Demand is moderate. Market is about steady. Various containers, bunched/loose collard, mustard, and turnip tops 6.50-7.00 some 6.50. Kale type was 7.00-8.00, few higher.
 

Sweet potatoes: Demand is moderate. Market is about steady. 40 lb cartons Orange Types U.S. No. 1 13.00-15.00, few higher and lower. U.S. No. 1 Petite 10.00-12.00 few higher and lower. U.S. No. 2 7.00-9.00, few higher and lower. No Grade Marks jumbo 6.00-7.00, few higher and lower.
 

No. 2 yellow shelled corn trended 15 to 16 cents higher when compared to last report. Prices ranged $6.99-$7.44 at feed mills and $6.69-7.23 at elevators. No. 1 yellow soybeans trended 12 to 18 cents higher and were $14.88 at processors, and $13.94-$14.91 at elevators. No. 2 red winter wheat was 18 cents higher and was $5.74 at the elevators. Soybean meal, f.o.b. at processing plants, was $483.20 per ton for 48% protein.
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otton futures rose to end at a fresh five-week high. Market participants have expressed concern that delays in U.S. plantings of the fiber could create a tight supply situation at the beginning of the new marketing year, which starts Aug. 1. July cotton gained 17 to 87.85, and December new crop fell 7 to 86.70.
 

Gold futures extended their losses in after-market trading Thursday as the dollar surpassed the Y100 level for the first time in four years. June gold settled trade at $1,468.60, down $5.10, July silver closed at $23.87; down 1.3 cents
 

U.S. crude oil futures ended weaker but above the day's lows, while refined products futures hit one-month highs on hopes of a coming improvement in the economy of the world's biggest oil consumer. June crude fell 23 cents to $96.39 a barrel, June distillates gained 2.19 cents to $2.93 a gallon, and  June gasoline gained 3.13 cents, to $2.88 a gallon.
 

Natural-gas futures settled slightly higher Thursday, after a government report showed a weekly increase in U.S. stockpiles that met analysts' forecasts. June nat gas gained a fraction to $3.98
 

On Wall Street, stocks ended lower on Thursday, breaking a five-day string of record closing highs for the S&P as the market’s recent momentum faltered and Apple shares weighed. The Dow fell 22 to 15,082, the Nasdaq fell 4 to 3,409, and the S&P 500 fell 6 to 1,626.
 


SFNToday.com is dedicated to serving the agricultural industry in the Carolinas and Virginia with the latest ag news, exclusive regional weather station readings, and key crop market information. The website is a companion of the Southern Farm Network, provider of daily agricultural radio programming to the Carolinas since 1974. SFNToday.com presents radio programs, interviews and news relevant to crop and livestock production and research throughout the mid-Atlantic agricultural community.

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