U.S. lean-hog futures closed lower Tuesday, amid concern that domestic pork demand may be starting to taper off as the winter holidays approach. December lean hogs slid 55 to 78.12, February hogs dropped 52 to 84.65.
U.S. live-cattle futures finished lower Tuesday, held back by weakness in outside markets. Feeder cattle also declined. October Live cattle shed 4 to t $126, December live cattle fell 42 to $126, and October feeders fell 25 to $145.
At the 3 livestock auctions held Monday at Turnersburg, Canton, and Siler City a total of 1933 cattle and 46 goats were sold. Slaughter cows trended $1.00 to $5.00 higher, feeder steers and heifers trended mixed when compared to last week’s sales. Average dressing slaughter cows brought $70.00 to $84.50.
The N.C. egg 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 134.03, Large 133.25, Medium 115.90 and Small 96.00.
U.S. soybean futures ended higher Tuesday, recovering from early losses, as strong underlying demand for the crop offset pressure from slumping outside markets. Grain and oilseed futures were buffeted by a broader move away from risk across markets ranging from equities to precious metals. Wheat futures finished lower Tuesday, unable to escape the widespread weakness in world stock markets and in many commodities. Wheat had traded higher for four straight days. Corn futures dipped as well, struggling to find price support in the face of outside pressure and slumping export demand.
November soybeans gained 6 3/4 to $15.53, December wheat in Chicago ended down 9 1/2 to $8.68, December wheat in KC dropped 7 3/4 to $9.07, and December corn fell 5 1/4 to 7.56.
No. 2 yellow shelled corn trended 5 cents lower when compared to last report. Prices ranged $7.46-$8.31 at feed mills and $7.41-7.81 at elevators. No. 1 yellow soybeans trended 7 cents higher and were $15.73 at processors, and $14.88-$15.23 at elevators. No. 2 red winter wheat had no trend available. Soybean meal, f.o.b. at processing plants, was $526.20 per ton for 48% protein.
Cotton futures shed a good chunk of their gains from last week's rally as concerns about near-term supply tightness were reduced. A stronger US dollar, weaker equities and global glut of the fiber added fuel to the tumble. December cotton fell 67 to 76.26, and the March contract fell 199 to 73.39.
Industrially focused precious metals retreated Tuesday as concern about global economic growth hit the demand prospects for platinum, palladium and silver. December Silver fell 50 cents to $31.79, December gold fell $16.90 to $1,709.40.
Crude futures on the New York Mercantile Exchange fell by 2.2% Tuesday, closing at the lowest level since mid-July against a backdrop of weak earnings results and growing concerns about the economy. December crude settled at $86.67 a barrel, down $1.98, November gasoline settled at $2.605 a gallon, down 4.25 cents, and November distillates fell 3.33 to $3.043 a gallon.
Natural gas futures rose Tuesday, bouncing back from a drop in the previous session as weather forecasts predicted colder-than-normal U.S. temperatures heading into November.
The forecasts, which said the eastern half of the U.S. will see temperatures decline over the next few weeks, suggest rising demand ahead as homes and businesses crank up gas-fired heating. November Natural gas gained 8.3 cents to $3.53.
On Wall Street stocks took a beating Tuesday, driving the Dow industrials to the lowest since June 21, as weak results from index members DuPont and United Technologies showed profit growth is slowing. The Dow fell 243 to close at 13,102, the Nasdaq closed at 2,990, down 26, and the S&P 500 fell 20 to close at 1,423.