U.S. lean-hog futures also rose, following a steady climb in wholesale pork prices that has signaled to some market participants the start of "grilling" demand. Thinly traded May hog futures advanced 25 to 87.82, Most active June hog futures added 12 to 89.57.
U.S. live-cattle futures settled modestly higher Tuesday on sentiment that retail beef demand is on the mend. April live-cattle futures picked up 22 to $126, Most active June futures finished flat with Monday's close at $120.
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 2,885,000
head compared to 2,852,000 head last Tuesday.
At the 3 livestock auctions held Monday at Canton, Turnersburg and Siler City a total of 1864 cattle and 18 goats were sold. Slaughter cows trended mixed, feeder steers trended mostly $2.00 to $5.00 lower, and heifers trended mixed when compared to last week’s sales.
U.S. corn futures settled lower Tuesday on expectations for delayed planting of Midwest crops to pick up as the weather turns drier. The decline in corn pulled wheat futures lower as well. Wheat also fell on a stronger dollar, which makes U.S. commodity exports more expensive for foreign buyers. Soybeans ended mixed, with nearby futures up on concerns about tight current supplies. Deferred soybean futures fell, as rain in the Midwest continues to improve soil moisture levels, which will benefit crops in the spring and summer months.
May corn futures fell 1/4 to $6.38, May wheat in Chicago fell 4 3/4 to $6.97, KCBT May wheat fell 2 1/4 to $7.37, and May soybean futures rose 2 1/2 to $14.19.
N.C. EGGS: The market is steady on small and medium, lower on the balance. Supplies and Retail demand are moderate. Weighted average prices for small lot sales of grade A eggs delivered to nearby retail outlets: Extra Large 113.02, Large 106.81, Medium 100.86, and Small 78.00.
No. 2 yellow shelled corn trended 7 to 22 cents lower when compared to last report. Prices ranged $6.79-$7.18 at feed mills and $6.54-$7.18 at elevators. No. 1 yellow soybeans trended mixed and were $14.28 at processors, and $13.44-$14.19 at elevators. No. 2 red winter wheat trended 7 cents lower and was $5.96 at the elevators. Soybean meal, f.o.b. at processing plants, was $461.70 per ton for 48% protein.
Data released Tuesday showed manufacturing activity slowing in China, the U.S. and Germany. China, the top consumer of cotton, saw its manufacturing activity decelerate in April. Thus, cotton futures fell with the July contract losing 16 to close at 85.99 and December new crop falling 78 to 85.41.
Gold futures ended lower Tuesday after data showing an April deceleration in global factory activity snuffed out a four-day winning streak. April Gold fell $12.40 to $1,408.60, and April silver fell 54 cents to $22.78.
Oil futures ended nearly flat Tuesday, as traders shrugged off weak global manufacturing data and a fake tweet that rattled investors and focused on an upswing in the stock market. June crude fell a penny to $89.18 a barrel, May gasoline gained 5.04 cents higher to $2.71 a gallon, and May distillates gained a fraction to $2.81 a gallon.
Natural-gas futures were higher Tuesday after steep losses in the previous session as investors keep watch for signs the latest gas rally is fading. May nat gas gained 3.9 cents to $4.30.
On Wall Street, stocks climbed on Tuesday in a broad rally, recovering from sharp declines sparked by a "bogus" Associated Press tweet about explosions at the White House. The Dow gained 152 to 14,719, the Nasdaq closed at 3,269, up 35, and the S&P 500 gained 16 to 1,578.