Market Recap: Weak Pork Demand Scuttles Hog Futures
U.S. lean-hog futures settled lower Monday as persistently weak pork demand continued to hang over the market. April lean hogs fell 275 to 79.40, the May contract fell 400 to 88.80.
U.S. cattle futures climbed Monday, rebounding from sharp losses last week as traders took profits on short positions. April Live-cattle rose 275 to $126, the June contract gained 75 to $121.
At the livestock auction held Friday in Siler City a total of 1,729 cattle and 120 goats were sold. Slaughter cows trended steady to 3.00 lower; bulls were steady to 5.00 lower. Average dressing slaughter cows brought $72-$83, with high dressing up to $93. Average dressing slaughter bulls, 1000 lbs. & up, sold from $95-$103, with high dressing ranging $105-$116.
U.S. wheat futures fell Monday on profit-taking after recent gains and good prospects for U.S. wheat crops this year. Soybean futures fell, pressured by concerns about easing demand. Traders expect U.S. soybean exports to slow as buyers turn to newly harvested South American supplies instead. Corn futures rose, boosted by hopes for improved demand.
May wheat in Chicago futures fell 10 1/4 to $7.12, KCBT May wheat fell 7 1/4 to $7.44, May soybean fell 16 1/2 to $14.09, and May corn rose 3 to $7.20.
U.S. 2 yellow shelled corn trended mostly three cents higher when compared to last report. Prices ranged $7.45-$8.05 at feed mills and $7.40-$8.05 at elevators. U.S. 1 yellow soybeans trended 16 to 17 cents lower and were $14.39 at processors, and $13.62-$14.09 at elevators. U.S. 2 soft red winter wheat trended eight to 11 cents lower, quoting $6.13-$6.93 at elevators. Soybean meal, f.o.b. at processing plants, was $458.30 per ton for 48% protein.
Fruit and vegetable prices (shipping point f.o.b.): Greens: Demand moderate. Many shippers experiencing a production gap. Various containers bunched/loose Collard, Kale, Mustard, and Turnip Tops supplies insufficient and in too few hands to establish a market. Sweet Potatoes: Demand fairly good. Market about steady. 40 pound 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 mostly 8.00-9.00 few higher and lower, No Grade Marks jumbo 6.00-8.00 mostly 6.00-7.00 occasional higher and lower.
Benchmark cotton futures fell Monday as traders took profits from a recent rally as a Cypriot bailout plan hurt appetites for commodities. May cotton lost 167 to close at 90.83, and December new crop fell 12 to 88.39.
Gold settled at the highest price in almost three weeks on Monday after renewed worries about the health of Europe's financial system pushed investors into the perceived safe-haven metal. April gold rose $12 to $1,604.60, and April silver gained 21 cents to $28.85
Crude-oil futures recovered Monday from early concerns over Europe's economic outlook, with the U.S. benchmark inching up to a fresh four-week high. April crude gained 29 cents to $93.74 a barrel, April- gasoline fell 3.49 cents to $3.12 a gallon, and April distillates fell 1.23 cents to $2.92 a gallon.
Natural-gas futures extended their winning streak for a third straight session Friday, advancing to their highest level in four months on forecasts that cold temperatures will persist across most of the country in the coming weeks. April Natural gas for gained 6 cents to $3.87.
On Wall Street, stocks dropped on Monday after a plan to tax bank accounts in Cyprus to help pay for the country’s bailout stoked worries that it could threaten the stability of financial institutions in the euro zone. The Dow fell 62 to 14,452, the Nasdaq closed at 3,237, down 11 and the S&P 500 lost 8 to close at 1,552.