Market Summary: Hog Futures Under Pressure by Demand Woes
U.S. lean-hog futures remained under pressure Monday from persistent concerns about pork demand. April hog futures fell 82 to 80.30, Thinly traded May hogs slipped 1 to 88.40.U.S. live-cattle futures got a lift Monday from recent gains in wholesale beef prices and cash prices for cattle.
U.S. live-cattle futures got a lift Monday from recent gains in wholesale beef prices and cash prices for cattle. April Live cattle gained 4 to $130, June live-cattle futures picked up 45 to $125.
At the livestock auction held Friday in Siler City a total of 1,005 cattle and 71 goats were sold. Slaughter cows trended 50 cents to 3.00 higher; bulls were mixed, 2.00 lower to 4.50 higher. M&L 1-2 feeder steers, 400-600 lbs., trended 1.00 to 22.00 lower; heifers were mixed. Average dressing slaughter cows brought $74-$85, with high dressing up to $92. Average dressing slaughter bulls, 1000 lbs. & up, sold from $93-$104, with high dressing ranging $104-$111.50.
U.S. wheat futures slid to a fresh eight-month closing low Monday on wet weather set to benefit crops and on negative investor sentiment. Soybean futures jumped on Monday, boosted by recent strong export demand and expectations for a U.S. Department of Agriculture crop report on Friday to reduce its forecasts for world and U.S. supplies. Corn futures fell, ending a five-day streak of gains for the front-month contract, as the wet weather forecast for the Midwest improved expectations for soil conditions during spring planting.
March wheat in Chicago fell 17 1/4 to $6.96, March wheat in KC fell 19 to $7.37, March soybeans rose 25 3/4 to $14.90, and March corn fell 1 1/4 to $7.23.
U.S. 2 yellow shelled corn trended one to 21 cents lower when compared to last report. Prices ranged $7.03-$7.88 at feed mills and $7.43-$8.03 at elevators. U.S. 1 yellow soybeans trended four to 26 cents higher and were $14.92 at processors, and $14.16-$14.57 at elevators. New crop U.S. 2 soft red winter wheat was $6.05-$7.31. Soybean meal, f.o.b. at processing plants was $477.20 per ton for 48% protein.
Fruit and vegetable prices (shipping point f.o.b.): Greens: Demand moderate. Market about steady. Various containers bunched/loose Collard, Kale, Mustard, and Turnip Tops 6.50-8.00. 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.
Cotton Futures Rise to Nearly 10-Month High on Export Demand. May cotton gained 70 to 86.10, and December new crop gained 28 to 85.42.
Gold futures eked out a gain for the first time in four sessions Monday after a pair of top Federal Reserve officials underlined their support for the central bank's easy-money policies. April gold rose 10 cents to $1,572.40, and April silver closed unchanged at 28.46.
Crude-oil settled at a two-month low Monday after dipping below $90 a barrel for the first time this year on a weaker oil-demand outlook. April crude fell 56 cents to $90.12 a barrel, April gasoline dropped 3.03 cents, to $3.09 a gallon, and April distillates fell 1.1 cents to $2.91 a gallon.
Natural gas futures settled at their highest level in almost six weeks Monday, lifted by forecasts for below-normal temperatures that suggest steady demand for gas-fired heating in the coming weeks. April Natural gas gained 7.3 cents to $3.52.
On Wall Street, U.S. stocks rebounded late in the day on Monday to close higher, boosting a gauge of global equities, while crude oil prices were pressured by indicators that oil markets are amply supplied. The Dow gained 38 to close at 14,127, the Nasdaq closed at 3,182, up 12 and the S&P 500 gained 7 to 1,525.