Market Summary: Soybeans Lone Gainer in Grains & Oilseed Futures
U.S. live-cattle futures finished higher Monday amid expectations for tighter beef supplies in the near term and possible snow storms in the Great Plains states, Feeder cattle also finished higher, amid weakness in corn futures. December live cattle rose 21 to $129, Feeder cattle for January gained 117 to $154.
U.S. lean-hog futures finished lower Monday, weighed down by weak wholesale pork prices and uncertainty about available pork supplies in early 2013. February lean hogs, the new front-month contract, shed 65 to 84.75, April hogs settled 6 lower at 89.80
At the livestock auction held Friday in Siler City a total of 1,101 cattle and 93 goats were sold. Slaughter cows trended mostly steady to 1.00 higher; bulls were mixed, 1.00 higher to 2.50 lower.
US corn futures settled lower on technical selling and concerns about weak demand. Traders sold off corn as the open-outcry session started because futures couldn't hold their small gains from earlier in the morning. Wheat followed corn lower; traders also remained worried about a slow pace of wheat exports. Soybeans ended mixed, as traders concerned about strong demand buy nearby futures and sell deferred futures. March corn dropped 6 3/4 to $7.24, March wheat in Chicago fell 6 at $8.08, March wheat in KC fell 8 to $8.56 and January soybeans gained 1/4 at $14.96.
No. 2 yellow shelled corn trended mostly six to seven cents lower when compared to last report. Prices ranged $7.14-$7.94 at feed mills and $7.19-$7.54 at elevators. No. 1 yellow soybeans trended mostly steady to three cents lower and were $14.68 at processors, and $14.16-$14.61 at elevators. No. 2 red winter wheat was not established. Soybean meal, f.o.b. at processing plants was $510.40 per ton for 48% protein.
Fruit and vegetable prices (shipping point f.o.b.): Cabbage: Demand moderate. Market about steady. 50 pound cartons Round Green Type medium $7-$7.50 occasional $8. Greens: Demand fairly good. Market about steady. Various containers bunched/loose Collard, Kale, Mustard, and Turnip Tops $6.50-$7. Sweet Potatoes: Demand moderate. Market about steady. 40 pound cartons Orange Types U.S. No. 1 $13-$15 mostly $14-$15 some $11-$12 few higher, U.S. No. 1 Petite $10-$12 few higher and lower, U.S.
No. 2 $7-$9 mostly $8-$9 few lower occasional higher, No Grade Marks jumbo $6-$8 few lower.
Oil prices edged higher Monday following news of progress in Washington on negotiations to avert the fiscal cliff. January crude closed at $87.20 per barrel, up 47 cents, Front-month gasoline finished at $2.65 a gallon, down a fraction and front month distillates settled at $2.95 a gallon, down 2.4 cents.
Natural-gas futures snapped a seven-day skid Monday, rising on forecasts of a turn to colder temperatures at Christmas in key consuming regions. January Natural-gas futures gained 4.4 cents to $3.35.
On Wall Street, the S&P 500 ended at its highest level in almost two months on Monday on rising hopes that negotiations over the "fiscal cliff" were making progress and that a deal could be reached in days. The Dow gained 100 to close at 13,235, the Nasdaq closed at 3,010, up 39 and the S&P 500 gained 16 ¾ to close at 1,430.