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Hog Futures Pressured by Cash Trade

Hog futures were pressured by weakness in wholesale pork prices and the sharp premium in futures prices to where hogs are being sold in the cash markets. February hogs fell 11 to 85.52, April Hogs slipped 7 to 90.72.
U.S. live-cattle futures ended a three-day rally early in the session Tuesday, as a round of profit-taking followed the record highs hit by the front-month futures contract in the past several sessions. 

February live-cattle slid 3 to $136, April live cattle also fell, shedding 57 to $136. March feeder-cattle futures dropped 27 to $167.
Corn futures dropped in choppy trading on speculation that USDA will raise its production estimate for the 2013-2014 crop that was harvested in the fall. Soybeans gained while Wheat declined after earlier rising on forecasts that most U.S. winter crops escaped damage from cold weather in the southern Great Plains and the Midwest.
March Corn fell 1 3/4 to $4.26, March Chicago Wheat dropped 3 1/4 to $6.02, March KC wheat gained 1 ¼ to $6.45.   January Soybeans gained 2 3/4 to $12.99 after the USDA said Tuesday that China bought 350,000 metric tons of the oilseeds from U.S. inventories.
Cotton futures rose sharply Tuesday after China, the world's largest producer of the fiber, said it would reduce planting acreage by nearly 9% in 2014.  March Cotton rose 104 to 84.67, and the May contract gained 102 to 84.63.
 Gold futures fell on Tuesday as a stronger dollar and the upcoming release of Federal Open Market Committee meeting minutes weighed on investor appetite for the currency alternative.  February Gold fell $8.40 to $1,229.60, March silver closed at $19.78, down 31.6 cents
 Gasoline and diesel futures pushed higher Tuesday as frigid temperatures caused refinery shutdowns across the U.S., sparking concerns about refined product supplies. 

February gasoline rose for the first time in a week, climbing 3.26 cents, to $2.67 a gallon. February distillates finished up 2.05 cents at $2.95 a gallon. Meanwhile, February crude added 24 cents to $93.67 a barrel.
 Natural gas prices eased Tuesday on expectations that record-cold temperatures would recede this week, lowering demand for the heating fuel. 
February Natural gas dropped a fraction to $4.29.
 On Wall Street, stocks advanced on Tuesday, as equities rebounded after a three-day losing streak to give the S&P 500 its first positive session of 2014.  The Dow gained 105 to close at 16,530, the Nasdaq closed at 4,153, up the S&P 500 gained 11 to finish the day at 1,837.'

A native of the Texas Panhandle, Rhonda was born and raised on a cotton farm where she saw cotton farming evolve from ditch irrigation to center pivot irrigation and harvest trailers to modules. After graduating from Texas Tech University, she got her start in radio with KGNC News Talk 710 in Amarillo, Texas.