Market Recap: Corn & Wheat Futures Slide on Lack of Export Demand

U.S. lean-hog futures finished mixed Monday, pressured by concerns that poor profit margins for meatpackers may keep cash prices from rising in the coming weeks. February lean hogs gained 42 to 88.07, April hogs, the most actively traded contract, fell 4 to 88.35.

U.S. live-cattle futures finished little changed Monday, pressured by extended weakness in wholesale beef prices. February Live cattle fell 2 to $127, April cattle, the most actively traded contract added 1 to $132.

At the livestock auction held Friday in Siler City a total of 957 cattle and 39 goats were sold. Slaughter cows trended mostly 3.00 to 3.50 higher; bulls were not established. M&L 1-2 feeder steers, 400-600 lbs., trended 4.00 to 23.00 higher; heifers were 6.00 to 10.00 higher. Average dressing slaughter cows brought $72-$82, with high dressing up to $88. Average dressing slaughter bulls, 1000 lbs. & up, sold from $90-$98.50, with high dressing ranging $103-$106.

U.S. soybean futures prices rose to a seven-week closing high on Monday, as dry weather threatened to damage crops in Argentina, the world's third-largest soybean producer. U.S. corn and wheat futures prices fell Monday after the USDA reported less than expected of each grain was inspected for export in the week through Thursday. Tepid export demand has weighed on prices of both grains in recent months.

March Soybeans gained 14 1/2 to $14.88, March corn futures fell 1 3/4 to $7.34, March wheat in Chicago fell 2 to $7.63, and March wheat in KC fell 5 to $8.17.

U.S. 2 yellow shelled corn trended two cents lower when compared to last report. Prices ranged $7.54-$8.09 at feed mills and $7.44-$8.14 at elevators. U.S. 1 yellow soybeans trended mostly 14 to 15 cents higher and were $14.98 at processors, and $14.09-$14.74 at elevators. New crop

U.S. 2 soft red winter wheat was $6.76-$7.77. Soybean meal, f.o.b. at processing plants was $479.30 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-$7 occasional higher. Sweet Potatoes: Demand moderate. 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 lower occasional higher, No Grade Marks jumbo 6.00-8.00 mostly 6.00-7.00 few lower occasional higher.

Cotton prices on ICE Futures U.S. fell on Monday as stockpiles of the fiber increased. March Cotton fell 129 to 81.69, and the May contract dropped 89 to 82.70.

April Gold rose $5.80 to $1,676.40, erasing earlier losses as Signs of accelerating global economic growth have pressured gold prices in recent weeks. March silver closed at $31.71, down 24.2 cents.

U.S. crude oil futures slipped lower Monday, part of a slump across commodities and equities markets as investors grow skeptical that a month-long rally can continue. March crude fell $1.60 to$96.17 a barrel, March gasoline dropped 4.21 cents to $3.01 a gallon, and March fell a fraction to $3.15 a gallon.

Natural gas futures prices settled slightly higher Monday as forecasts for cold weather this week boosted expectations for a temporary rise in heating demand. March Natural gas gained 1.4 cents to $3.31.

On Wall Street, stocks slid on Monday as renewed worries about the euro zone crisis caused the market to pull back from recent gains. The Dow lost 129 to close at 13,880, the Nasdaq closed at 3,131, down almost 48 and the S&P 500 fell 17 to 1,495. is dedicated to serving the agricultural industry in the Carolinas and Virginia with the latest ag news, exclusive regional weather station readings, and key crop market information. The website is a companion of the Southern Farm Network, provider of daily agricultural radio programming to the Carolinas since 1974. presents radio programs, interviews and news relevant to crop and livestock production and research throughout the mid-Atlantic agricultural community.