Market Recap: Grains & Oilseeds Rebound on Expectations from Thursday’s USDA Reports

U.S. lean-hog futures extended their rally to a second day Tuesday, amid sentiment that pork demand from U.S. retailers is beginning to heat up. April lean hogs jumped 102 to 79.50, June hogs picked up 3 at 91.07.
 

U.S. live-cattle futures finished mixed, with some would-be buyers sitting on the sidelines ahead of further demand insight from the cash markets. April Live-cattle declined 5 to $125, June futures fell 32 to $121.
 

At the 3 livestock auctions held Monday at Canton, Turnersburg and Siler City a total of 1071 cattle and 16 goats were sold. Slaughter cows trended mostly steady to $3.00 higher, feeder steers trended mostly $4.00 to $8.00 lower, and heifers trended $8.00 to $13.00 lower when compared to last week’s sales. Average dressing slaughter cows brought $70.00 to $89.00. Average dressing slaughter bulls, 1000 lbs. & up, sold at $92.00 to $103.50 with high dressing up to $108.00.
 

U.S. soybean futures rose Tuesday, as traders brace for government crop reports that are expected to highlight a tight U.S. supply situation. Corn futures ended lower, pressured by traders taking profits after recent gains and light positioning ahead of Thursday's crop reports. Wheat futures rose, supported by concerns about winter wheat crop conditions in the Great Plains and solid domestic demand for feed wheat.

May soybeans finished up 10 1/2 at $14.47, May corn ended down 3 at $7.30, May wheat in Chicago ended up 4 1/4 at $7.31 and Kansas City Board of Trade May wheat rose 9 1/2 to $7.68
 

N.C. EGGS: The market is steady on small and medium, higher on the balance. Supplies are moderate. Retail demand is good. Weighted average prices for small lot sales of grade A eggs delivered to nearby retail outlets: Extra Large 161.44, Large 158.34, Medium 121.86, and Small 83.00.
 

No. 2 yellow shelled corn trended mixed when compared to last report. Prices ranged $7.55-$8.15 at feed mills and $7.50-$8.15 at elevators. No. 1 yellow soybeans trended 10 cents higher and were $14.82 at processors, and $13.87-$14.47 at elevators. No. 2 red winter wheat trended 5 cents higher and was $6.32-$7.12 at the elevators. Soybean meal, f.o.b. at processing plants, was $465.20 per ton for 48% protein.

Cotton futures rose Tuesday, following a four-session decline, after top cotton importer China said it would continue to stockpile the fiber in 2013. May cotton finished up 161 at 88.20, December new crop gained 155 to 87.80.

Gold futures prices settled below $1,600 a troy ounce Tuesday for the first time since the Cyprus crisis erupted, as worries about the euro-zone member eased and as U.S. data pointed to economic recovery. April gold fell $8.80 to $1,595.70, and May silver closed at $28.67, down 13.6 cents
 

U.S. crude-oil futures jumped Tuesday to a five-week high spurred by signs of economic improvement in the world's biggest oil-consumer. May crude oil gained $1.53 to $96.34 a barrel, April gasoline gained 4.8 cents higher at $3.11 a gallon, and April distillates gained a fraction to $2.88 a gallon.
 

Natural gas futures climbed to their highest settlement level in 18 months Tuesday, amid expectations that elevated demand could wipe out the longstanding glut in natural-gas inventories. April Natural gas, which expired Tuesday, jumped 11.1 cents to $3.97.
 

On Wall Street, stocks rose on Tuesday, pushing the S&P within striking distance of the its all-time high, as strong data on home prices and manufacturing fed optimism about the economy, although the improvements were seen as slow. The Dow gained 111 to 14,559, the Nasdaq closed at 3,252, up 17 and the S&P 500 gained 12 to 1,563.