Market Recap: Grains & Oilseeds Start Week in Positive Terratory

U.S. lean-hog futures closed mixed Monday, with losses in nearby contracts spurred by the front-month's 5 1/2-cent premium to the lean-hog index, which is a two-day average of cash market prices. December hogs were unchanged at 82.47, February hogs lost 4 to 86.97.

Live-cattle futures fell Monday amid concerns that U.S. consumers will experience "sticker shock" at the meat counter after recent gains in wholesale beef prices. Feeder cattle also fell Monday. December live-cattle futures dropped 55 to $128, March feeders shed 32 to $150.

No. 2 yellow shelled corn had no trend available when compared to last report. Prices ranged $7.37-$8.21 at feed mills and $7.32-$7.77 at elevators. No. 1 yellow soybeans had no trend available and were $14.09 at processors, and $13.56-$13.95 at elevators. No. 2 red winter wheat was not quoted. Soybean meal, f.o.b. at processing plants was $486.70 per ton for 48% protein.

US soybean futures settled moderately higher Monday, boosted by technical buying and uncertainty about weather for South American crops, plus an export sale of soybean oil reported by the USDA. Corn and wheat futures settled slightly up on hopes for greater export demand. Corn also benefited from technical buying, and wheat from concerns about weather risks for crops in the US and elsewhere. January soybeans gained 6 at $14.24, December corn gained 1 3/4 at $7.47, December wheat in Chicago gained 1 1/4 at $8.49, and December wheat in KC gained 6 to $8.84

The NC egg market is steady on all sizes. Supplies are. Retail demand is good. Weighted average prices for small lot sales of Grade A eggs delivered to nearby retail outlets: Extra Large 151.57, Large 153.12, Medium 122.86 and Small 102.00.

NY cotton futures ended slightly higher after the impact of last week's strong US export sales boosted prices without headwinds from last-minute liquidation before first-notice day, which was Monday. March cotton fell 11 to 71.32, and the May contract gained $1.24, to $73.45.

Gold settled nearly unchanged on Monday, tracking the muted moves in currency markets as investors digested Friday's rally. December gold fell $1.80 to $1,749.60, and December silver closed at $34.13, up 2.1 cents.

Oil futures eased in thin trading Monday, as a truce between Israel and Hamas held up through the weekend, helping defuse fears over a broader conflict and potential supply disruptions. January crude fell 54 cents to $87.74 a barrel, December gasoline dropped 1.76 cents to $2.72 a gallon, and December distillates fell 3.06 cents to $3.04 a gallon.

Natural gas futures slumped Monday following forecasts for milder weather. December Natural gas closed at $3.73, down 17.1 cents.

Wall Street slipped on Monday, pulling back from last week's gains, as retailers fell on concerns about heavy discounts at the start of the U.S. holiday shopping season and the overhang of the "fiscal cliff" kept investors wary of making big bets. The Dow fell 42 to close at 12,967, the Nasdaq closed at 2,976, up 9 and the S&P 500 fell 2 to finish at 1,406. 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.