Market Recap: Grains & Oilseeds Tumble Ahead of Reports

Lean hog futures were mixed, rebounding from early losses amid expectations the market may have set a seasonal bottom. October lean hogs ended up 15 to 72.72, while December lean hogs closed down 15 to 71.42

U.S. live cattle futures rallied to six-month highs Tuesday amid fund-buying against a backdrop of tightening supplies. October live cattle closed up 135 at $127, the highest closing price for the front month since mid-March. October feeder cattle closed down 22 at $146.

At the livestock auctions held Monday at Canton, Siler City, and Turnersburg a total of 1780 cattle and 42 goats were sold. Slaughter cows trended mixed, feeder steers trended mixed, and feeder heifers were steady to $7.00 higher when compared to last week’s sales.

US. grain and soybean futures declined Tuesday, pressured by selling from investors seeking to cut their exposure to risk ahead of Wednesday's monthly crop report from federal forecasters. Wheat futures slumped in unison with corn. November soybeans dropped 17 1/4 to $17.01, December Corn fell 5 1/2 to $7.77, December wheat in Chicago fell 6 to $8.83, and December wheat in KC ended down 1/2 to $9.04

In the North Carolina egg market; t he market is steady on small, 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 137.77, Large 136.52, Medium 113.12, and Small 84.00.

No. 2 yellow shelled corn trended 5 to 6 cents lower when compared to last report. Prices ranged $7.58-$8.52 at feed mills and $7.62-8.03 at elevators. No. 1 yellow soybeans trended 17 cents lower and were $17.76 at processors, and $16.52-$17.07 at elevators. No. 2 red winter wheat trended 8 cents lower. Prices were $7.80 at the elevators. Soybean meal, f.o.b. at processing plants was $578.90 per ton for 48% protein.

Cotton futures ticked lower for a second consecutive session ahead of the USDA's monthly supply/demand report. December cotton fell 70 to 74.93, and near month October lost 70 as well to 74.28

Gold futures ticked upward in tight trading Tuesday as investors held back from making big moves ahead of coming central-bank news from the U.S. and Europe. December gold gained $3.10 to $1,734.90, and December silver closed at $33.56, down 6.7 cents
Oil prices edged higher Tuesday as traders await direction from some key macroeconomic news events expected later this week. October crude

settled at $97.17, up 63 cents, gasoline closed at $3.04 per gallon, up 2 cents, and Front-month distillates closed at $3.18, up 1.7 cents.

Natural gas futures surged Tuesday, adding to Monday's strong rally on hopes that a U.S. supply glut will continue to shrink. October Natural gas rose 17.4 cents to $2.98.

U.S. and European stocks rallied, Treasuries slipped and the dollar weakened on Tuesday on expectations a German court would not interfere with a euro zone rescue plan and that the Federal Reserve would again ease U.S. monetary conditions. The Dow gained 69 to 13,323, the Nasdaq closed at 3,104, up a fraction, and the S&P 500 gained 4 to close at 1,433. 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.