Market Recap: Hogs & Cattle Fall on Poor retail Demand
U.S. lean-hog futures finished mostly lower Wednesday, weakened by tepid near-term demand, which analysts attributed to the upcoming Thanksgiving holiday. December lean hogs fell 16 to 81.16, February hogs dropped 35 to 86.50.
U.S. live-cattle futures closed lower Wednesday, pressured by sluggish beef demand ahead of the Thanksgiving holiday. December live-cattle fell 37 to $125, The February contract declined 67 to $129.
At the livestock auction held Tuesday in Mount Airy a total of 728 cattle and 48 goats were sold. Slaughter cows trended 50 cents to 2.00 lower; bulls were 3.50 to 4.50 lower.
U.S. soybean futures rose Wednesday, rebounding from sharp declines earlier in the week as lower prices for the oilseed rekindled strong demand from domestic processors and foreign importers, wheat futures were mixed Wednesday, with most contracts higher on concerns about poor winter-wheat crop conditions in the Great Plains. And corn futures traded higher Wednesday, buoyed by the rebound in soybeans and underlying technical support. January soybeans gained 11 to $14.19, December corn rose 2 1/4 to $7.25, Meanwhile, December wheat in Chicago fell 2 1/4 to $8.48 as December wheat in KC added 2 to $8.89.
No. 2 yellow shelled corn trended two cents higher when compared to last report. Prices ranged $7.15-$8 at feed mills and $7.10-$7.56 at elevators. No. 1 yellow soybeans trended five to nine cents higher and were $14.17 at processors, and $13.50-$13.87 at elevators. No. 2 red winter wheat was not established. Soybean meal, f.o.b. at processing plants was $491 per ton for 48% protein.
The NC egg market is steady on 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 148.51, Large 150.06, Medium 124.86 and Small 102.
ICE cotton futures for December delivery gained 19 to $71.63 ahead of the USDA's weekly cotton sales report, which is scheduled for release on later this morning. The March contract gained 92 to 71.53.
Gold gained Wednesday, taking cues from a rise in the euro against the U.S. dollar and hopes on higher demand during a key buying period for top importer India. December delivery, rose $5.30, or 0.3%, to settle at $1,730.10, December closed up 25 cents $32.74.
Crude futures Wednesday settled somewhat higher in a low-key trading day dominated by modest swings in a tight range. December crude at $86.32 up 94 cents, Front-month gasoline closed at $2.67 per gallon, up 2.52 cents, and distillate futures settled at $2.98 a gallon, up 2.74 cents.
Natural-gas futures settled at a fresh one-year high Thursday, lifted by expectations that rising demand will cause record-high inventories to fall for the first time this season. December natural gas gained 2.1 cents to $3.76.
On Wall Street, stocks retreated on Wednesday and a small bid for safety helped safe-haven U.S. Treasuries erase some losses as investors waited for progress in approving aid for Greece and in averting potential U.S. fiscal constraint in early 2013. The Dow fell 185 to 12,570, the Nasdaq closed at 2,846, down 37, and the S&P 500 fell 19 to 1,355.