Market Recap: Hogs Gain on Wholesale Numbers

U.S. lean-hog futures got a boost from strong wholesale pork prices Monday, as market participants expect higher cash prices to emerge this week amid steady demand. February hog futures gained 102 to 85.22, the April contract rose 72 to 87.85.

U.S. live-cattle futures finished mixed, nearly flat with Friday's close, pressured in the front-month contract by sluggish beef demand by retailers.
February live-cattle futures fell 25 to $130, April Live cattle picked up 2 to $134.
At the livestock auction held Friday in Siler City a total of 1,164 cattle and 106 goats were sold. Slaughter cows trended steady to 2.00 lower; bulls were mixed, 1.00 lower to 1.00 higher.

U.S. soybean futures jumped to three-and-a-half-week highs Monday, amid continued strength in domestic and export demand. Grain futures rallied along with soybeans Monday, as buying continued after a government forecast on Friday projected tighter U.S. corn and wheat stockpiles later this year. The USDA estimated that corn stockpiles will fall to the lowest level in 17 years at the end of the crop year on Aug. 31.

March corn ended up 15 1/4 at $7.24, March wheat in Chicago ended up 12 1/4 at $7.67, Kansas City Board of Trade March wheat rose 16 1/2 to $8.23 and March soybeans finished up 44 3/4 at $14.18.

U.S. 2 yellow shelled corn trended 15 to 32 cents higher when compared to last report. Prices ranged $7.44-$7.94 at feed mills and $7.34-$7.84 at elevators. U.S. 1 yellow soybeans trended nine to 55 cents higher, mostly 45 to 55 cents higher, and were $14.28 at processors, and $13.13-$13.93 at elevators. New crop U.S. 2 soft red winter wheat was $6.77-$7.39. Soybean meal, f.o.b. at processing plants was $467.50 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-$15 few higher and lower, U.S. No. 1 Petite $10-$12 few higher and lower, U.S. No. 2 $7-$9 mostly $8-$9 few higher and lower, No Grade Marks jumbo $6-$8 mostly $6-$7 occasional higher and lower.

Cotton futures edged higher Monday morning on increased estimates for U.S. exports and lower U.S. production, but near months couldn’t hold on to their gains, yet new crop 2013 and beyond did end slightly higher. March cotton fell 10 to $75.52, and the May contract fell 4 to $76.36.

Gold rose on Monday in quiet trade as investors bet that upcoming remarks from the Federal Reserve chief would signal a continuation of current U.S. monetary policy. February gold rose $8.80 to $1,669.40, and March silver closed at $31.11, up 70.2 cents.

U.S. crude futures moved higher Monday, getting a boost from a weaker dollar. February crude gained 58 cents to $94.14 a barrel, February gasoline gained 1.46 cents to $2.75 a gallon, and February distillates gained 5.4 cents to $3.06 a gallon.

Natural-gas futures gained Monday as weather forecasters predicted a turn toward colder temperatures in the U.S. over the next two weeks, which investors expect will boost demand for gas-fired heating. February Natural gas gained 4.6 cents to $3.37

On Wall Street, the S&P 500 and Nasdaq ended lower on Monday as worries over demand for Apple products drove down it’s shares and as investors braced for earnings disappointments. The Dow gained 18 to 13,507, the Nasdaq closed at 3,117, down 8 and the S&P 500 fell 1 to 1,470. 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.