Market Recap: KC Wheat Futures Jump on Feed Demand
U.S. lean-hog futures fell to the lowest closing price in four months, on a front-month basis, following a spate of weaker wholesale pork and cash hog prices. April hogs fell 105 to 79.25, June hogs shed 102 to 89.55.
U.S. live-cattle futures reversed their recent upward climb Tuesday, pressured by profit taking. April Live cattle fell 22 to $130, June live-cattle fell 57 to $124.
At the 2 livestock auctions held Monday at Turnersburg and Siler City a total of 1545 cattle and 9 goats were sold. Slaughter cows trended $3.00 to $4.00 higher, feeder steers trended $9.00 to $10.00 higher, and heifers trended $8.00 to $20.00 higher when compared to last week’s sales. Average dressing slaughter cows brought $74.00 to $89.00. Average dressing slaughter bulls, 1000 lbs. & up, sold at $90.00 to $102.00 with high dressing up to $115.00.
N.C. EGGS: The 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 129.58, Large 126.48, Medium 101.90, and Small 83.00.
U.S. grain and soybean futures closed higher Tuesday with soybeans leading the rise amid fears of tightening U.S. supplies in the face of strong export demand. Fresh export sales of U.S. soybeans raised concern about already tight U.S. inventories, factors that supported prices throughout the day.
Corn ended higher, supported by firm cash prices, while wheat futures closed higher with corn, as traders factored in the potential for rising feed wheat demand.
May soybeans finished up 4 1/2 at $14.66, while May corn gained 5 ¾ to $7.09, May wheat in Chicago jumped 3 ½ to $7.06, and May wheat in KC gained 7 to $7.45.
No. 2 yellow shelled corn trended 6 cents higher when compared to last report. Prices ranged $7.09-$7.94 at feed mills and $7.39-$8.12 at elevators. No. 1 yellow soybeans trended 4 to 6 cents higher and were $14.96 at processors, and $14.27-$14.77 at elevators. No. 2 red winter wheat had no trend available and was $6.86 at the elevators. Soybean meal, f.o.b. at processing plants, was $480.90 per ton for 48% protein.
Cotton futures advanced to a fresh near 10-month high Tuesday morning as demand for the fiber continued to be robust ahead of the U.S. Department of Agriculture's monthly supply-demand report. May cotton gained 89 to 87.15, and December new crop gained 32 to 85.74.
Gold futures edged higher on Tuesday, holding slight gains for a second consecutive session as physical buying picked up following the metal's slump to seven-month lows. April gold rose $2.50 to $1,574.90, and April silver gained 11 cents to $28.57.
Oil futures rose as uncertainty over the health of Venezuelan President Hugo Chavez brought the country, a major U.S. oil supplier, back into focus Tuesday. April crude gained 70 cents to $90.82 a barrel, April gasoline gained 4.99 cents to $3.14 a gallon, and April distillates gained 5.39 cents to $2.97 a gallon.
Natural-gas futures prices settled unchanged Tuesday as a rally on a late winter cold snap couldn't compete with concerns over high supplies. April nat gas finished at $3.52.
The Dow Jones Industrial Average surged to a record high on Tuesday, breaking through levels last seen in 2007 as equities jumped 1 percent in a broad rally. The Dow rose 126 points to 14,253, the Nasdaq gained 42 to 3,224, and the S&P 500 rose 14 to 1,539.