Market Recap: Near-month Hogs Continue to Gain

Lean-hog futures closed mixed as traders weighed bullish signs in wholesale markets against losses in other commodity markets, especially grains. October Hog rose 60 to 76.87, marking their 11th day of gains in the last 13 sessions, but the December contract fell 27 to 74.37.
U.S. live-cattle futures on Wednesday continued to reel from signs of sufficient cattle supplies and softening beef demand.

October live cattle closed down 47 at $122, December cattle, which fell by their three hundred point limit on Tuesday, closed down another 65, at $124.

At the livestock auction held Tuesday in Mount Airy a total of 639 cattle and 79 goats were sold. Slaughter cows trended 1.50 to 4.00 lower; bulls were steady to 2.00 higher.

U.S. corn and soybean futures closed at their lowest levels since July 3 falling Wednesday to three-month lows, buffeted by a seasonal increase in supplies and weakness in other commodity markets. Wheat futures fell in unison with corn and soybeans, drawing added pressure from a stronger U.S. dollar and concerns that export demand for U.S. wheat lags that of other major producers.

November Soybeans slipped 38 1/2 to $15.73, December Corn fell 19 to $7.24, December Wheat in Chicago dropped 17 1/4 to $8.69, and December wheat in KC fell 16 1/2 to $8.94.

No. 2 yellow shelled corn trended 19 to 20 cents lower when compared to last report. Prices ranged $7.14-$7.99 at feed mills and $7.09-$7.50 at elevators. No. 1 yellow soybeans 38 to 39 cents lower and were $16.33 at processors, and $15.23-$15.63 at elevators. No. 2 red winter wheat was not quoted. Soybean meal, f.o.b. at processing plants was $520.10 per ton for 48% protein.

Cotton futures fell to a 7-week low on the stronger dollar and weaker equities, "Citi's Sterling Smith explains that "The global economy remains stagnant at best," meaning people have little extra spending money for clothing. "With that we do see the potential for cotton to work lower," he adds. "The 65-cent area shouldn't be completely out of bounds." December cotton fell 131 lower to 71.02, and near month October dropped 129 to 69.52.

Gold fell on Wednesday, pressured by a rise in the U.S. dollar because of escalating tension in Europe's financial markets. December fell $12.80 to $1,753.60, and December silver closed at $33.94, down a fraction

U.S. gasoline futures jumped 3.8% Wednesday while crude-oil prices fell, after an explosion at a major refinery in Canada focused attention on low U.S. fuel supplies. a blast at Irving Oil's 300,000-barrel-a-day Saint John Refinery in New Brunswick, Canada early Wednesday caused something of a stir, but the refiner said damage was minimal and operations would resume later Wednesday. But the accident highlighted the increasingly tenuous gasoline-supply situation in parts of the U.S. October gasoline gained 11.4 cents to $3.08 a gallon, distillates fell a fraction to $3.10 a gallon, and November crude dropped $1.39 to $89.98 a barrel

Natural-gas futures settled at a two-week high Wednesday, as the October-delivery contract went off the board. October nat gas expired up 9.9 cents, at $3.02.

On Wall Street, stocks fell Wednesday as protests in Spain and Greece over euro zone austerity measures raised fresh concerns over Europe’s ability to get it’s debt crisis under control. The Dow fell 44 to 13,413, the Nasdaq closed at 3,093, down 24 and the S&P 500 fell 8 to 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.