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Market Recap: Soybean Futures Gain on Recovery from Last Week’s Steep Declines

U.S. lean-hog futures finished mostly lower, as traders balanced signs of improved pork demand with weakness in pork exports. April futures added 2 to 80.72, June hog futures fell 7 to 89.85
U.S. live-cattle futures finished mixed Tuesday as traders awaited clearer demand signals from the cash market. April live-cattle gained 45 to $126, June futures dropped 32 to $121.

April feeder-cattle futures were pressured by higher futures for corn, a key feed grain. April feeder-cattle futures lost 12 to $142.

At the 3 livestock auctions held Monday at Canton, Turnersburg and Siler City a total of 2843 cattle and 14 goats were sold. Slaughter cows trended steady to $3.00 lower, feeder steers trended mostly $1.00 to $6.00 lower, and heifers trended mixed when compared to last week’s sales. Average dressing slaughter cows brought $70.00 to $86.50. Average dressing slaughter bulls, 1000 lbs. & up, sold at $90.00 to $100.00 with high dressing up to $106.00.

U.S. corn futures rose Tuesday on positioning ahead of a government crop report and strong prices for spot corn on cash markets. Wheat futures fell on improved crop conditions in the Plains after recent rain and snowfall, and on uncertainty about precisely how much wheat China has bought from the U.S. recently. Soybeans rose on positioning ahead of the USDA report and a continued recovery after price declines last week.

May corn gained 10 3/4 to $6.44, May wheat in Chicago fell 3 3/4 to $7.08 ¾, May wheat in KC rose 1 1/2 to $7.46, and May soybean rose 17 1/2 to $13.95.

No. 2 yellow shelled corn trended 11 to 16 cents higher when compared to last report. Prices ranged $6.89-$7.29 at feed mills and $6.64-$7.24 at elevators. No. 1 yellow soybeans trended 17 cents higher and were $14.35 at processors, and $13.56-$13.96 at elevators. No. 2 red winter wheat trended steady and was $6.12 at the elevators. Soybean meal, f.o.b. at processing plants, was $434.80 per ton for 48% protein.

N.C. EGGS: The market is steady on small and medium, lower on the balance. Supplies are heavy for extra large and large, moderate on the balance. Retail demand is light. Weighted average prices for small lot sales of grade A eggs delivered to nearby retail outlets: Extra Large 131.86, Large 124.71, Medium 100.86, and Small 78.00.

Cotton futures wobbled around even Tuesday after touching fresh five-week intraday lows as the U.S. Department of Agriculture's monthly supply and demand report looms. May cotton fell 38 to $85.00, and December new crop fell 2 to 85.79.
Gold and silver prices settled at their highest level in more than a week as a stronger euro bolstered investment appetite for alternatives to paper money.

June Gold rose $14.20 to $1,586.70, May Silver rallied 74.3 cents to $27.88
U.S. crude-oil prices rebounded from early losses Tuesday to finish higher, as gains in equities markets provided an optimistic outlook on the broader economy.

May crude-oil gained 84 cents to $94.20 a barrel, May gasoline gained 3.31 cents to $2.94 a gallon, and May distillates gained a fraction to $2.96 a gallon.

Natural gas futures finished lower for a second straight session Tuesday, as forecasts for mild temperatures across the East Coast dashed hopes for a sustained rally. May Natural gas fell 6.5 cents to $4.01.

On Wall Street, stocks advanced on Tuesday, with the Dow closing at a record high on a rally in cyclical shares and as earnings season started to heat up. The Dow gained almost 60 to close at 14,673, the Nasdaq closed at 3,237, up 15, and the S&P 500 gained 5 ½ to 1,568. 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.