Market Recap: Soybean Futures Soar on Argentinian Weather Woes

U.S. lean-hog futures slumped to two-month lows on the front-month contract Tuesday, pressured by sluggish pork demand and lower cash prices. April hog futures fell 120 to 83.05, May hogs fell 87 to 90.75.

U.S. live-cattle futures finished lower Tuesday, pressured by trader caution ahead of new demand insight from the cash markets. February live-cattle fell 1 at $126, Most-active April futures shed 9 to $129.

At the 3 livestock auctions held Monday at Canton, Turnersburg and Siler City a total of 1126 cattle and 31 goats were sold. Slaughter cows trended $2.00 to $11.00 higher, feeder steers trended mixed, and heifers trended mixed when compared to last week’s sales. Average dressing slaughter cows brought $70.00 to $88.00. Average dressing slaughter bulls, 1000 lbs. & up, sold at $90.00 to $101.00 with high dressing up to $104.50.

U.S. soybean futures jumped to a one-week high Tuesday, boosted by concerns about dryness in Argentina and strong demand for the oilseed. Corn and wheat futures fell, pressured by negative technical signals and spread trading, as some speculative market participants who bought soybeans also sold corn or wheat. Both grains also face weak export demand. Wheat was also pressured by greater precipitation appearing in this week's forecasts for the southern Plains.

March soybeans gained 45 3/4 to $14.70, March corn futures fell 3 1/2 to $6.95, March wheat in Chicago fell 10 to $7.32, and March wheat in KC fell 8 1/2 to $7.69.

N.C. EGGS: The market is steady on small and medium, lower on the balance. Supplies are moderate. Retail demand is moderate. Weighted average prices for small lot sales of grade A eggs delivered to nearby retail outlets: Extra Large 126.14, Large 123.04, Medium 97.86, and Small 83.00.
No. 2 yellow shelled corn trended 3 to 4 cents lower when compared to last report. Prices ranged $7.15-$7.80 at feed mills and $7.10-$7.75 at elevators. No. 1 yellow soybeans trended 46 cents higher and were $14.80 at processors, and $13.95-$14.50 at elevators. No. 2 red winter wheat had no trend available. Soybean meal, f.o.b. at processing plants, was $470.30 per ton for 48% protein.

Cotton futures advanced Tuesday morning after the end of the weeklong Lunar New Year holiday in No. 1 consumer China. March cotton gained 143 to 82.75, and the May contract gained 94 to 84.13.

Gold fell on Tuesday, as investors remained cautious toward the metal after its lackluster recent performance. Gold fell for a fourth session, hitting a six-month low. April gold fell $5.30 to $1,604.20, and April silver fell 43 cents to $29.44.

Crude-oil futures climbed Tuesday on expectations of some easing of constraints that have kept inventories at lofty levels at a key Midwest terminal. March crude oil gained 80 cents to $96.66 a barrel. March gasoline futures were off 1.33 cents, at $3.12 a gallon, and March distillates fell 2.98 to $3.18 a gallon.

Natural-gas futures rose Tuesday as traders looked forward to a late-winter cold snap in the U.S. South. March Natural gas gained 11.9 cents to $3.27.
On Wall Street Tuesday, stocks rose as this year’s ongoing surge in merger activity suggested investors were still finding value in the market even as indexes closed on all-time highs. The Dow gained 53 to 14,035, the Nasdaq closed at 3,213, up 21 and the S&P 500 gained 11 to 1,530. 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.