Market recap: Soybean Futures Stumble on South American Crop Prospects
U.S. lean-hog futures closed lower Monday, slipping on storm-related pressures and already slumping demand. December Lean hogs shed 110 to 77.80, the February contract also fell, declining 12 to 83.25.
U.S. live-cattle futures ended mixed Monday, as traders weighed a tightening of cattle supplies against expectations that Hurricane Sandy could disrupt beef shipments and reduce near-term consumer demand on the Eastern seaboard. October Live cattle, a contract that expires Wednesday, fell 12 to $125, most-active December rose 2 to $125.
At the livestock auction held Friday in Siler City a total of 1,063 cattle and 112 goats were sold. Slaughter cattle trended steady to 1.00 higher. At the sale held in Turnersburg, 59 cow/calf pairs were sold. Small 1-2 795 lbs. young age cow with 395 lbs. calf $1350 per pair. Medium and Large 1-2 905-1095 lbs. young age cows with 80-430 lbs. calves $1275-$1550 per pair. Medium and Large 1-2 900-1090 lbs. middle age cows with 80-460 lbs. calves $800-$1550 per pair. Large 2-3 1150-1405 lbs. young age cows with 90-425 lbs. calves $1400-$2000 per pair. Large 2-3 1100-1545 lbs. middle age cows with 150-445 lbs. calves $1275-$1680 per pair.
U.S. soybean futures fell Monday, pressured by favorable weather for South American soy crops. Corn and wheat futures each fell in a low-volume session. Corn fell just slightly, as traders continue to weigh tight supplies of the grain against weak demand caused by current high prices. Wheat fell on profit-taking. November soybeans fell 34 to $15.27, December corn fell 3/4 to $7.37, December wheat in Chicago fell 5 3/4 to $8.58 and Kansas City Board of Trade December wheat fell 6 to $9.03.
No. 2 yellow shelled corn trended steady to one cent lower when compared to last report. Prices ranged $7.27-$8.12 at feed mills and $7.22-$7.67 at elevators. No. 1 yellow soybeans trended 33 to 34 cents lower and were $15.32 at processors, and $14.72-$14.98 at elevators. No. 2 red winter wheat was not quoted. Soybean meal, f.o.b. at processing plants was $527.50 per ton for 48% protein.
Gold futures edged lower Monday amid a stronger dollar and as many market participants stayed on the sidelines ahead of Hurricane Sandy's arrival in New York. December gold fell $3.20 to $1,708.70, and December silver closed at $31.74, down 29.1 cents
Gasoline futures soared during intraday trading on Monday as fuel output on the East Coast was scaled back sharply in response to the threat of Hurricane Sandy. Volume in the oil and oil products markets was lighter than usual, but the fact that Nymex shut down its New York trading floor–due to the threat posed by Sandy–wasn't blamed. Investors still could trade electronically.
Gasoline futures on the New York Mercantile Exchange later pared gains, closing at $2.75 a gallon, Nymex December crude-oil futures fell 74 cents to $85.54 a barrel.
Natural-gas futures rose Monday as Hurricane Sandy moved up the East Coast, threatening to hit the New York metropolitan area with a heavy rain and strong winds through this evening. November natural-gas expired at the settlement, with a gain of 7.1 cents to $3.47.