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Market Recap: Soybeans Continue to Rise

U.S. lean hog futures ended mixed, with modest losses in October and December while the distant-traded contracts closed higher. October lean hogs closed down 20 at 72.37, December 2, or nearly flat, at 70.57.

U.S. cattle futures closed lower on cautious views of likely beef demand following the Labor Day holiday and expectations of soft buying interest among packers for cattle next week. Feeder cattle futures also settled weaker on spill-over pressure from losses in live cattle, along with light profit taking ahead of the weekend after a sharp rebound in prices Thursday to one-week highs in most contracts. August Live cattle futures ended down 45 at $119, August feeders fell 77 to $140.

At the livestock auctions held Thursday at Smithfield a total of 350 cattle and 0 goats were sold. Slaughter cows trended $0.50 to $1.50 lower and feeder calves were mixed when compared to last week’s sales.

NORTH CAROLINA EGGS The market is steady on all sizes. Supplies are heavy. Retail demand is light.

While US corn and wheat futures succumbed to profit-taking Friday, soybeans continued to garner support from a lack of demand rationing occurring at record prices. November soy finished up 19 1/4 at $17.34, December corn fell 6 1/4 tot $8.08, December wheat in Chicago was off 6 1/4 at $8.88, and December wheat in KC fell 6 ¼ to $9.01.

No. 2 yellow shelled corn trended 6 to 8 cents lower when compared to last report. Prices ranged $7.89-$8.76 at feed mills and $7.93-8.44 at elevators. No. 1 yellow soybeans trended 16 cents higher and were $17.91 at processors, and $16.86-$17.88 at elevators. No. 2 red winter wheat trended 6 cents lower. Prices were $7.74-$8.03 at the elevators. Soybean meal, f.o.b. at processing plants was $593.40 per ton for 48% protein.

New York cotton dropped sharply in lighter-than-average volume, but managed to hold on to some of the week's gains. China's poor manufacturing data this week was bad news for prices of the fiber, of which China is the world's top consumer and importer, but increased imports for textile companies helped counter that. December cotton fell 159 to 75.21, and near month October lost 145 to end the week at 74.45.

Gold prices ended flat Friday as concerns about Greece's debt problems were offset by hopes that the Federal Reserve may disclose new accommodative measures next month. December gold rose 10 cents to $1,672.90, December silver gained 3 to 30.57.

U.S. benchmark crude oil futures settled slightly weaker Friday, capping turbulent trading with a wary outlook on whether a brewing storm will pose a threat to key U.S. Gulf Coast oil production and refining operations. October crude futures settled down 12 cents at $96.15 a barrel, September gasoline fell 3.78 cents a gallon, to $3.07, and September distillates fell 2.29 cents to $3.11 a gallon.

Natural gas futures tumbled Friday as high supplies and waning fears about Tropical Storm Isaac sent prices to a nearly two-month low. September Natural gas fell 10 cents to $2.70

On Wall Street, stocks gained on Friday on news the European Central Bank is considering setting targets in a new bond-buying program that could help contain euro-zone borrowing costs and on hopes of more stimulus from the Federal Reserve. The Dow gained 100 to close at 13,157, the Nasdaq closed at 3,069, up 16 and the S&P 500 gained 9 to close at 1,411. 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.