Market Recap: Weather Worries Push Wheat Futures Higher
U.S. lean-hog futures extended their April rally Tuesday, carving out a fresh eight-and-a-half-month high for the spot contract. Thinly traded May hog futures rose 8 to 90.10, Most active June hog futures advanced 42 to 92.57
U.S. cattle futures reversed earlier gains midday to settle modestly lower, as technical traders remained cautious about demand for cattle in the summer months. April live-cattle futures, which expired at 1 p.m. EDT gained 7 to $128, Most active June futures declined 65 to $121
At the 3 livestock auctions held Monday at Canton, Turnersburg and Siler City a total of 894 cattle and 31 goats were sold. Slaughter cows trended mixed, feeder steers trended mostly $0.50 to $1.00 higher, and heifers trended steady to $5.00 higher when compared to last week’s sales.
U.S. wheat futures jumped to a one-month high Tuesday on worries about freeze damage to crops in the southern Great Plains and planting delays for wheat in the northern Plains. Corn futures fell on profit-taking after prices jumped on Monday. Soybean futures fell, as the unfavorable weather for corn planting fueled expectations some farmers could switch to planting soybeans instead of corn.
May wheat in Chicago rose 12 to $7.21, May wheat in KC rose 17 1/4 to $7.98, May soybean futures fell 4 to $14.67, May corn futures fell 3/4 to $6.83
N.C. BROILER-FRYERS: The market is steady and the live supply is adequate to meet the moderate demand. Average weights are heavy. The estimated slaughter for Tuesday in North Carolina is 2,904,000 head compared to 2,879,000 head last Tuesday.
N.C. EGGS: The market is higher on large, steady on the balance. Supplies are moderate. Retail demand is good. Weighted average prices for small lot sales of grade A eggs delivered to nearby retail outlets: Extra Large 113.02, Large 108.70, Medium 100.86, and Small 80.00.
No. 2 yellow shelled corn trended 1 to 10 cents lower when compared to last report. Prices ranged $7.00-$7.48 at feed mills and $6.70-$7.25 at elevators. No. 1 yellow soybeans trended 4 to 9 cents lower and were $14.79 at processors, and $13.84-$14.67 at elevators. No. 2 red winter wheat trended 14 cents higher and was $6.31 at the elevators. Soybean meal, f.o.b. at processing plants, was $483.30 per ton for 48% protein.
Cotton futures settled at their highest point in more than three weeks Tuesday, as adverse weather delays plantings of the fiber in the U.S., the world's top cotton exporter. July Cotton rose 173 to 87.47, December new crop gained 158 to 86.28.
Gold futures edged higher Tuesday as investors largely stuck to the sidelines while U.S. Federal Reserve officials began their regular policy meeting. June gold rose $4.70 to $1,472.10, and July silver closed at $24.18 up 1.9 cents.
Crude-oil futures prices settled lower Tuesday amid news of record-high unemployment in the euro zone and expectations of rising oil stockpiles in the U.S. June crude oil posted the biggest drop in two weeks to settle $1.04, lower at $93.46 a barrel, May gasoline futures expired down 2.65 cents at $2.80 a gallon, and May distillates dropped 2.72 cents to $2.87 a gallon.
Natural-gas futures fell Tuesday as government data indicated rising U.S. gas output. June Natural gas dropped 4.9 cents to $4.34.
On Wall Street, stocks rose moderately on Tuesday with the S&P 500 ending at another all-time closing high on a jump in Apple and encouraging economic data. The Dow gained 21 to 14,839, the Nasdaq closed at 3,328, up 21 and the S&P 500 gained almost 4 to 1,597.