Market Recap: Wheat Futures Fall on Moisture in the Plains

U.S. lean-hog futures finished higher Monday, supported by market sentiment that the market may have hit a floor in prices, amid higher prices in the cash hog market. April lean-hogs gained 42 to 78.47, the June contract jumped 105 to 90.77.

U.S. live-cattle futures finished narrowly higher early in the session Monday, as gains on the smaller supply view of cattle were offset by extended concerns about demand. Live-cattle futures for April added 25 to $126, June futures picked up 3 to $121.
At the livestock auction held Friday in Siler City a total of 1,172 cattle and 124 goats were sold. Slaughter cows trended mostly steady to 4.00 lower; bulls were 3.50 to 4.00 lower. M&L 1-2 feeder steers, 400-600 lbs., trended mostly 10.00 to 24.00 lower; heifers were 5.00 to 16.00 lower. Average dressing slaughter cows brought $68-$83, with high dressing up to $92.50. Average dressing slaughter bulls, 1000 lbs. & up, sold from $91-$99.50, with high dressing ranging $101-$102.50.

U.S. corn futures stayed higher Monday, boosted by expectations for a government report this week to reflect tight supplies and concerns about a slow start to spring planting activity. Wheat futures mostly fell Monday on wet weather benefiting wheat crops in the Plains. Soybeans were mixed, with nearby futures down on profit-taking ahead of the USDA reports.
May corn futures gained 7 to $7.33, May wheat in Chicago fell 2 1/2 to $7.27, May wheat in KC fell 2 ½ to $7.59, and May soybean futures fell 3 1/4 to $14.37.

Benchmark cotton futures slipped on Monday on expectations that U.S. farmers will sow more cotton than expected earlier this season. May cotton fell 106 to 86.23, and December new crop fell 120 to 85.35.

Gold futures settled above $1,600 Monday, locking in a small decline, as weaker equity markets helped pare earlier losses by stoking interest in haven assets. April gold fell $1.60 to $1,604.50, and May silver closed at $28.81, up 11.7 cents.

U.S. crude-oil futures rose Monday as investors continued to wager domestic oil prices will increase compared to oil traded overseas. May crude gained $1.10 to $94.81 a barrel, April gasoline RBOB gained a fraction to $3.06 a gallon, and April distillates fell a fraction to $2.87 a gallon.

Natural gas futures ended a turbulent session lower Monday, after rising to within striking distance of the key $4 threshold before shedding all its gains. April Natural gas fell 6.2 cents to $3.86.

On Wall Street, U.S. stocks fell on Monday but pulled off their session lows by late afternoon after the president of the Eurogroup tried to clarify his comments on the Cyprus bailout. The Dow fell 64 to 14,447, the Nasdaq closed at 3,235, down 9 and the S&P 500 lost 5 to close at 1,551. 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.