Market Recap: Wholesale Pork Prices Push Pork Lower
U.S. lean-hog futures finished mostly lower Tuesday, pressured by weakness in wholesale pork prices.
February lean hogs picked up 25 at 88.32, April hogs, the most actively traded contract, fell 65 to 87.70
U.S. live-cattle futures settled narrowly higher Tuesday, propped up by an increase in wholesale beef prices, which indicated to some market watchers that beef demand may have hit a floor last week. February Live cattle gained 52 to $127, April cattle, the most actively traded contract, added 2 to $132.
At the 3 livestock auctions held Monday at Canton, Turnersburg and Siler City a total of 1484 cattle and 27 goats were sold. Slaughter cows trended $2.00 to $8.00 higher, feeder steers trended $9.00 to $15.00 higher, and heifers trended $5.00 higher when compared to last week’s sales. Average dressing slaughter cows brought $72.00 to $88.00. Average dressing slaughter bulls, 1000 lbs. & up, sold at $85.50 to $100.00 with high dressing up to $108.50.
U.S. corn futures fell Tuesday, settling at a fresh one-week low, amid concerns that demand is slumping. U.S. wheat futures closed at a 3 1/2-week low, declining for a fourth straight day on sluggish export demand and technically based selling by speculative traders. U.S. soybean futures settled higher Tuesday, fueled by worries about Argentina crop production and concerns that U.S. stockpiles remain tight.
March corn ended down 5 1/4 to $7.29, March wheat in Chicago ended down 5 1/2 at $7.57, Kansas City Board of Trade March wheat dropped 9 3/4 to $8.07. March soybeans finished up 6 3/4 at $14.95.
N.C. EGGS: The market is lower on all sizes. Supplies are heavy. Retail demand is light. Weighted average prices for small lot sales of grade A eggs delivered to nearby retail outlets: Extra Large 157.97, Large 157.20, Medium 119.82, and Small 96.00.
No. 2 yellow shelled corn trended 5 cents lower when compared to last report. Prices ranged $7.49-$8.04 at feed mills and $7.44-$8.09 at elevators. No. 1 yellow soybeans trended 7 cents higher and were $15.05 at processors, and $14.10-$14.81 at elevators. No. 2 red winter wheat had no trend available. Soybean meal, f.o.b. at processing plants, was $483.50 per ton for 48% protein.
Cotton futures edged to a fresh one-week low Tuesday as investors continued to take profits after the market's recent rally to more than seven-month highs. Traders also rolled out of the March contract and into May as the notice and delivery period for the former approaches, accounting for some of the pressure on the market. March cotton fell 61 to 81.13, and the May contract gained 32 to 82.89.
Crude-oil futures settled higher Tuesday, while gasoline and heating oil prices were stronger on anticipation of tightening supplies. March crude oil gained 47 cents to $96.64 a barrel. March distillates settled at a 16-week high, gaining 3.73 cents to $3.19 a gallon, and front-month gasoline rose 2.59 cents to $3.03 a gallon.
Natural gas futures settled slightly higher Monday as forecasts for cold weather this week boosted expectations for a temporary rise in heating demand. March Natural gas gained 1.4 cents to$3.31.
On Wall Street, stocks climbed pushing the Dow back above 14,000 at one point yesterday after the market’s biggest sell-off since November as stronger than expected earnings brightened the profit picture. The Dow, was unable to hang on to the 14K mark, gained 99 to finish at 13,979, the Nasdaq closed at 3,171, up 40 and the S&P 500 gained 15 to 1,511.