Weekly USA commodities&pork prices for pig producers.
• US lean hog futures finished mostly higher. Weaker wholesale prices for pork pressured the nearby contract for lean hog futures. December lean hog futures eased .025c, closing at 88.325c a lb.
• The cutout value for a pork carcass weighing 205 lbs. gained .85c Monday to close at 94.49c a lb. Primal cutout values were sharply higher for hams and bellies. Cutout values were sharply lower for ribs and lower for loins, butts and picnics.
• Wheat futures declined, corn contracts were flat to lower and the soy complex closed mixed Monday. An expected record large corn crop and near-record or record large soybean crop continued to pressure futures prices. Wheat had mixed signals with support from a large optional-origin sale (that included some US wheat) to Saudi Arabia but pressure from disappointing weekly export inspection numbers and continued good growing conditions for winter wheat. Chicago December wheat fell 5c, closing at $6.62¾ a bushel, Kansas City December fell 4¼c, closing at $7.29¼ a bushel, and Minneapolis December fell 6¼c, closing at $7.19¼ a bushel. December corn fell 1c, closing at $4.26¼ a bushel. November soybeans fell 2c, closing at $12.64 a bushel, but all other contracts closed higher. December soybean meal rose $2, closing at $396.90 a ton. December soybean oil lost 0.34c, closing at 41.25c a lb.
• Major US stock indexes were modestly higher Monday as encouraging earnings reports offset weaker-than-expected factory orders for August and September. The Dow Jones Industrial Average gained about 24 points, closing at 15,639.12. The Standard & Poor’s 500 Index rose more than 6 points, closing at 1,767.93. The Nasdaq Composite Index gained more than 14 points, closing at 3,936.59.
• The value of the US dollar against the euro was lower Monday.
• Crude oil futures posted slight gains Monday on uncertainty about the resumption of output from Libya and as the market took a “breather” after four consecutive lower sessions. The December contract edged up 1c, closing at $94.62 a barrel.
• Gold futures rose slightly Monday on bargain buying after last week’s losses and on ideas the Federal Reserve would be slow in easing its bond buying program. The December contract rose $1.50, closing at $1,314.70 an oz.