[Weds]: … “The U.S. cash market tone is improving,” The Hightower Report said, adding that the cash and product markets are prepared to trend higher in the next extended stretch of trading. “Pork prices in China are still consolidating, so there is still no urgency of imports… [Tues]: National carcass base up $1.16… Iowa-Minnesota carcass base was up 93 cents… USDA reported carcass cutout values this afternoon went down 40 cents… U.S. Secretary of Agriculture Sonny Purdue announced Tuesday an extension of the deadline to sign up for the Market Facilitation Program payments. The deadline was Jan. 15, but the partial government shutdown caused the closure of FSA offices on Dec. 28. The deadline will be extended the number of days the FSA offices were closed, once the shutdown ends…

 

Farm Commodity Newsletter/Iowa Farmer Today 

 

Wed 1/9/2019 8:43 AM

 

Lean hogs - China may be preparing to remove tariffs on U.S. pork, Allendale said, citing rumors circulating the trade world. “However, traders seem to want proof before jumping on that bandwagon,” they said.

 

“The U.S. cash market tone is improving,” The Hightower Report said, adding that the cash and product markets are prepared to trend higher in the next extended stretch of trading. “Pork prices in China are still consolidating, so there is still no urgency of imports.”

 

Tue 1/8/2019 5:13 PM

 

In weighted average negotiated prices for barrows and gilts, USDA reported;

 

National carcass base up $1.16 to $50.18

National live was unchanged, staying at $39.09

Iowa-Minnesota carcass base was up 93 cents to $50,81

 

USDA reported carcass cutout values this afternoon went down 40 cents at $70.16/cwt.

 

Strong load counts helped drive hog prices higher. Michael Headlee of CHS Hedging said, “February hogs surpassed the 200-day moving average of $62.46, with the next level of resistance at the 100-day moving average of $63.97.”

 

“The market experienced active buying and sharply higher trade early the session today led by the nearby February futures,” the Hightower Report said. “However, ideas that the short-term supply is ample limited the buying support and helped to pull futures well off of the highs.”

 

Market confident in cattle

 

Higher cattle prices Tuesday showed confidence in the market, Stewart-Peterson said. “The market is expecting beef prices to stay relatively steady this week despite the increase in marketings.”

 

President Trump will address the country on border security at 8 p.m. central time, one of the key issues in the ongoing federal government shutdown that has resulted in closed FSA offices.

 

Trade talks extended

 

Corn and soybeans were down on Tuesday, although U.S. and China trade talks are still ongoing heading into Wednesday. “The US/Chinese trade talks were extended by a day, which was seen as a positive development,” The Hightower Report said, “as well as China allowing two new strains of soybeans for import, one from Syngenta AG and another from Dow AgroSciences.”

 

U.S. Secretary of Agriculture Sonny Purdue announced Tuesday an extension of the deadline to sign up for the Market Facilitation Program payments. The deadline was Jan. 15, but the partial government shutdown caused the closure of FSA offices on Dec. 28. The deadline will be extended the number of days the FSA offices were closed, once the shutdown ends.

 

Corn

 

Corn futures ended lower on news from China. “Talk that China may be done buying US soybeans may have offered resistance,” Steve Freed from ADM Investor Services said. “US farmer selling is steady after the New Year and ethanol margins remain negative.”

 

Progress on GMOs also pointed toward good news for corn markets down the road, The Hightower Report said, calling the U.S.-China trade talks “productive.” China approved a new GMO corn variety for imports. “The new strain of corn seed is developed by Dupont Pioneer and will be permitted for import until December 2021.”

 

Soybeans

 

Soybeans were slightly lower today, breaking a streak of four consecutive higher closes to start 2019. This happened despite positive news from trade talks. “However, with yesterday’s 1 million tonnes of soybeans purchased by Chinese private buyers, putting the total near 5 million tonnes, there seemed to be a ‘sell the fact’ attitude amongst trades,” the Hightower Report said.

 

Brazil continues to have concerns about dry weather, although its growing regions are expecting scattered showers across growing regions this week. “Below average precipitation in key growing areas could affect overall production on dryness concerns,” Michael Headlee of CHS Hedging says.

 

Wheat

 

“The wheat market rose slightly on potential export demand,” Michael Headlee of CHS Hedging says.

 

“Wheat futures found support on talk US may do some of the Algeria wheat export tender,” Steve Freed of ADM Investor Services said.

 

marketwatchonline.com