[Tues]: Cattle markets put in mixed to mostly higher closes today with harsh weather on tap for later this week in cattle country, Stewart-Peterson reported… [Mon]: Boxed beef cutout values this afternoon were firm to higher… Choice rose $1.74… Select went up 60 cents… In negotiated cash sales in Nebraska, the USDA reported 471 head sold live at $125, with no reported dressed sales. In Iowa, 253 head sold live at $126.25-129, with 39 head sold dressed at $205… While cattle traded slightly higher today, Virginia McGathey of McGathey Commodities said the lack of cash trade limited any upside…

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Tue 4/9/2019 8:39 AM

 

Cattle - Despite the increase, revenue from beef sold decreased to $1.6 billion during the first quarter compared to $1.69 billion last year, according to Allendale.

 

Cattle markets put in mixed to mostly higher closes today with harsh weather on tap for later this week in cattle country, Stewart-Peterson reported.

 

Livestock markets hold steady

 

June Lean Hogs consolidated on Monday after making a new high for the up move on Friday, said Ben DiCostanzo of Walsh Trading.

 

Brazilian beef exports grew 2.6% in the first quarter of 2019 to 405,669 million metric tons, the trade group Abiec said.

 

Despite the increase, revenue from beef sold decreased to $1.6 billion during the first quarter $1.69 billion last year, Allendale reported.

 

Mon 4/8/2019 5:18 PM

 

Boxed beef cutout values this afternoon were firm to higher on moderate to fairly good demand and moderate to heavy offerings, USDA said.

 

Choice rose $1.74 to $228.67/cwt.

Select went up 60 cents to $220.88.

 

In negotiated cash sales in Nebraska, the USDA reported 471 head sold live at $125, with no reported dressed sales. In Iowa, 253 head sold live at $126.25-129, with 39 head sold dressed at $205.

 

While the weather fears helped push cattle higher today, with June live finishing up 22 cents, The Hightower Report said the other market factors were weakness in hogs and "ideas that slaughter supply will be on the rise ahead."

 

"Despite the solid jump in beef values today, buying action was somewhat muted," Stewart-Peterson said. "Hog markets took losses today and speculative funds are still holding a near record net long position as of last Tuesday."

 

Forecast looming for traders

 

The forecast wet weather that could swing through the middle part of the country may slow movement of cattle and hogs, Ami L. Heesch of CHS Hedging said.

 

While cattle traded slightly higher today, Virginia McGathey of McGathey Commodities said the lack of cash trade limited any upside.

 

Quiet day ahead of WASDE

 

Grain markets were relatively quiet today ahead of tomorrow's WASDE report, Ami L. Heesch of CHS Hedging said. There was also no news about a U.S./China trade deal, which kept volume low.

 

Steve Freed of ADM Investor Services said that Chinese officials on Saturday indicated there were talk of draft agreements ahead. "The overall trade sentiment remains optimistic that the U.S. and China will close a trade deal in the very near future," he said.

 

Corn

 

Corn fell today as traders squared their position ahead of tomorrow's WASDE report, Ami L. Heesch of CHS Hedging said. While there is expected to be rains hitting the midwest, "the market does not seem bothered," she said, noting that the thought is farmers may only need a couple weeks of good weather to get a crop in the ground.

 

"The market has significant carry priced in and may be telling farmers to either sell the new crop or that it doesn't necessarily want your old crop at present," Stewart-Peterson said. "At least that's the way the futures are trading. Instances of strong basis improvement due to a lack of farmers' selling and end user buying is providing underlying support."

 

Corn seedings are at 2 percent through Sunday.

 

Soybeans

 

For tomorrow's WASDE report, soybeans are expected to come in near 912 mln bushels for ending stocks, with some estimates reaching into the 1 bln threshold, Steve Freed of ADM Investor Services said.

 

"Everyone is wringing their hands" over the WASDE report, Virginia McGathey of McGathey Commodites said. She said the Brazil beans are still less expensive to China, so soybean traders are looking for something positive, but that puts a lid on most opportunities.

 

Wheat

 

There was technical selling today, combined with ideas the Canadian farmers may switch some acres from canola to spring wheat, lowering prices today, Ami L. Heesch of CHS Hedging said.

 

The weather is also impacting the wehat markets, as traders will watch a storm that could dump as much as 12 inches of snow in South Dakota and Minnesota, which could cause some issues for farmers.

 

Spring wheat seedings are at 1 percent complete.

 

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