[Weds]: Weakness in hogs and talk that the central and southern Plains are mostly dry over the next week to offset the northern U.S. snowstorm helped to spark some selling for cattle, The Hightower Report said… The National Pork Producers Council's board of directors today announced its decision to cancel World Pork Expo 2019 out of an abundance of caution as ASF continues to spread… [Tues]: Boxed beef cutout values were weak to lower… Choice down 35 cents… Select down $2.08… In negotiated cash sales in Nebraska, the USDA reported 756 head were sold live at $126. No dressed sales were reported. In Iowa, the USDA reported no sales Tuesday… The potential for a large winter storm through parts of Nebraska and South Dakota is having little impact on the cattle markets, Stewart-Peterson reported. Forecasts range from 6 to 18 inches of snow later this week. Stewart-Peterson says Kansas through Texas should remain dry, with cattle maintaining weight in the feedlot…

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Wed 4/10/2019 8:41 AM

 

Cattle - Weakness in hogs and talk that the central and southern Plains are mostly dry over the next week to offset the northern U.S. snowstorm helped to spark some selling for cattle, The Hightower Report said.

 

The storm track seems a little farther north than expected with the largest snow amounts in South Dakota with less of an issue in Nebraska than feared.

 

But the storm could bring 6-24 inches of snow and high winds, which would add more stress to cattle in northern plains, The Hightower Report said.

 

World Pork Expo canceled on ASF risk

 

China's ag minister stated that African swine fever situation is under control and that new cases of the disease are slowing, Allendale reported. The comments fueled limit down trade yesterday. However, South Africa has detected an outbreak of African swine fever, the Paris-based World Organisation for Animal Health said on Wednesday, citing the South African agriculture ministry.

 

The National Pork Producers Council's board of directors today announced its decision to cancel World Pork Expo 2019 out of an abundance of caution as ASF continues to spread, the group said in a news release. World Pork Expo is held each June at the Iowa State Fairgrounds in Des Moines.

 

Tue 4/9/2019 4:37 PM

 

Boxed beef cutout values were weak to lower on light demand and moderate offerings. Select and Choice rib and round cuts were steady to weak while chuck cuts lower. Choice loin cuts were higher while Select held steady. Beef trimmings were sharply higher on moderate to good demand and light offerings.

 

In negotiated cash sales in Nebraska, the USDA reported 756 head were sold live at $126. No dressed sales were reported. In Iowa, the USDA reported no sales Tuesday.

 

Live cattle futures were mixed Tuesday, while feeder cattle contracts were down most of the days, says Barchart. Wholesale boxed beef prices were also mixed, with Choice prices up 30 cents and Select boxed down 91 cents.

 

Cattle markets are also finding sellers from the hog markets, says Stewart-Peterson, taking triple digit losses early Tuesday. Feeder contracts have backed off recent highs, but are still near the top of price ranges.

 

Markets shrug off blizzard forecast

 

The potential for a large winter storm through parts of Nebraska and South Dakota is having little impact on the cattle markets, Stewart-Peterson reported. Forecasts range from 6 to 18 inches of snow later this week. Stewart-Peterson says Kansas through Texas should remain dry, with cattle maintaining weight in the feedlot.

 

The hog market has shifted gears from anticipation to “wait and see” when it comes to trade with China, says The Hightower Report. Traders are waiting to see actual trade numbers with China while waiting for Chinese hog prices to increase.

 

Choppy trade continues on U.S. stock, Brazil numbers

 

Corn futures appear to be in the “sell the rumor, buy the fact” pattern, according to Barchart. The USDA’s monthly report added 200 mbu to the 2018-19 ending stocks, projecting at 2.035 mbu. All this comes while the three major demand categories saw reductions in trade.

 

Soybean prices traded both sides of unchanged today after USDA’s Supply & Demand report was released. The report was considered neutral for beans, The Hightower Report says, with ending stocks coming in at 895 million bushels compared to average estimates of 912 million bushels.

 

Corn

 

July corn traded at a fresh contract low today, going as low as $3.64 per bushel before rallying slightly this afternoon. The USDA’s Supply & Demand report was considered bearish for corn, according to The Hightower Report.

 

Ending corn stocks came in at 2.035 billion bushels, up slightly from pre-report estimates. Barchart says forecasts of wet and snowy weather across some of the Midwest are also supportive to higher corn prices.

 

Soybeans

 

Soybean futures traded lower Tuesday, with nearby meal futures up 80 cents per ton, according to Barchart. USDA’s Brazil production estimate was raised by 0.5 MMT to 117 MMT on a higher average yield.

 

The Hightower Report says with the market news and slowing exports, the market “should continue to see a choppy two-sided trade while waiting for further developments.”

 

Wheat

 

Wheat futures began Tuesday under pressure from improving winter wheat production. USDA’s Supply & Demand report was considered bearish, according to The Hightower Report, with ending stocks slightly higher than expected.

 

This week’s USDA Crop Progress report indicated that just 1 percent of the spring wheat crop was planted as of April 7, below the 5 percent average, says Barchart.

 

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