[Weds]: The slaughter this past week was a whopping 670,000 head, according to Ag Center’s cattle report. “This is not only a high for the year but is a pace that can easily and quickly work off excessive fed supplies in the feedlots - if there are any. Nothing pushes cattle to market like expectations of lower prices next week… [Tues]: Choice down $3.13… Select down $2.15… In negotiated cash sales in Nebraska, the USDA reported live sales of 414 head at $122, with dressed sales of 1,305 head at $195.26. In Iowa, live sales of 122 head were reported at $122. Dressed sales of 1,850 head sold for $194.93… Beef values were higher this morning, but Stewart-Peterson reports most of today’s buying action appears to be technical in nature. A drier forecast may also be positive for beef demand as Americans eagerly away the start of grilling season… 

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Wed 5/8/2019 9:00 AM

 

Cattle - Dressed beef values were lower with choice down 3.13 and select down 2.15, according to Allendale. The CME feeder index is 136.67.

 

The slaughter this past week was a whopping 670,000 head, according to Ag Center’s cattle report. “This is not only a high for the year but is a pace that can easily and quickly work off excessive fed supplies in the feedlots - if there are any. Nothing pushes cattle to market like expectations of lower prices next week.

 

Cattle, hog futures edge upward

 

Live cattle futures close higher for the first time in 12 sessions in the nearby contracts, with June the exception, Brugler Marketing & Management reported. Lean Hog futures were 62.5 cents to $2.625 higher in most contracts on Tuesday, with June and July 50-55 cents lower.

 

“I wouldn’t say we’re out of the woods by any means, but a little bit of a rebound yesterday,” said Joe Vaclavik of Standard Grain. Boxed beef values were down sharply yesterday, he added.

 

Tue 5/7/2019 4:47 PM

 

Choice down $3.13to $223.87/cwt.

Select down $2.15 to $211.83/cwt.

 

In negotiated cash sales in Nebraska, the USDA reported live sales of 414 head at $122, with dressed sales of 1,305 head at $195.26. In Iowa, live sales of 122 head were reported at $122. Dressed sales of 1,850 head sold for $194.93.

 

Boxed beef cutout values were down nearly a dollar at mid-session today, according to The Hightower Report.

 

“Ideas that the beef market might see some seasonal strength, plus talk of the oversold condition, helped to support” neutral prices Tuesday, The Hightower Report said.

 

June live cattle were up slightly at midday, according to Stewart-Peterson, with bigger increases seen in the August and October contracts. May feeder cattle prices were up $1.47, with September feeders up $1.62 to $147.17. Today’s trading ranges were well inside yesterday’s, and Stewart-Peterson says it is too early to call a low for the move.

 

Downs and ups for hogs

 

Concerns over a trade deal with China pushed hog prices sharply lower early today before rebounding later in the session. The Hightower Report says despite the early pressure, closing prices were nearly 310 points higher from the lows. The market reached its lowest level since March 18.

 

Beef values were higher this morning, but Stewart-Peterson reports most of today’s buying action appears to be technical in nature. A drier forecast may also be positive for beef demand as Americans eagerly away the start of grilling season.

 

Corn, soybeans grapple with China trade uncertainty

 

Despite increasing pessimism over a U.S.-China trade deal, soybean prices inched higher today. ADM Ag Market View says there are also concerns about the USDA’s 2019-20 world soybean ending stocks. The trade estimates U.S. carryover stocks to be near 910 million bushels vs. 895 in the previous year.

 

Slow corn planting progress was reported this morning, with just 23% of the crop planted as of Sunday. Barchart says that’s an increase of just 8 % from last week, 13% behind a year ago. Wet weather remains in the forecast.

 

Corn

 

Corn prices closed up today despite less than positive news regarding trade talks with China. The U.S. could increase tariffs on Chinese goods to 25% Friday, up from 10%. The Hightower Report says the commodity market held together for the most part, despite a steep dip in the Dow.

 

December corn prices traded as high as $3.84 today, according to Stewart-Peterson. The next point of resistance will be the 20-day moving average of $3.84¾. Funds sold an estimated 23,000 contracts of corn Monday and are thought to be short 305,000.

 

Soybeans

 

Planting progress remains slow, reports Barchart. Six percent of soybean acres were planted as of Sunday, with no progress in Minnesota and South Dakota. This compares to 14% a year ago. Nebraska is ahead of normal at 14%.

 

Stewart-Peterson futures found some short-covering bounce today after moving deeper into oversold territory yesterday. July beans were up to nearly $8.35 early this afternoon, with new crop November beans at around $8.56 after trading as high as $8.58.

 

Wheat

 

Wheat futures were higher. The USDA estimates the winter wheat crop at 64 % good to excellent, up from 34 % a year ago. ADM Ag Market View reports a forecast of cool weather and below-average rainfall could boost planting progress.

 

Top-producing wheat states continue to make slow progress, according to The Hightower Report. North Dakota has 13% of the crop in, compared to the 5-year average of 37%. Minnesota has 7% of the crop planted, with Montana at 32% and South Dakota at 19%.

 

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