[Mon]: There were big gains in the cattle markets on Friday with some fresh highs, said Joe Vaclavik of Standard Grain. “The boxed beef market on Friday was down, but we’ve seen a real nice performance here,” he said… [Fri]: Boxed beef cutout values this afternoon were higher… Choice rose $1.02… Select went up $1.02… In negotiated cash sales in Nebraska, the USDA reported 8,766 head sold dressed at $178-180, with 1,414 head sold live at $113-115. In Iowa/Minnesota, 10,073 head were sold live at $111-116, and 3,847head were sold dressed at $175-180. “Weekly average steer weights were not as high as feared and a continued rally in the beef market has helped to keep buyers active as higher beef helps support higher packer margins and possibly higher cash cattle,” The Hightower Report said…

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Mon 11/4/2019 8:45 AM

 

Cattle - Last week’s cattle run was estimated at 655,0000 head according to USDA’s weekly report (650,000 estimated). This was the largest kill in six weeks, Allendale said.

 

There were big gains in the cattle markets on Friday with some fresh highs, said Joe Vaclavik of Standard Grain. “The boxed beef market on Friday was down, but we’ve seen a real nice performance here,” he said.

 

Beef supply meeting demand

 

This week's cattle slaughter volume moved higher to 655,000 head. This may satisfy some of the pent-up demand for beef, and slow or stop the rise in box prices, according to The Cattle Report.

 

Retailers are building inventory for the holiday season and employment is good and wages rising. Global meat supplies are short and many of our normal suppliers of imported beef are re-routing beef to China instead of the United States.

 

Fri 11/1/2019 4:14 PM

 

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

 

Choice rose $1.02 to $233.20/cwt.

Select went up $1.02 to $207.51.

 

In negotiated cash sales in Nebraska, the USDA reported 8,766 head sold dressed at $178-180, with 1,414 head sold live at $113-115. In Iowa/Minnesota, 10,073 head were sold live at $111-116, and 3,847head were sold dressed at $175-180.

 

“Weekly average steer weights were not as high as feared and a continued rally in the beef market has helped to keep buyers active as higher beef helps support higher packer margins and possibly higher cash cattle,” The Hightower Report said.

 

“Prices settled in overbought territory, but the fundamental support is still holding strong,” Stewart-Peterson said. “The best traded January feeder cattle contract made its highest close today since May 10, also settling within overbought territory.”

 

Cattle closes week higher as hogs enter oversold territory

 

The December live cattle contract traded up $3.45 this week, with that trend continuing today, as the contract hit its highest point since April 25.

 

Slaughter came in slightly higher for cattle this week, up 15,000 head from last week, to 655,000 head. Lean hogs came in slightly down at 2.669 mln head, a 24,000 decrease from last week.

 

Delayed harvest may get a break

 

This morning, Reuters took a look at the delayed harvest affecting farmers, combined with the low commodity prices. They detailed how grain quality is being affected, which will affect many farmers’ bottom lines.

 

With this morning’s announcement of 132,000 metric tons of soybeans sold to China, beans saw good support to end the week, while wheat also closed higher on the day. “There could have been some money flowing into the markets with the start of a new month and recent weakness across the grain markets,” Ami L. Heesch of CHS Hedging said.

 

Corn

 

Corn prices were down as traders expect harvest to restart in earnest this weekend, Ami L. Heesch of CHS Hedging said. “Trade ranges were near 5 cents in modest volume.”

 

“We are continuing to concern ourselves over the percent of mature corn at 93% vs a 5-year average of 99%,” Stewart-Peterson said. In other words, 7% of the crop is considered not mature and what that actually looks like in final yield results, as well as quality, remains a big question mark.”

 

Soybeans

 

With news that the U.S. and China may be finding a new spot to sign a trade deal and November soybean deliveries in play, combined with slow farmer selling, prices were up, Steve Freed of ADM Investor Services said.

 

“Bullish traders have to be disappointed that futures, despite this week’s higher trade, are still trading below where they were just a few weeks ago,” Stewart-Peterson said.

 

Wheat

 

“Chicago prices garnered support from a bout of short covering,” CHS Hedging’s Ami L. Heesch said. “Spring wheat bids on the west coast were said to be significantly higher this week on hopes for improving demand, amidst tight supplies of good quality protein and farmer reluctance to sell.”

 

Steve Freed of ADM Investor Services said wheat futures may be range bound “until more is known about global 2020 supply.” He said futures may have followed the rise of U.S. stock and energy prices and a lower U.S. dollar.

 

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