[Weds]: Weather shut down some slaughter capacity in the north and it was unclear whether Saturday will make up the volumes, according to The Cattle Report… [Tues]: Boxed beef cutout values were sharply higher… Choice rose $1.40… Select was up 38 cents… A few head of cattle traded in Iowa today at $117.00, $1.00 higher than last week’s trade in Iowa, Stewart-Peterson reported…
Farm Commodity Newsletter/Iowa Farmer Today
Wed 11/27/2019 8:28 AM
Cattle - Weather shut down some slaughter capacity in the north and it was unclear whether Saturday will make up the volumes, according to The Cattle Report.
American beef is competitively priced against global beef sources and buyers prefer the quality and safety that comes with our beef, Brugler Marketing said.
Beef shows strength
Box beef prices strengthened in a period normally that features weak demand for beef. Leading factors are unusually strong export demand. American beef is competitively priced against global beef sources and buyers prefer the quality and safety that comes with our beef, The Cattle Report said.
Cash hog prices are still resisting the seasonal trends, according to Allendale.
Tue 11/26/2019 4:40 PM
Boxed beef cutout values were sharply higher on Choice and higher on light to moderate demand and offerings, USDA reported this afternoon.
Choice rose $1.40 to $231.84/cwt
Select was up 38 cents to $212.29/cwt
The USDA’s Foreign Agricultural Service published a final rule clarifying the requirements for reporting foreign sales of beef and pork under the Export Sales Reporting Program, Stewart-Peterson said. It clarifies that “muscle cuts” of beef and pork include whole carcasses, whether divided in half or further subdivided into individual primals, sub-primals or fabricated cuts, with or without bone.
Livestock markets mixed
Hog markets made closes mixed to mostly higher in another day of fairly quiet trade, Stewart-Peterson reported. Today’s close, while not overly impressive, was within the upper third of the day’s range.
A few head of cattle traded in Iowa today at $117.00, $1.00 higher than last week’s trade in Iowa, Stewart-Peterson reported.
Late harvest faces more wet weather
This week’s wet Midwest weather could slow final harvest, according to ADM Investor Services. Supply bulls hope that the USDA will drop the final crop size in January.
South Korea purchased 60,000 metric tons of optional origin corn from private firms on Monday, and Taiwan is tendering for 65,000 metric tons, Brugler Marketing reported.
The planting of the second Brazilian corn crop has been delayed. There was even some talk that before harvest Brazil may have to import a small amount of corn, ADM Investor Services reported.
The corn market is choppy overall, and within holiday trade, there have been relatively quick price movements, according to Stewart-Peterson.
Bean futures failed to find any traction as the technical picture looks weaker with today’s close as January beans have posted their lowest close since early September, Stewart-Peterson said.
The big news today is that a Brazil economic minister visiting the U.S. stated Brazil will not support the real, according to ADM Investor Services. Today, the real dropped to 4.26. This raised the Brazil soybean farm price to 44-48 reals/bag — best in five years.
Wheat futures continue to defy gravity, according to ADM Investor Services. Talk of a tight Chicago and Kansas City delivery situation offered support.
In recent weeks, winter wheat crop ratings have been sliding on a week-over-week basis, so today’s steady conditions may have helped firm the thought that the U.S. wheat crop is starting to get its footing, Stewart-Peterson said.