[Weds]: Cash hog prices are still resisting the seasonal trends, according to Allendale… [Tues]: National carcass base up 68 cents… Iowa-Minnesota carcass base up $1.24… The USDA pork carcass cutout value was lower… 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…
Farm Commodity Newsletter/Iowa Farmer Today
Wed 11/27/2019 8:28 AM
Lean Hogs - The hog market continues to consolidate sideways, trying to absorb massive short-term supply, according to The Hightower Report.
USDA estimates FI hog slaughter for Tuesday at 495,000 head, to bring the weekly total up to 986,000 just 1,000 head below last week’s record setting pace, Brugler Marketing reported.
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
In weighted average negotiated prices for barrows and gilts, USDA reported:
National carcass base up 68 cents to $42.47.
National live down 47 cents to $34.35.
Iowa-Minnesota carcass base up $1.24 to $42.49.
The USDA pork carcass cutout value was lower, with hams and belly cuts being the only primals that were higher on the morning, Brugler Marketing said.
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.