[Tues]: Things are looking up for cattle. Cash cattle traded at $124 last week ($2 higher than the previous week). Cash cattle traded at $119 in the first week of December. Dressed sales last week ran between $198 and $199 ($5 higher than last week, $188 first week in December), Allendale said… [Mon]: Boxed beef cutout values this afternoon were higher… Choice rose $1.16… Select went up $1.41… In negotiated cash sales in Nebraska, the USDA reported 138 head sold dressed at $199, with no live sales. There were no reported sales in Iowa/Minnesota… The cattle market was sharply higher today, hitting its highest points since December 16, The Hightower Report said. With strength in the cash market last week, the market has ideas that the basis is more in line with normal basis levels which helps boost speculative buying, they noted…

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Tue 1/7/2020 9:00 AM

 

Cattle - April cattle closed sharply higher Monday and the buying pushed the market up to the highest level since December 16, The Hightower Report said. “Ideas that after the strength in the cash market last week, the cash basis is more in line with normal basis levels help to boos speculative buying,” The Hightower Report said.

 

Things are looking up for cattle. Cash cattle traded at $124 last week ($2 higher than the previous week). Cash cattle traded at $119 in the first week of December. Dressed sales last week ran between $198 and $199 ($5 higher than last week, $188 first week in December), Allendale said.

 

Cattle market strong

 

The cattle market rallied sharply yesterday; a very strong performance continues in the cattle market, said Joe Vaclavik of Standard Grain. “It’s been a long time since we’ve seen any setback there.”

 

Also, if China does need to import 3 million metric tons of pork in 2020 (many analysts think the total could be 4 million), this could mean 250,000 metric tons per month, said The Hightower Report. “If this is the case, the market will have to get used to report imports in the months ahead.”

 

Mon 1/6/2020 4:50 PM

 

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

 

Choice rose $1.16 to $209.65/cwt.

Select went up $1.41 to $206.80.

 

In negotiated cash sales in Nebraska, the USDA reported 138 head sold dressed at $199, with no live sales. There were no reported sales in Iowa/Minnesota.

 

The cattle market saw a drive higher due to a “resilient” cash market and replenishing some of the losses seen on Friday, Oliver Sloup of Blue Line Futures said. “Cash market is going to be a big one,” he said, as funds stand long around 85,000 contracts.

 

Buying today has been impressive “considering the negative technical finish to last week,” Stewart-Peterson said. “Cattle weights have held steady against the normal seasonal trend for weights to decline, which is bearish,” they said.

 

Cattle rebound with big day

 

The cattle market was sharply higher today, hitting its highest points since December 16, The Hightower Report said. With strength in the cash market last week, the market has ideas that the basis is more in line with normal basis levels which helps boost speculative buying, they noted.

 

Hogs caught late buying to help support the market as traders found bargains when the early low hit $74.04, The Hightower Report said. “The market seems to have the supply and demand fundamentals to trade higher into late this month.”

 

Markets mixed to open week

 

Grains are starting to trade “with a mixed bag” Oliver Sloup of Blue Line Futures said. Much of the volatility from Iran news Friday carried over to today’s trade, he said, as there’s a possibility it could throw a wrench into a deal with China.

 

Markets are awaiting the upcoming final production numbers from Friday’s USDA report, Ami L. Heesch of CHS Hedging said.

 

Corn

 

Oliver Sloup of Blue Line Futures said he is “more optimistic” on the corn market, but Friday’s failure was a technical breakdown. He said the market has been dripping below the support level of $3.85, and closing below there might push things to around $3.77.

 

Wheat weakness hurt the corn market today as there is no new news, Ami L. Heesch of CHS Hedging said. “The Middle East situation has investors taking a bit of risk out of their portfolios,” she said.

 

Soybeans

 

Prices rose today as there is new hopes of Chinese buying of U.S. soybeans after next week, Ami L. Heesch of CHS Hedging said.

 

A rally at the midsession in the market held above Friday’s low, which made for an inside trading session, ADM Investor Services said. “Meal was also able to benefit from carryover strength in soybean, and overcome news that Argentina will suspend their export tax increase.”

 

Wheat

 

Wheat prices dealt with profit-taking and technical selling today, Ami L. Heesch said. “There was a fair amount of wheat sold by the farmer last week as they were taking care of year-end business needs,” she said.

 

“Kansas City wheat was able to hold its ground in positive territory as it finished with a modest gain, while Minneapolis wheat fell back in the final half-hour to close with a modest loss,” ADM Investor Services said. “There were forecasts for heavy snow over Chinese and Mongolian wheat-growing regions that provided the market with early support.”

 

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