[Thurs]: Hog prices continue to crater on limited demand from China and massive oversupply in the U.S., according to Jody Lawrence of Strategic Trading Advisors. “The July contract is sitting at new 2-month lows,” he said… However, short-term with hog weights coming down for six weeks in a row, plus a significant jump in pork cut-out values this week are positive factors, The Hightower Report said… [Weds]: National Daily Hog and Pork Summary / National carcass base down 16 cents… Iowa-Minnesota carcass base down 16 cents… USDA reported carcass cutout values this afternoon rose $4.50… Hogs and cattle were both down today and concern about the certificates being demanded from China that packing plants have no COVID-19 were a factor, according to Virginia McGathey of the CME Group…

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Thu 6/25/2020 8:54 AM

 

Lean hogs - Hog prices continue to crater on limited demand from China and massive oversupply in the U.S., according to Jody Lawrence of Strategic Trading Advisors. “The July contract is sitting at new 2-month lows,” he said.

 

The hog markets took “disappointing losses” Wednesday in spite of some stabilization in the cash Index, said Stewart-Peterson.

 

However, short-term with hog weights coming down for six weeks in a row, plus a significant jump in pork cut-out values this week are positive factors, The Hightower Report said.

 

Possible demand increase as restaurants reopen

 

With more restaurants opening in the U.S. the demand pull could be impressive as the pipeline expands, The Hightower Report said. “However, the jump in virus cases in the south could slow the process as the consumer reaction could be to stay home,” The Report said.

 

One the pork side there is cautious optimism. “As long as trade frictions with China do not deteriorate and China continues to import U.S. pork and poultry, the market seems in a position to bounce,” The Hightower Report said.

 

However, if China were to stopping importing meat from the U.S., there will be too much fresh meat to absorb, The Hightower Report said.

 

Wed 6/24/2020 4:54 PM

 

In weighted average negotiated prices for barrows and gilts, USDA reported;

 

National carcass base down 16 cents to $28.50/cwt.

National live had no comparison reported at $25.95

Iowa-Minnesota carcass base down 16 cents to $28.36

 

USDA reported carcass cutout values this afternoon rose $4.50 at $67.68/cwt.

 

Hogs are troubled at the moment and the combination of the China COVID-19 talk and the concern about a big supply are both factors, according to Virginia McGathey of the CME Group.

 

July hogs closed sharply lower on the session and experienced a new contract low close as traders remain concerned about a burdensome supply, according to The Hightower Report.

 

Livestock down on China concerns

 

Hogs and cattle were both down today and concern about the certificates being demanded from China that packing plants have no COVID-19 were a factor, according to Virginia McGathey of the CME Group.

 

A hefty short-term supply of all meat on the U.S. market has helped give traders a bearish tilt on supply, according to The Hightower Report.

 

Grain markets consolidate

 

Much of what took place in today’s session was simple consolidation ahead of month and quarter end, but prices for corn, soybeans and wheat were all down, according to Karl Setzer at Agrivisor.

 

Weather forecasts for favorable conditions for row crops also put pressure on the market today, according to CHS Hedging.

 

Corn

 

The corn market traded lower on outside influences and forecasts for favorable weather conditions, according to CHS Hedging.

 

Ethanol manufacturing for the week ending June 18 jumped 6.2 percent from the prvious week for the highest weekly production figure since mid-March. Ethanol stocks also decreased on the week, according to Karl Setzer of Agrivisor.

 

Soybeans

 

Concerns about an increase in COVID-19 cases in the U.S. and Europe possibly reducing demand helped pull soybean prices lower, according to ADM Investor Services.

 

The market awaits more Chinese buying and is concerned about a favorable weather forecast, according to CHS Hedging.

 

Wheat

 

The wheat market traded lower on a strong U.S. dollar and resumption of the winter wheat harvest, according to CHS Hedging.

 

The Russian wheat harvest will be getting underway in the next two weeks and that is expected to bring Russia back to the export market, according to Karl Setzer of Agrivisor.

 

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