[Thurs]: The continued weakness in the pork market puts fears that pork prices are near a seasonal peak could limit any price advances, The Hightower Report said… [Weds]: National Daily Hog and Pork Summary / National carcass base up 20 cents… Iowa-Minnesota carcass base down 19 cents… USDA reported carcass cutout values this afternoon fell 19 cents… Just what the pork complex didn’t need was last week’s bearish pig crop report, which forecast heavy supplies for the remainder of the year. That, along with COVID concerns, have been issues in the pork market, according to William Moore of the Price Futures Group…
Farm Commodity Newsletter/Iowa Farmer Today
Thu 7/2/2020 8:53 AM
Lean hogs - The continued weakness in the pork market puts fears that pork prices are near a seasonal peak could limit any price advances, The Hightower Report said.
Technical action is positive as October hogs have worked their way up to fill gaps. However, without help from the pork product market, the upside may be limited, The Hightower Report said.
USMCA work together against AFS
As part of the United States-Mexico-Canada Agreement (USMCA), the three countries are working closely together with frequent meetings about ways to keep African swine fever (ASF) out of North America. “When it comes to animal health, our neighbors’ interest and ours are very much aligned” said USDA’s Lisa Rochette Assistant Director for Swine Health.
Although much anticipated, the impact of restaurants reopening in the U.S. has been significantly slower than expected which has kept the beef market in a steady downtrend, said The Hightower Report.
Wed 7/1/2020 4:34 PM
In weighted average negotiated prices for barrows and gilts, USDA reported;
National carcass base up 20 cents to $28.66/cwt.
National live was not reported due to confidentiality
Iowa-Minnesota carcass base down 19 cents to $28.41
USDA reported carcass cutout values this afternoon fell 19 cents at $28.41/cwt.
Just what the pork complex didn’t need was last week’s bearish pig crop report, which forecast heavy supplies for the remainder of the year. That, along with COVID concerns, have been issues in the pork market, according to William Moore of the Price Futures Group.
Pork values are near a low and could see some seasonal strength in the short term, according to The Hightower Report.
Livestock sees gains before holiday
The hog market may think the bottom is in while the cattle market is looking for a bit of demand growth over the July 4 holiday, according to Virginia McGathey of the CME Group.
Pasture crop conditions are a concern and the weekly USDA report rated 26 percent of the nation’s pastures as poor to very poor, according to Karl Setzer of Agrivisor.
Grain rally continues on
From out of nowhere a wildly bullish acreage report was dropped on the market yesterday by USDA, reducing corn acres from March 1 by a whopping five million acres and that is still a factor in the market, according to William Moore of the Price Futures Group.
The U.S. farmer has been a big seller of old crop corn stocks today with Midwest elevators reporting their best movement of the year, according to Jerry Gidel.
Corn prices rose on continued strength from the sharp reduction in the 2020 U.S. corn plantings and concerns for the crop on the forecast for hot and dry weather going into pollination, according to CHS Hedging.
The question is why so many acres were lost between the March and June reports and the primary factor appears to be weather, according to Karl Setzer of Agrivisor.
Soybeans continue their trek higher on smaller than expected planted acres and on the hot and dry forecast, according to CHS Hedging.
Demand is better and crush is on a record pace, according to Virginia McGathey of the CME Groups.
The wheat market was mixed on spillover strength in the row crops, according to CHS Hedging, although rains in some areas overnight put some markets on the defensive.
Strength in the corn market and smaller than expected spring wheat planted acres helped to provide some support today, according to The Hightower Report.