[Fri]: USDA boxed beef cutout values were up $1.59 in mid-session yesterday and closed $1.11 higher at $202.26. This was up from $200.80 the previous week… The Hightower Report said the continued push in average weights would point to burdensome supply in beef slaughter levels pick up at all… [Thurs]: Afternoon National Slaughter Cattle Review / Boxed beef cutout values this afternoon were higher… Choice rose $1.11… Select went up $1.51… In negotiated cash sales in Nebraska, the USDA reported 1,486 head sold dressed at $158-158.50, with 2,369 head sold live at $98. In Iowa/Minnesota, 1,152 head were sold live at $99-101, and 1,078 head were sold dressed at $157-158.50… They also noted that cash trade has been “choppy and mostly steady” with last week’s marks, and the Cold Storage report showed beef stocks higher during a stretch that normally shows a decline in stocks…

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Fri 7/24/2020 8:37 AM

 

Cattle - Cattle on Feed is due for release today. Allendale sees June feedlot placements 2.8% over last year. This would stop five months in a row of lower than last year placements. With a June marketing at 3.1% over last year we compute the starting On Feed as of July 1 at 0.7% under last year.

 

USDA boxed beef cutout values were up $1.59 in mid-session yesterday and closed $1.11 higher at $202.26. This was up from $200.80 the previous week, The Hightower Reported noted.

 

Chinese meat demand remains strong

 

Traders see solid export sales news and strong demand ahead from China, according to The Hightower Report. China was an aggressive importer of pork in June and it appears they remain active this month.

 

The Hightower Report said the continued push in average weights would point to burdensome supply in beef slaughter levels pick up at all.

 

Thu 7/23/2020 4:47 PM

 

Boxed beef cutout values this afternoon were higher on Choice and Select, USDA said.

 

Choice rose $1.11 to $202.26/cwt.

Select went up $1.51 to $190.79.

 

In negotiated cash sales in Nebraska, the USDA reported 1,486 head sold dressed at $158-158.50, with 2,369 head sold live at $98. In Iowa/Minnesota, 1,152 head were sold live at $99-101, and 1,078 head were sold dressed at $157-158.50.

 

Tomorrow marks a new Cattle on Feed report. Expectations are for placements at a 3.8% increase, marketings at a 1.1% increase and total on-feed to hold relatively steady, Stewart-Peterson said.

 

They also noted that cash trade has been “choppy and mostly steady” with last week’s marks, and the Cold Storage report showed beef stocks higher during a stretch that normally shows a decline in stocks.

 

Hogs rising, cattle stumble

 

Export sales news and “strong demand” from China is helping lean hogs on Thursday, The Hightower Report said. “China was an aggressive importer of pork in June and it appears they remain active this month,” they said.

 

Despite gains in hogs, cattle failed to see higher trade, moving “sharply lower” for much of the day, The Hightower Report said. “Traders are beginning to see the premium of futures to the cash market as a bit too wide,” The Hightower Report said.

 

Demand hopes help corn, soy

 

There is improving demand for beans and hopes for more demand for corn, Ami L. Heesch of CHS Hedging said. That helped grains finish in the green, but wheat stayed on the defensive today.

 

Meanwhile U.S./China tensions “continue,” Heesch said, with concerns of more economic slowdowns due to the coronavirus are looming over the markets.

 

Corn

 

A late rally helped corn finish positive in some contracts, as crop conditions and “expectations for a bountiful harvest” are limiting gains, Ami L. Heesch of CHS Hedging said.

 

“Talk of higher U.S. final 2020 corn yield and disappointing weekly ethanol production is offering resistance to corn prices,” Steve Freed of ADM Investor Services said. “Managed funds continue to add to short position. US farmer still has a lot of 2019 and 2020 corn yet to sell."

 

Soybeans

 

USDA announced another 132 tonnes of soybeans sold to China, plus “there was talk China was a late buyer of U.S. gulf soybeans today,” Steve Freed of ADM Investor Services said. “Late next week, rains could fall across Nebraska, Iowa, Missouri, Illinois and Indiana,” he noted for the crop.

 

With weather improving, and good crop conditions at the moment, “so for the moment it is difficult to be bullish beans when there is rain on the radar nearly daily,” Stewart-Peterson said.

 

Wheat

 

Wheat markets are expecting “amply world supplies” and lots of harvest activity, Ami L. Heesch of CHS Hedging, leading to losses on the day. Production estimates for the EU and Black Sea helped, but not enough as cuts were not as big as hoped for.

 

There has been a lack of world wheat trade offers, giving resistence to the market, “despite talk of lower supplies in Europe and Russia,” Steve Freed of ADM Investor Services said.

 

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