[Fri]: China’s General Administration of Customs reported pork imports in June at 400,000 metric tons, according to Allendale. This was 128% over last year. Though an exciting sounding story, it is completely expected. This new number brings the first six month import figure to 2.12 MT, 143% over last year… [Thurs]: National Daily Hog and Pork Summary / National carcass base up 62 cents… Iowa-Minnesota carcass base up $1.07… USDA reported carcass cutout values this afternoon rose 34 cents… “The market is absorbing the large supply of pork on the domestic market, while pork cutout values continued to advance,” The Hightower Report said. Cumulative pork exports are up 38.5% from last year’s pace. Yesterday’s Cold Storage report showed pork stocks down 25% from last year “but only down 0.8% from last month,” Stewart-Peterson said…

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Fri 7/24/2020 8:37 AM

 

Lean Hogs - China’s General Administration of Customs reported pork imports in June at 400,000 metric tons, according to Allendale. This was 128% over last year. Though an exciting sounding story, it is completely expected. This new number brings the first six month import figure to 2.12 MT, 143% over last year.

 

At the closing bell on Thursday lean hog futures were 12 cents to $1.82 higher. May ’21 hogs ended the day down by a dime, Brugler Marketing reported.

 

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

 

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

 

National carcass base up 62 cents to $36.01/cwt.

National live had no comparison and reported at $28.48

Iowa-Minnesota carcass base up $1.07 to $37.53

 

USDA reported carcass cutout values this afternoon rose 34 cents to $69.67/cwt.

 

“The market is absorbing the large supply of pork on the domestic market, while pork cutout values continued to advance,” The Hightower Report said. Cumulative pork exports are up 38.5% from last year’s pace.

 

Yesterday’s Cold Storage report showed pork stocks down 25% from last year “but only down 0.8% from last month,” Stewart-Peterson said. That could be bearish, as the normal drop for this time of year is 5.9%.

 

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.

 

iowafarmertoday.com