[Fri]: More $97 cash cattle trades were seen in Kansas yesterday, which is $1 over last week levels. This is seen as a bit more supportive to futures as we would normally expect given that backlogged cattle was expected to limit upside movement in cash for weeks yet, according to Allendale… [Thurs]: Afternoon National Slaughter Cattle Review / Boxed beef cutout values this afternoon were steady on Choice and higher on Select… Choice rose 69 cents… Select went up $2.01… In negotiated cash sales in Nebraska, the USDA reported 2,299 head sold dressed at $160-162, with 1,577 head sold live at $98-102. In Iowa/Minnesota, 1,689 head were sold live at $102-103, and 1,416 head were sold dressed at $160… The U.S. sold 29,500 tons of beef for the week ending on July 23, up 89 percent from the previous week, according to Stewart-Peterson…

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Fri 7/31/2020 8:24 AM

 

Cattle - While slaughter numbers have been slow the past couple of weeks, the numbers will begin to push well above a year ago in the weeks ahead, according to The Hightower Report. This should boost the production as weights remain well ahead of year-ago levels.

 

More $97 cash cattle trades were seen in Kansas yesterday, which is $1 over last week levels. This is seen as a bit more supportive to futures as we would normally expect given that backlogged cattle was expected to limit upside movement in cash for weeks yet, according to Allendale.

 

China eyes COVID testing in Brazil

 

China is asking for COVID-free meat exports from Brazil and is asking for massive testing for the virus in Brazil meatpacking plants, according to Steve Freed of ADM Investor Services. U.S. ports should be very active later in the year as aggressive Chinese bookings have boosted total corn and soybean export sales to modern-day and potentially all-time record levels for July.

 

Weekly pork sales were reported at 39,600 metric tons. China and Mexico accounted for most of the sales. Beef sales were reported at 29,500 MT, a marketing-year high. South Korea and Japan were the largest buyers, Allendale reported.

 

Thu 7/30/2020 4:39 PM

 

Boxed beef cutout values this afternoon were steady on Choice and higher on Select on light to moderate demand and light offerings, USDA said.

 

Choice rose 69 cents to $201.80/cwt.

Select went up $2.01to $191.50.

 

In negotiated cash sales in Nebraska, the USDA reported 2,299 head sold dressed at $160-162, with 1,577 head sold live at $98-102. In Iowa/Minnesota, 1,689 head were sold live at $102-103, and 1,416 head were sold dressed at $160.

 

October cattle closed moderately higher on the day as traders still expect higher cash cattle trade ahead, according to The Hightower Report.

 

The U.S. sold 29,500 tons of beef for the week ending on July 23, up 89 percent from the previous week, according to Stewart-Peterson.

 

USD helping livestock markets

 

The U.S. Dollar should be helping us out, according to Scott Shellady of the CME Group. That cheap dollar is providing a boon to the livestock markets.

 

Cattle and hog prices were mixed and the pork market appears to be under pressure as the market absorbs big supply numbers, according to The Hightower Report.

 

Grain Markets Mixed to Lower

 

Grain markets were mixed to lower. The U.S. Fed talked about keeping interest rates low this week and the virus impact on the global economy still offers resistance to commodities, according to ADM Investor Services.

 

Conflicting demand numbers added to the choppy tone of the market as weekly sales heavily favored soybeans while the U.S. saw huge flash sales of corn, according to Karl Setzer of Agrivisor.

 

Corn

 

The corn market lacked strength despite the ginormous Chinese corn purchase with positioning and weakness in outside markets providing pressure, according to CHS Hedging.

 

China booked its single biggest purchase of U.S. corn ever on the daily export wire today and the market response was pretty weak, perhaps due to good weather in the Midwest, according to The Hightower Report.

 

Soybeans

 

Large weekly export sales numbers out this morning gave the soybeans a bit of a boost to the upside, despite a lack of new Chinese business, according to CHS Hedging.

 

Some fear China will only buy basic needs from the U.S. until Brazil’s harvest in 2021. That, plus a higher U.S> crop than current USDA estimates would add to the carryout, according to ADM Investor Services.

 

Wheat

 

The wheat market was mixed on the lack of supportive news and pressure from technical selling, according to CHS Hedging.

 

The weather has been dry in Argentina, where a La Nina weather event is building and that often brings drought to Australia, according to Karl Setzer of Agrivisor. On the other hand, there has been favorable weather in Australis, where timely rains have meant that Australia is now expected to raise a 26.7 million metric ton wheat crop in the 20-21 season.

 

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