[Mon]: Cash cattle sales last week were mostly at $102 with a few $101s, Allendale reported. The average price last week was $1 lower from the previous week… Cattle fundamentals look sloppy for the cash market, according to The Hightower Report. But the surge higher in hogs continues to provide overflow support… [Fri]: Afternoon National Slaughter Cattle Review / National Daily Boxed Beef Cutout And Boxed Beef Cuts - Negotiated Sales - Afternoon: Cutout, Choice -$0.94, Select -$0.22 / In negotiated cash sales in Nebraska, the USDA reported 196 head sold dressed at $160-161, with 624 sold live at $102. In Iowa/Minnesota, 15 head were sold live at $102, and 288 head were sold dressed at $161. The cattle market is steady today with fundamental buying offering some support, according to Virginia McGathey of the CME Group…

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Mon 9/14/2020 8:36 AM

 

Cattle - With beef prices and cash markets in a downtrend and futures at a premium, the market looks vulnerable to long liquidation selling from fund traders, The Hightower Report said.

 

Cash cattle sales last week were mostly at $102 with a few $101s, Allendale reported. The average price last week was $1 lower from the previous week.

 

ASF appears in Germany

 

Germany has found African swine fever in a wild boar, and the impact could be significant, The Hightower Report said. Japan, China and South Korea banned imports from Germany over the weekend. Two-thirds of German exports go to China.

 

Cattle fundamentals look sloppy for the cash market, according to The Hightower Report. But the surge higher in hogs continues to provide overflow support.

 

Fri 9/11/2020 4:26 PM

 

Boxed beef cutout values this afternoon were not available.

 

In negotiated cash sales in Nebraska, the USDA reported 196 head sold dressed at $160-161, with 624 sold live at $102. In Iowa/Minnesota, 15 head were sold live at $102, and 288 head were sold dressed at $161.

 

The cattle market is steady today with fundamental buying offering some support, according to Virginia McGathey of the CME Group.

 

Cattle weights jumped 6 pounds from the previous week and many are expecting slaughter to increase in the coming weeks, according to Stewart-Peterson.

 

Livestock markets steady to higher

 

The USDA also updated its beef and pork balance sheets today. U.S. beef production in the 2020-21 marketing year is now pegged at 3.14 billion pounds, 244 million pounds more than this year, according to Karl Setzer of Agrivisor. Pork production for that 2020-21 marketing year is now estimated at 7.65 billion pounds, up 103 million pounds from the current year.

 

Cattle were steady and hogs were up on the day, according to Virginia McGathey of the CME Group.

 

Grain markets react to USDA numbers

 

The USDA issued its supply and demand report as well as its latest production report today and the corn yield is now estimated at 178.5 bu. per acre and the crop size at 149 billion bushels while the soybean yield is now estimated at 51.9 bu. per acre and the crop at 4.31 billion bushels, according to Karl Setzer at Agrivisor.

 

Those USDA numbers were pretty much what the market expected, according to Steve Freed of ADM Investor Services.

 

Corn

 

Corn prices were higher on borrowed strength from the soy complex, along with reductions in yield from USDA, according to CHS Hedging.

 

Corn prices were firm due to strong demand and despite a slightly bearish USDA report, according to Virginia McGathey of the CME Group.

 

Soybeans

 

Soybean prices traded higher on demand and frost worries. Additional strength came from a lower yield forecast by USDA, according to CHS Hedging.

 

Now that the monthly data has been released, trade will start to shift its attention to the harvest and to items such as the start of the Brazilian soybean planting season, according to Karl Setzer of Agrivisor.

 

Wheat

 

Wheat slipped and ended at its lowest level since Aug. 27, according to The Hightower Group.

 

The wheat market finished lower on a lack of fresh supportive news, according to CHS Hedging. Global supplies grow while U.S. supplies stand still. Mills are flush with wheat and the U.S. is not competitive in the world export arena.

 

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