[Thurs]: “With bearish outside market forces and a weaker demand tone from the beef market, a jump in short- term beef production could turn the trend down for the cash market,” The Hightower Report said this morning… [Weds]: Afternoon National Slaughter Cattle Review / Boxed beef cutout values this afternoon were lower… In negotiated cash sales in Nebraska, the USDA reported 5,505 head sold dressed at $169-170, with 1,720 sold live at $107-108. In Iowa/Minnesota, 1,484 head were sold live at $106-109, and 511 head were sold dressed at $167-169… Cattle were a little weaker today as traders raise concerns about the food service industry and COVID, according to Virginia McGathey of the CME Group…

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Thu 10/15/2020 8:54 AM

 

Cattle - Outside forces turn negative sending beef prices to the lowest level since Aug 13, The Hightower Report said this morning. The continued weakness in the beef market along with fears that the seasonal demand increases may not emerge this year has helped to pressure beef prices down, The Hightower Report said.

 

USDA estimates WTD cattle slaughter through Wednesday at 356,000 head. “That is up 1,000 wk/wk and 5,000 above last year, Brugler Marketing said this morning.

 

“With weights at five year highs, a minor increase in slaughter could result in a significant increase in beef production above year ago levels,” The Hightower Report said.

 

Beef prices hit lowest level in two months

 

“With bearish outside market forces and a weaker demand tone from the beef market, a jump in short- term beef production could turn the trend down for the cash market,” The Hightower Report said this morning.

 

With expanding production in China, pork imports could be in decline by mid-2021, The Hightower Report said this morning.

 

Wed 10/14/2020 4:22 PM

 

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

 

Choice fell $1.30 to $211.14/cwt.

Select went down 81 cents to $199.27.

 

In negotiated cash sales in Nebraska, the USDA reported 5,505 head sold dressed at $169-170, with 1,720 sold live at $107-108. In Iowa/Minnesota, 1,484 head were sold live at $106-109, and 511 head were sold dressed at $167-169.

 

December cattle are stuck between a rock and a hard place, according to William Moore of Agmaster, who says cattle have been languishing since Mid-July.

 

Cattle were a little weaker today as traders raise concerns about the food service industry and COVID, according to Virginia McGathey of the CME Group.

 

Hogs bounce back Wednesday

 

Cattle were a little bit weaker while hogs jumped up, according to Virginia McGathey of the CME Group.

 

While December hogs and cattle are sister markets, their charts bear no resemblance to one another, according to William Moore of Agmaster.

 

Demand, weather helping prices

 

Across the board, grains did well today, according to Virginia McGathey of the CME Groups, who said soybeans did especially well.

 

The grain finished higher on demand for U.S. goods and dry weather concerns for South America, the U.S. Southern plains, the Black Sea region and the EU, according to CHS Hedging.

 

Corn

 

Corn prices were higher on strong demand amidst harvest activity and prices were also supported by dry conditions in Brazil, according to CHS Hedging.

 

December corn traded lower early in the session before closing sharply higher, according to The Hightower Report Exporters announced the sale of 420,000 tons to China.

 

Soybeans

 

Soybean prices were higher on continued strong demand for U.S. soybeans and ongoing dry conditions in Brazil and Argentina, according to CHS Hedging.

 

Soybeans surged today on concerns about tight supplies, according to Virginia McGathey of the CME Group.

 

Wheat

 

When it comes to global wheat production much of the interest recently has been on the Black Sea region, but there are also issues in Argentina, according to Karl Setzer of Agrvisor. He says some estimates say 8 percent of the Argentine crop may be abandoned.

 

Wheat prices were mixed but finished in positive territory, primarily due to weather concerns in the U.S., the Black Sea and Argentina, according to CHS Hedging.

 

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