[Thurs]: The strong demand and cash market will be a key going forward into 2021 as pork production is looking to decline into next year. “This decline will be based on number, as pork carcasses are making their seasonal climb higher on fresh grain supplies,” said Stewart-Peterson… [Weds]: National Daily Hog and Pork Summary / National carcass base down $1.74… Iowa-Minnesota carcass base down $2.07… USDA reported carcass cutout values this afternoon rose 67 cents… It all boils down to price and fundamentals in the hog market, according to William Moore of Agmaster…

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Thu 10/15/2020 8:54 AM

 

Lean hogs - The strong demand and cash market will be a key going forward into 2021 as pork production is looking to decline into next year. “This decline will be based on number, as pork carcasses are making their seasonal climb higher on fresh grain supplies,” said Stewart-Peterson.

 

“April hogs rallied yesterday to the highest level since January 15 before closing lower on the session,” The Hightower Report said this morning.

 

December hogs closed sharply higher on the session yesterday day and the buying pushed the market up to the highest level since January 24. “The continued stiff discount of December to the cash market has sparked short covering and some new buying,” The 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

 

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

 

National carcass base down $1.74 to $62.00/cwt.

Iowa-Minnesota carcass base down $2.07 to $62.57

 

USDA reported carcass cutout values this afternoon rose 67 cents at $96.57/cwt.

 

December hogs closed sharply higher on the day and the buying pushed the market up to the highest levels since Jan. 24, according to The Hightower Report.

 

It all boils down to price and fundamentals in the hog market, according to William Moore of Agmaster. December hogs are trading at a $10 to $12 discount to cash and there is still strong demand from China.

 

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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