[Fri]: Cash sales in the beef were mostly $172, with some $170 and $171 reported, Alan Brugler of Brugler Marketing said… [Thurs]: Afternoon National Slaughter Cattle Review / Boxed beef cutout values this afternoon were higher… In negotiated cash sales in Nebraska, the USDA reported 2,865 head sold dressed at $171-172, with 946 head sold live at $108-110. In Iowa/Minnesota, 1,358 head were sold live at $106-110, and 2,934 head were sold dressed at $170-172. Cattle had a sharp drop and the market appears to be in full correction mode, according to Virginia McGathey of the CME Group…

Farm Commodity Newsletter/Iowa Farmer Today

 

Fri 11/20/2020 8:36 AM

 

Cattle - Beef export sales this week reported combined 2020 and 2021 sales of 60,499 metric tons, Allendale said. Year-to-date U.S. beef export sales for 2020 delivery total 919,092 tons. That is now 8.0% over last year.

 

Cash sales in the beef were mostly $172, with some $170 and $171 reported, Alan Brugler of Brugler Marketing said.

 

Beef demand concerns traders

 

The spike in virus cases has traders nervous over short-term demand, and this has pushed December cattle to trade discount to the cash market, according to The Hightower Report. While traders see very weak demand over the next six weeks, the beef market continues to rally and cash markets remain steady.

 

Federally inspected hog slaughter for the week through Thursday was estimated at 1.955 million head. That compares to 1.923 LW and 1.968 from the same week last year, said Alan Brugler of Brugler Marketing.

 

Fear of a slowdown in demand during a seasonal period of very large production helped to spark aggressive selling yesterday, according to The Hightower Report. Seasonally large production into mid-December may help keep the downtrend in cash markets intact.

 

Cattle weights showed there was a 2-pound decline from the prior week for the average steer carcass, Allendale said. Now at 924 pounds, dressed steers are 7 pounds off the 931 peak. Heifer carcasses in this week fell 2 pounds to 846. Hog carcass weights increased 1 pound against the prior week to now 216 pounds. Year to year they were unchanged at 1.9% over last year.

 

Virus, weather move grains

 

Grain markets are searching for the next catalyst even as overnight support is closely monitored, Allendale said. Virus concerns, weather premium and profit taking have all been featured in recent trade. As this week gives way to another holiday-shortened week next week, volume should start to slows.

 

The forecasts for northern and central Brazil into early December indicate the same dry cycle with rising temperatures to dry soil even faster, said Jody Lawrence of Strategic Trading Advisors. “When we return from Thanksgiving, each new forecast will be more and more critical as it is the South American equivalent to our early June plant growth cycle,” he said.

 

Thu 11/19/2020 4:39 PM

 

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

 

Choice rose $1.86 to $237.70/cwt.

Select went up 27 cents to $213.89.

 

In negotiated cash sales in Nebraska, the USDA reported 2,865 head sold dressed at $171-172, with 946 head sold live at $108-110. In Iowa/Minnesota, 1,358 head were sold live at $106-110, and 2,934 head were sold dressed at $170-172.

 

Cattle had a sharp drop and the market appears to be in full correction mode, according to Virginia McGathey of the CME Group.

 

December cattle closed sharply lower on the session and the selling pushed the market down to its lowest level since Nov. 4, according to The Hightower Report.

 

COVID hurting livestock

 

COVID-19 is having a big impact on the entire livestock complex, according to Virginia McGathey of the CME Group, who says traders are concerned about the pandemic’s impact on meat demand.

 

Iowa and Nebraska are still fighting with heavy weights for cattle and hams and loins are pushing down pork prices, according to ADM Investor Services.

 

Grain markets weaken

 

We still have a relatively bull market that we haven’t seen some time for grains, although today wasn’t a strong example of that, according to Virginia McGathey of the CME Group.

 

Futures in Chicago started out on the negative side today but managed to gain back much of the initial losses by mid-session, according to Karl Setzer of Agrivisor. Initial pressure came from overnight rains in Brazil but weekly export sales were better than expected for corn and soybeans.

 

Corn

 

The corn market took a break from the recent moves higher as bouts of profit-taking came ahead of the weekend and some concerns about feed needs were raised, according to CHS Hedging.

 

Concerns about COVID-19 weighed on most equity, energy and commodity markets, according to ADM Investor Services.

 

Soybeans

 

Soybeans were steady, dropping early and then inching back, according to Virginia McGathey of the CME Group.

 

The soybean market continued its trek lower on a bout of profit-taking, according to CHS Hedging.

 

Wheat

 

March wheat closed moderately lower on the session as sluggish export sales news and weakness in other commodity markets led the way, according to The Hightower Report.

 

Rains in various parts of the world put pressure on the wheat market, according to ADM Investor Services.

 

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