[Fri]: China still leads the world in buyers of US pork at 721,612 metric tons for 2020, followed by Mexico at 529,411 and Japan at 216,009, according to The Hightower Report… 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… [Thurs]: National Daily Hog and Pork Summary / National carcass base down 4 cents… Iowa-Minnesota carcass base up 44 cents… USDA reported carcass cutout values this afternoon rose $1.54… Bearish export sales were a negative factor for the pork market and COVID-19 is also putting pressure on it, according to Virginia McGathey of the CME Group…
Farm Commodity Newsletter/Iowa Farmer Today
Fri 11/20/2020 8:36 AM
Lean Hogs - Pork export sales this morning totaled 31,210 metric tons for both 2020 and 2021. For 2020 the number was 28,905, 47% under last year, Allendale said.
China still leads the world in buyers of US pork at 721,612 metric tons for 2020, followed by Mexico at 529,411 and Japan at 216,009, according to The Hightower Report.
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
In weighted average negotiated prices for barrows and gilts, USDA reported;
National carcass base down 4 cents to $58.48/cwt.
National live was not reported due to confidentiality
Iowa-Minnesota carcass base up 44 cents to $58.97
USDA reported carcass cutout values this afternoon rose $1.54 to $79.22/cwt.
December hogs closed sharply lower on the session as continued weakness in the lean index and a drop in pork cutout values put pressure on the market, according to The Hightower Report.
Bearish export sales were a negative factor for the pork market and COVID-19 is also putting pressure on it, according to Virginia McGathey of the CME Group.
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.
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 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.
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.