[Thurs]: The cattle market is struggling to hold near the highs seen in December and September, The Hightower Report said. “The market is also holding a premium to the cash market with beef prices pushing down to the lowest level since August”… [Weds]: Afternoon National Slaughter Cattle Review / Boxed beef cutout values this afternoon were lower… In negotiated cash sales in Iowa/Minnesota, the USDA reported 102 head sold live at $110, with no dressed sales. There were no reported sales in Nebraska… Front month live cattle futures were mixed early in the day while front month feeder cattle were down, according to Brugler Marketing and Management…

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Thu 1/7/2021 8:36 AM

 

Cattle - The cattle market is struggling to hold near the highs seen in December and September, The Hightower Report said. “The market is also holding a premium to the cash market with beef prices pushing down to the lowest level since August.”

 

“If there was good beef clearance during the holidays, it seems unlikely that beef prices would dive down to the lowest level since August this week,” The Hightower Report said.

 

Cattle higher, hogs lower to open

 

Calls are “steady to higher” ahead of what is expected to be a quiet morning for cattle futures, Total Farm Marketing said. “Cash is still subdued for the week,” they noted.

 

Meanwhile, hogs are expected to open lower ahead of the weekly export sales report, TFM said. “Charts saw negative reversals posted across the board which could lead to additional technical selling this morning.”

 

Markets lower to open Thursday

 

After a “tumultuous” Wednesday in the U.S., Joe Biden was certified as the next President of the United States, CHS Hedging said. Current president Donald Trump has acknowledged the win overnight and promised an orderly transition of power.

 

The next big milestone for the grain markets comes in Tuesday’s Supply and Demand report, which is expected to point the market to its next destination.

 

Wed 1/6/2021 5:25 PM

 

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

 

Choice fell 63 cents to $205.27/cwt.

Select went down 41 cents to $196.08.

 

In negotiated cash sales in Iowa/Minnesota, the USDA reported 102 head sold live at $110, with no dressed sales. There were no reported sales in Nebraska.

 

February cattle experienced choppy and two-sided trade before closing near unchanged, according to The Hightower Report.

 

Traders were adjusting positions following triple-digit gains yesterday and all eyes are on the grain trade and outside markets today, according to Total Farm Marketing.

 

Hogs, cattle dealing with pressure

 

February hogs opened higher and traded above yesterday’s highs but the stiff premium of futures to the cash market helped spark selling and the market closed sharply lower on the day, according to The Hightower Report.

 

Front month live cattle futures were mixed early in the day while front month feeder cattle were down, according to Brugler Marketing and Management.

 

Corn, soy continue rise

 

The agricultural markets continued to drive higher on technical support and hopes of a bullish USDA report, according to CHS Hedging. The macro economic markets were also higher on news that the U.S. Senate may flip to Democrat and that could mean more COVID-19 aid.

 

Managed money continued to flow into the grain markets giving sharply higher values early in the trading session, according to Karl Setzer of Agrivisor. There is little technical resistance to the rally.

 

Corn

 

The corn market found support yet again today with the soybean market, although the ethanol sector continues to talk about plants shutting down due to poor margins, according to CHS Hedging.

 

Corn futures traded higher and managed funds are adding to their already record long position, according to ADM Investor Services.

 

Soybeans

 

It was another impressive close to the market today as the funds continue to buy and drive the market higher, according to CHS Hedging.

 

Soybean stocks are expected to tighten to the lowest level in 18 years, according to Karl Setzer of Agrivisor. Harvest is starting to progress in Brazil but that does not mean there will be immediate exports from there.

 

Wheat

 

The wheat market slid on a slope through the day as the technical support from corn and beans seemed to run out, according to CHS Hedging.

 

The higher U.S. dollar and higher U.S. equities may have weighed on wheat prices today, according to ADM Investor Services.

 

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