[Thurs]: The cattle market had “seemingly priced in” the winter weather impacts felt across the U.S. over the past week, Total Farm Marketing said. “The loss of shifts and some shutdowns in general are viewed as negative for cash this week”…  Cattle demand “could take a hit,” The Hightower Report said, as more consumers are at home than normal. Despite production slowdowns supporting beef prices, The Hightower Report said the futures market is still at a major premium to the cash market and the cash market may see pressure in the short term’… [Weds]:  Afternoon National Slaughter Cattle Review: USDA: Thus far for Wednesday negotiated cash trading has been at a standstill in all major feeding region… / Boxed beef cutout values this afternoon were higher… Demand is still strong, but the cold blast and energy issues have made it difficult to ship animals and have led to the closure of some packing plants. Power outages are also a problem for both producers and packers, according to Virginia McGathey of the CME Group… Cattle dropped today and hogs did slip as well, thanks in large part to weather conditions and the fact that Texas slaughter plants were idled, according to and the countryside cash market is still very quiet…

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Thu 2/18/2021 8:33 AM

 

Cattle - The cattle market had “seemingly priced in” the winter weather impacts felt across the U.S. over the past week, Total Farm Marketing said. “The loss of shifts and some shutdowns in general are viewed as negative for cash this week.”

 

After Tuesday’s reversal in the August contract, Wednesday’s trade saw continued follow-through selling, “which is a negative technical development,” The Hightower Report said. “Consider selling a minor bounce or sell out of the money call premium.”

 

Weather support starting to fade

 

Cattle demand “could take a hit,” The Hightower Report said, as more consumers are at home than normal. Despite production slowdowns supporting beef prices, The Hightower Report said the futures market is still at a major premium to the cash market and the cash market may see pressure in the short term.'

 

With weather giving support to the lean hog market, "it may be difficult for the market to hold on to the large premium to he cash market," The Hightower Report said.

 

Forum taking focus on Thursday

 

Grain markets were higher overnight, but faded before this morning’s opening, in what appears to be a recurring theme, CHS Hedging said.

 

The 2021 USDA Outlook Conference opens today and markets will have plenty of new information to digest. “The data released will be scrutinized thoroughly by the trade,” CHS Hedging said.

 

Wed 2/17/2021 4:37 PM

 

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

 

Choice was up $2.74 to $237.51/cwt.

Select was up $3.61 to $225.64.

 

Demand is still strong, but the cold blast and energy issues have made it difficult to ship animals and have led to the closure of some packing plants. Power outages are also a problem for both producers and packers, according to Virginia McGathey of the CME Group.

 

It was a disappointing day in the cattle market, according to Total Farm Marketing. Profit-taking was one factor and some traders may be waiting for Friday’s cattle on feed report.

 

Plants idled during winter storm

 

Cattle dropped today and hogs did slip as well, thanks in large part to weather conditions and the fact that Texas slaughter plants were idled, according to and the countryside cash market is still very quiet Virginia McGathey of the CME Group.

 

The U.S. economy is showing signs of improving, which is giving some underlying support to the commodity markets, according to Karl Setzer of Agrivisor. Food Service spending was up 7 percent in January, which helps the meat markets.

 

Grain markets choppy ahead of forum

 

It was a choppy day in the grain markets on the eve of the USDA Ag Outlook Forum. Warmer temperatures are easing some of the concerns about damage to the winter wheat crop and the Federal Reserve looks to keep interest rates near zero until inflation rates rise to 2 percent, according to CHS Hedging.

 

The trade was under pressure today with the greatest losses taking place in wheat, where the sharp rally in the dollar and the fact that the U.S. is overpriced in the world market were both issues, according to Karl Setzer of Agrivisor.

 

Corn

 

Corn futures closed slightly higher on the day amid talk of warmer temperatures next week that could improve grain flow and logistics, according to ADM Investor Services.

 

There was choppy trade today but prices drew some support from planting delays in Brazil, according to CHS Hedging.

 

Soybeans

 

The soybean market finished the day mixed, with the front months experiencing pressure from a lack of fresh supportive news and the strength of the U.S. dollar. There was some spillover strength from the crude oil market, according to CHS Hedging.

 

The La Nina pattern is now expected to last through the spring and into the summer months, which could impact production in South America, according to Karl Setzer of Agrivisor. The soybean harvest in Brazil remains slower than normal.

 

Wheat

 

Lower trade on bouts of profit taking and easing concerns of damage to the crop from the cold stretch of weather were factors in today’s wheat market, according to CHS Hedging.

 

Black Sea wheat futures were lower and the U.S. dollar was higher and those facts may have influenced the wheat market today, according to ADM Investor Services.

 

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