[Thurs]: Afternoon National Slaughter Cattle Review / Boxed beef cutout values this afternoon were higher… In negotiated cash sales in Nebraska, the USDA reported 480 head sold dressed at $187.47 to $188.75, with 200 sold live at $119. In Iowa/Minnesota, 2,223 were sold live at $$118, and 552 were sold dressed at $185 to $187.65. Cattle demand outlook is positive and futures showed some strength, according to Total Farm Marketing…

 

Farm Commodity Newsletter/Iowa Farmer Today

Thu 4/1/2021 4:48 PM

 

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

 

Choice up $2.85 to $249.97.

Select up $6.57 to $244.70.

 

In negotiated cash sales in Nebraska, the USDA reported 480 head sold dressed at $187.47 to $188.75, with 200 sold live at $119. In Iowa/Minnesota, 2,223 were sold live at $$118, and 552 were sold dressed at $185 to $187.65.

 

Cattle demand outlook is positive and futures showed some strength, according to Total Farm Marketing.

 

Talk of overbought conditions and the idea that futures are holding a strong premium to cash were seen as factors limiting buying today, according to The Hightower Report.

 

Hogs see gains, cattle mixed

 

The hog market closed moderately higher with June hogs posting a new contract high while June cattle closed lower after posting a contract high, according to The Hightower Report.

 

Lean hogs are still strong and from a farmer perspective is a pretty good thing, but the market is perilous and farmers might be advised to take advantage of the hot market while they can, according to Scott Shellady of the CME Group.

 

Grains ease back after Wednesday's surge

 

The trade continued to react to yesterday’s USDA data, with more of an emphasis of how the numbers will impact balance sheets going forward, according to Karl Setzer of Agrivisor. This benefited corn more than soybeans and wheat as up to this point the trade has not been concerned with corn stocks to use.

 

The grains were all over the place today and it looks to be an interesting summer ahead for the grain markets, according to Scott Shellady of the CME Group.

 

Corn

 

Corn attempted to continue its rally today, holding in the green for most of the session before the front months fell prior to the close, according to CHS Hedging.

 

The main question now is what yesterday’s acreage projections mean for production, according to Karl Setzer of Agrivisor. Using historical differences between planted and harvested acreage and adding in trendline yields, the U.S> may produce 14.87 billion bushels of corn in 2021.

 

Soybeans

 

Using historical differences between planted and harvest acreage combined with trendline yields, this year’s U.S. soybean crop could be 4.37 billion bushels, according to Karl Setzer of Agrivisor.

 

Soybeans spent today’s session in the red except for the November contract, according to CHS Hedging.

 

Wheat

 

Wheat futures traded lower today as corn and soybean markets failed to offer any support, according to CHS Hedging. The fundamental remain the same as the world lacks supply issues but struggles with demand.

 

The U.S. dollar remains a factor in the grain markets, according to Karl Setzer of Agrivisor. The dollar improved some in March as there were some signs of an improving overall economy as the COVID pandemic subsides.

 

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