[Thurs]: National Daily Hog and Pork Summary / National carcass base up $1.05… USDA reported carcass cutout values this afternoon down 11 cents… Continued strong export sales, a seasonal decline in slaughter and positive demand are all factors supporting the hog market, according to The Hightower Report…
Farm Commodity Newsletter/Iowa Farmer Today
Thu 4/1/2021 4:48 PM
In weighted average negotiated prices for barrows and gilts, USDA reported;
National carcass base up $1.05 at $96.70/cwt.
National live at $73.85.
Iowa-Minnesota carcass base was $99.20.
USDA reported carcass cutout values this afternoon down 11 cents at $108.86.
Continued strong export sales, a seasonal decline in slaughter and positive demand are all factors supporting the hog market, according to The Hightower Report.
Hogs remain strong, but the steep upward line of recent months should sound some caution flags, according to Scott Shellady of the CME Group.
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 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.
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 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.