[Weds]: Beef prices are mixed this morning. “Despite a strong move higher in box beef values, a lack of response from the cash market pressured the live cattle market overall,” Total Farm Marketing said… High grain prices are encouraging feedlots to sell cattle sooner rather than later, and weight data suggest that there is ample short-term supply ready to come off of feedlots, The Hightower Report said this morning… [Tues]: Afternoon National Slaughter Cattle Review / Boxed beef cutout values this afternoon were higher… In negotiated cash sales in Nebraska, the USDA reported 190 head sold dressed at $190 and 250 head sold live at $119. In Iowa/Minnesota, 290 head were sold dressed at $190 and 72 head were sold live at $119. Resurgent US economy fueled by vaccination plus start of grilling season expected to overcome soaring feed prices and rally cattle prices , according to The Price Futures Group…

 

Farm Commodity Newsletter/Iowa Farmer Today

 

Wed 4/28/2021 8:35 AM

 

Cattle - Beef prices are mixed this morning. “Despite a strong move higher in box beef values, a lack of response from the cash market pressured the live cattle market overall,” Total Farm Marketing said in its sunrise report today.

 

The threat of a short-term bulge in beef production has helped trigger the sharp break off of the April 8 peak and the market is now probing for a short-term low with the oversold technical condition, The Hightower Report said this morning.

 

Pork demand strong, feedlots selling cattle early

 

The demand strength will be able to support the pork market as overall pork supplies are tight, according to Total Farm Marketing.

 

The short-term domestic demand factors for pork remain positive as long as the export market stays strong, The Hightower Report said this morning.

 

High grain prices are encouraging feedlots to sell cattle sooner rather than later, and weight data suggest that there is ample short-term supply ready to come off of feedlots, The Hightower Report said this morning.

 

“Traders remain fearful that feedlots are in a hurry to sell cattle due to high feed prices and this helped to push the market lower on the day into the close yesterday,” The Report said.

 

Corn, wheat soybeans all down in “correction”

 

Corn, wheat and soybeans moved downwards overnight with soybeans taking the biggest fall at about 25 cents down, ADM Investor Services said this morning.

 

With the hyper bullish trade that has been going on, grain prices may have been to the top or this just an early warning. “There is potential for a larger scale correction coming for us,” Mike Lung of Allendale said this morning.

 

Meanwhile, U.S.-based meat processor Perdue is shipping one cargo of 31,450 tons of Brazilian soybeans into the United States, according to line-up data from shipping agency Cargonave, “as stocks dwindle in the destination market,” Total Farm Marketing said in its Sunrise report today.

 

Tue 4/27/2021 4:26 PM

 

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

 

Choice rose 5.79 to $290.99/cwt.

Select went up 5.18 cents to $279.83.

 

In negotiated cash sales in Nebraska, the USDA reported 190 head sold dressed at $190 and 250 head sold live at $119. In Iowa/Minnesota, 290 head were sold dressed at $190 and 72 head were sold live at $119.

 

Resurgent US economy fueled by vaccination plus start of grilling season expected to overcome soaring feed prices and rally cattle prices , according to The Price Futures Group.

 

May corn rally continues to weigh on cattle

 

The continued strong rally for the corn market with May corn as high as $7.20 ˝ keeps selling pressure on the cattle market, according to The Hightower Report. The USDA pork cutout, released yesterday after the close, came in at the lowest since March 31.

 

As grains start to ease back, bad weather could come into play

 

U.S. rally in wheat, corn and soybeans is threatens dramatic price hikes on essential food commodities with costs hitting grocery store shelves, said ADM Investor Services. Bad crop weather in key producing countries a major culprit.

 

US corn is 17% planted and soybeans are 8% planted, per Total Farm Marketing.

 

Corn

 

Confidence that old-crop purchases by China will eventually all get shipped is fed by growing expectations that global corn supplies will tighten over the coming year, writes Sean Lusk of Walsh Trading.

 

Brazil remains too dry, with talk that a smaller corn crop there is inevitable, according to Total Farm Marketing.

 

Soybeans

 

November soybeans pushed to new contract highs in five of last six trading sessions but seem to be losing the battle for acres, according to The Hightower Report.

 

Soybean processer bids today were steady with plenty of rolls going to the July, according to CHS Hedging.

 

Wheat

 

Prospect of little rain in the next two weeks, raises concerns for West Texas and the southwestern part of the Hard Red Winter Wheat Region, according to ADM Investor Services.

 

USDA lowered overall wheat rating from 54% last week to 49%, according to Total Farm Marketing. 28% of spring wheat is planted – ahead of the 19% 5 year average.

 

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