[Fri]: Afternoon National Slaughter Cattle Review / In negotiated cash sales in Nebraska, the USDA reported 749 head sold dressed at $190, with no live sales. In Iowa, 710 head were sold live at $120-120.50, and 296 head were sold dressed at $190-191… Boxed beef cutout values this afternoon were lower… Outside market forces "carry a bullish tilt" for cattle, The Hightower report said, as slaughter starts to return to normal following the cyberattack over the weekend. "With the packer profit margins, the cash market tone is positive for the week”…

 

Farm Commodity Newsletter/Iowa Farmer Today

Fri 6/4/2021 4:17 PM

 

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

 

Choice fell $1.57 to $338.98/cwt.

Select went down $1.43 to $311.73.

 

In negotiated cash sales in Nebraska, the USDA reported 749 head sold dressed at $190, with no live sales. In Iowa, 710 head were sold live at $120-120.50, and 296 head were sold dressed at $190-191.

 

Outside market forces "carry a bullish tilt" for cattle, The Hightower report said, as slaughter starts to return to normal following the cyberattack over the weekend. "With the packer profit margins, the cash market tone is positive for the week."

 

Cattle plants "need to catch up on slaughter numbers," Total Farm Marketing said. "The hope is this week's boxed beef surge will push cash higher next week."

 

Hogs move higher to end week, cattle slips

 

The lean hog market "continues to push higher," with more new contract highs today, Total Farm Marketing said. "Packers are still aggressively buying hogs keeping supplies tight."

 

Slaughter this week came in at an estimated 538,000 head for cattle, down 89,000 head from last week. Factors include a shorter trade week with Memorial Day and the cyberattack impacts.

 

Lean hog slaughter was reported at 1.975 mln head, down 403,000 head from last week.

 

Volatile price week ends on upswing

 

After a volatile week, grains surged higher to close the week on weather concerns throughout the U.S. and Canada, Ami L. Heesch of CHS Hedging said.

 

Overall, the export sales report "were mostly as expected," Heesch said, noting that next Thursday's WASDE report will be the next market mover.

 

Corn

 

"What started out to be a great start to the crop year has definitely turned out to be something much less," Ami L. Heesch of CHS Hedging said. "The crop got a slow start to emergence form cool temps and not the heat is moving in."

 

Ethanol margins "remain lofty," Total Farm Marketing said, and the drought in Brazil "continues to worsen." That led to todays run higher into the weekend.

 

Soybeans

 

"Solid strength in the soyoil market from a biofuels perspective continues to push soybean prices to higher levels," Ami L. Heesch of CHS Hedging said. Higher temperatures and limited moisutre in growing areas also added to soy gains.

 

Nearly all export demand in soybeans is going to Brazil, Total Farm Marketing said, but weather helped support futures today. "It is believed Brazil could be out of soybeans by August," they said. "The U.S. to take over at that point."

 

Wheat

 

Wheat is getting "twirled about" by the weather conditions and forecasts, as favorable drying weather hits the Southern Plains. However, heat and rain events in the northern Plains continue to affect the northern markets.

 

While some wheat growing areas are expected to get moisture, it is "too likely too little to aid drought," Total Farm Marketing said. "European wheat is also on pace for higher production."

 

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