[Fri]: National Daily Hog and Pork Summary: Natl: $109.40, +$0.95; IA/MN: $114.77, +/-N/A; WCB $115.33, +$1.15; ECB: $103.75, +/-N/A; Cutout $132.63, +$1.11 / Lean hogs were lower early on in the trade, but closed "sharply higher" as the day ended on a strong pork cutout value, The Hightower Report said. That is "likely to support higher trade for the cash market next week"…
Farm Commodity Newsletter/Iowa Farmer Today
Fri 6/4/2021 4:17 PM
In weighted average negotiated prices for barrows and gilts, USDA reported;
National carcass base up 95 cents to $109.40/cwt.
National live was not reported due to confidentiality
Iowa-Minnesota carcass base was reported at $114.77
USDA reported carcass cutout values this afternoon rose $1.11 at $132.63/cwt.
Lean hogs were lower early on in the trade, but closed "sharply higher" as the day ended on a strong pork cutout value, The Hightower Report said. That is "likely to support higher trade for the cash market next week."
"Buyers may be hesitant to buy July futures which are trading up near $121," they said.
Pork export sales were at 24,304 tonnes as of this morning's report, which was down more than 20,000 tonnes from last week, The Hightower Report said.
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.
"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.
"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 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."