[Tues]: Afternoon National Slaughter Cattle Review / Boxed beef cutout values this afternoon were steady on Choice and lower on Select… In negotiated cash sales in Nebraska, the USDA reported 4,888 head sold live at $120.03, and 4,950 head sold dressed at 190.63. In negotiated cash sales in Iowa/Minnesota, the USDA reported 3,811 head sold live at $119-120.20 and 2,741 head sold dressed at $191.16. It’s hard to see beef dropping on the middle and lower primals cuts, said Chris Lehner of ADM Investor Services. The U.S. needs low-priced beef and will need to import and/or use more beef from the U.S…

 

Farm Commodity Newsletter/Iowa Farmer Today

Tue 6/8/2021 4:21 PM

 

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

 

Choice rose 1 cent to $338.61/cwt.

Select fell 2.99 to $306.18.

 

In negotiated cash sales in Nebraska, the USDA reported 4,888 head sold live at $120.03, and 4,950 head sold dressed at 190.63. In negotiated cash sales in Iowa/Minnesota, the USDA reported 3,811 head sold live at $119-120.20 and 2,741 head sold dressed at $191.16.

 

It’s hard to see beef dropping on the middle and lower primals cuts, said Chris Lehner of ADM Investor Services. The U.S. needs low-priced beef and will need to import and/or use more beef from the U.S.

 

Traders seem to be pricing in high grain prices, said The Hightower Report.

 

Hog contracts searching for their top

 

Oliver Sloup, of Blue Line Futures, is optimistic about September's live cattle contract, but calls the cash market "stick in the mud.”

 

In hog markets, traders are waiting for "any sign that the export market may be slowing down," The Hightower Report said, "or that the pork product market might be high enough to slow demand.

 

Drought continues in northern Corn Belt

 

The 2-3 week Midwest forecast for warm, dry weather helped push corn and soybeans higher, said Steve Freed of ADM Investor Services.

 

Choppiness in grain markets continued ahead of Thursday’s WASDE report as weather forecasts rule the day and technicals go out the window, said Oliver Sloup of Blue Line Futures.

 

Moderate drought is affecting Iowa, South Dakota and Michigan, but dry conditions are worsening and expanding across the Northern Plains, said Total Farm Marketing.

 

There are problems with the production potential for the Safrinha crop in Brazil as growing areas have been warm and dry and look to stay that way longer term, said Jack Scoville of The Price Futures Group.

 

Corn

 

We’re still in a weather market with elevated volatility, said Total Farm Marketing.

 

Most of Midwest looks dry, forecast in 90s for next three weeks. Crop may begin deteriorating, said The Hightower Report.

 

Soybeans

 

Yield loss is a major concern with balance sheets being so tight, said Total Farm Marketing.

 

Market following forecast of hot, dry weather, which should be a good factor, said The Hightower Report.

 

Wheat

 

There’s talk of nervousness that the Russian wheat crop could come under problems if it heats up over the near term, said The Hightower Report.

 

"There is new concern that later in June, Russia weather might suggest a hot and windy conditions which could stress crop there," ADM Investor Services said.

 

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