[Tues]: National Daily Hog and Pork Summary: Natl: $112.34, +$1.93; IA/MN: $119.71. +$4.91; WCB: $120.39, +$4.86; ECB: N/A; Cutout: $134.94, +$0.21 / There is no overabundance of U.S. hogs, said Chris Lehner of ADM Investor Services. Weights indicate hogs are being moved when they are ready, but packers aren’t fighting for open market hogs, and there aren’t enough to fight over”… “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…
Farm Commodity Newsletter/Iowa Farmer Today
Tue 6/8/2021 4:21 PM
In weighted average negotiated prices for barrows and gilts, USDA reported;
National carcass base rose 1.93 to $112.34/cwt.
National live price fell 22 cents to $83.89./cwt.
Iowa-Minnesota carcass base at $119.39.
USDA reported carcass cutout values this afternoon rose 21 cents to $134.94 /cwt.
Slaughter numbers are strong as packers make up for last week’s disruptions, said Total Farm Marketing.
There is no overabundance of U.S. hogs, said Chris Lehner of ADM Investor Services. Weights indicate hogs are being moved when they are ready, but packers aren’t fighting for open market hogs, and there aren’t enough to fight over.
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.
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.
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.
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.