[Thurs]: National Daily Hog and Pork Summary: Natl: $110.76, IA/MN: $115.51, WCB: $115.12, ECB: N/A, Cutout: $119.52, +$0.83 / Cash prices continue to increase in the hog market despite futures falling, Total Farm Marketing said. Export sales this morning were down 76% from last week’s mark, leading to some pressure...
Farm Commodity Newsletter/Iowa Farmer Today
Thu 7/15/2021 4:33 PM
In weighted average negotiated prices for barrows and gilts, USDA reported;
National carcass base down $3.03 to $45.17/cwt.
National live was not reported due to confidentiality
Iowa-Minnesota carcass base reported at $115.51
USDA reported carcass cutout values this afternoon rose 83 cents to $119.52/cwt.
Cash prices continue to increase in the hog market despite futures falling, Total Farm Marketing said. Export sales this morning were down 76% from last week’s mark, leading to some pressure.
Today’s export report showed Mexico as the top buyer at 5,257 tonnes, and China showing net negative marks with cancellations, The Hightower Report showed.
Low exports weigh on hogs
Lean hog markets were lower today as export sales were lower in today’s export report. “The china pig herd is expanding rapidly and China pig prices are down 56% year to date,” The Hightower Report said.
Live cattle markets were lower today, but traded in a tight range, The Hightower Report said. “Traders are hoping to see some stability in the beef market in order to assume that the cash market can work its way higher over the near term.”
Drought supporting wheat prices
Grain markets were mixed today as corn and soybeans were slightly lower and wheat jumped. Drought continues to support the wheat market as extreme drought has hit northern Minnesota, South Dakota and Montana, Pattie Uhrich of CHS Hedging said. “There is no relief in sight as extreme heat west of the Mississippi river and extending into the Northern Plains and Western Canada is in the forecast,” she said.
Meanwhile, legislation introduced by U.S. senators would increase gasoline with higher ethanol blends, allowing a waiver for year-round sales of 15% blends (E15), she said.
Corn markets had profit-taking today as September took over as the front-month contract. Pattie Uhrich of CHS Hedging said exports were at the lower end of expectations at 138.1 tmt for old crop.
Low water levels in the Panama River might be a factor in the corn market soon, according to ADM Investor Services. “Argentina Parana river is lowest in 80 years. All of this suggest that Brazil and Argentina may not be able to export 27 mmt that USDA is forecast July-Sep.”
Soybean crush was down 7% for June, and a lack of fresh news today helped the market trade slightly lower, Pattie Uhrich of CHS Hedging said.
Soybean markets could test the contract highs if hot and dry weather comes around in the upper Midwest, ADM Investor Services said.
Recent rains are easing concerns about the quality of EU wheat, but lower Russian wheat yields are supporting the market, ADM Investor Services said. “(There was) buying due to talk that exporters that sold German and Baltic wheat for export are having problem sourcing wheat due to late harvest.”
The market is at its highest point since July 1, as Minneapolis wheat hit a new contract high for the third day in the row, The Hightower Report said. “The weather forecast for the next two weeks looks threatening,” they said.