[Thurs]: Afternoon National Slaughter Cattle Review / In negotiated cash sales in Nebraska, the USDA reported 1,906 head sold live at $122-124, with 1,348 sold dressed at $196-197. In Iowa/Minnesota, 1,935 head were sold live at $123-126.25, and 2,020 head were sold dressed at $196-198… Boxed beef cutout values this afternoon were lower… It has been an “uneventful” week thus far in cash trade, Total Farm Marketing said. “Packers have not purchased a large amount of cattle so far”…
Farm Commodity Newsletter/Iowa Farmer Today
Thu 7/15/2021 4:33 PM
Boxed beef cutout values this afternoon were lower on Choice and Select, USDA said.
Choice fell $3.01 to $269.87/cwt.
Select went down $1.27 to $252.48.
In negotiated cash sales in Nebraska, the USDA reported 1,906 head sold live at $122-124, with 1,348 sold dressed at $196-197. In Iowa/Minnesota, 1,935 head were sold live at $123-126.25, and 2,020 head were sold dressed at $196-198.
It has been an “uneventful” week thus far in cash trade, Total Farm Marketing said. “Packers have not purchased a large amount of cattle so far.”
Feeder cattle had a recovery bounce today, “providing some underlying support on the early break,” The Hightower Report said.
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.