[Fri] The lean hog and pork indexes have been dropping “and are keeping a lid on lean hogs,” ADM Investor Services said... Lean hogs were mixed overall, as the market “has coiled up for much of the week,” The Hightower Report said. “longer-term bearish influences of increasing supply and lower exports will likely force the U.S. to absorb extra pork during September and October.” / Daily Direct Afternoon Hog Report: Natl: $88.85; IA/MN: $94.18; WCB: $93.74; ECB: N/A / National Daily Pork Report FOB Plant - Negotiated Sales: Cutout: $108.15, -$1.12 …
Farm Commodity Newsletter/Iowa Farmer Today
Fri 9/3/2021 3:53 PM
In weighted average negotiated prices for barrows and gilts, USDA reported;
National carcass base down 6 cents to $88.85/cwt.
National live was not reported due to confidentiality
Iowa-Minnesota carcass base was reported at $94.18
USDA reported carcass cutout values this afternoon fell $1.12 to $108.15/cwt.
Lean hog markets are “holding on” despite cattle dropping, Total Farm Marketing said, in large part due to the discount of futures to the cash market.
The lean hog and pork indexes have been dropping “and are keeping a lid on lean hogs,” ADM Investor Services said. “Futures volume has been moderate. Traders will be waiting for exports, and until then, look for lean hogs to bounce as they have over the past two weeks.”
Cattle markets slide into weekend
Cattle markets were sharply lower again, moving to their lowest points since July 21, The Hightower Report said. This marks the eighth straight day the market took out the previous day’s low. “Slaughter is coming in a little higher than expected and the cash market is moving higher at a much slower pace than many traders had expected.”
Lean hogs were mixed overall, as the market “has coiled up for much of the week,” The Hightower Report said. “longer-term bearish influences of increasing supply and lower exports will likely force the U.S. to absorb extra pork during September and October.”
Soybeans find support ahead of long weekend
U.S. stocks are mixed today after “disappointing jobs data,” Ami L. Heesch of CHS Hedging said. “Oil markets are weaker on expectations for a slowdown in demand for oil from renewed virus concerns.” She noted that the U.S. dollar also weakened after a poor jobs report.
Markets will be closed during the day on Monday for the Labor Day holiday, reopening that night into Tuesday.
Corn prices dropped as expectations for increased yields weighed on the market, Ami L. Heesch of CHS Hedging said. “Prices drew additional pressure from expected delays in export programs after hurricane Ida,” she said.
Corn export sales were “higher than expected,” ADM Investor Services said, as managed funds continue to liquidate net longs going into U.S. harvest.
Soybean prices found support as demand continues to stay strong, Ami L. Heesch of CHS Hedging said. “Soybeans may be garnering some support from lack of improved conditions after recent rain events. Cash markets are starting to firm up a bit on lack of overall movement,” she said.
“This weeks selloff in prices was linked mostly to damage to U.S. gulf export infrastructure due to the Hurricane and some hope next week some of the elevators get power restored,” ADM Investor Services said.
Wheat markets opened and stayed higher as tight global supplies and continued demand supported prices, Ami L. Heesch of CHS Hedging said. “Harvest progress was light this week with rains across the Northern Plains,” she said.
“Talk of lower Canada and Russia crops and export supplies could help wheat futures,” ADM Investor Services said. “This week there was additional talk that the Russian wheat crop could be down enough to substantially lower their exports.”