[Tues] Boxed beef cutout values this afternoon were lower… In negotiated cash sales in Nebraska, the USDA reported none sold live or dressed. In negotiated cash sales in Iowa/Minnesota, the USDA reported none sold live and 40 head sold dressed at $198. Traders are disappointed in lack of higher cash trade last week, according to Total Farm Marketing… Afternoon National Slaughter Cattle Review: So far for Tuesday negotiated has been at a standstill in all feeding regions. Last week in the Texas Panhandle live purchases traded at 124.00. In Kansas live purchases traded from 123.00-124.00. For the previous week in Nebraska live and dressed purchases traded from 125.00-126.00 and 200.00-203.00, respectively. In the Western Cornbelt live and dressed purchases traded from 125.00-128.00 and 200.00-203.00, respectively.
Farm Commodity Newsletter/Iowa Farmer Today
Tue 9/7/2021 4:29 PM
Boxed beef cutout values this afternoon were lower on Choice and Select, USDA said.
Choice fell 1.23 to $335.19/cwt.
Select fell 2.23 to $301.90/cwt.
In negotiated cash sales in Nebraska, the USDA reported none sold live or dressed. In negotiated cash sales in Iowa/Minnesota, the USDA reported none sold live and 40 head sold dressed at $198.
Traders are disappointed in lack of higher cash trade last week, according to Total Farm Marketing.
USDA estimates the week’s cattle slaughter at 624,000 head through Saturday, down from 651,000 head last week and from 635,000 head last year, , said Alan Brugler of Barchart.
Russia taking cattle export business
Cows have been found in Brazil with Mad Cow Disease and exports to China have been stopped. It could generate talk of US exports to China but during July Russia surpassed beef exports to China and will likely increase, according to Chris Lehner of ADM Investor Services.
Traders remain nervous over short term demand indicators as beef prices have been under pressure, and the continued high case load for COVID adds worries over short-term restaurant demand, said The Hightower Report.
Export news weighing on grains
There was talk that China was buying domestic pork for reserves to support domestic prices. This could lower corn imports and force U.S. futures and production lower, according to Steve Freed of ADM Investor Services.
US Coast Guard confirmed lower Mississippi is back up and running, according to Total Farm Marketing.
China plans to sell 134k tonnes of imported corn from the US and 8k tonnes of imported corn from Ukraine, according to Ami Heesch of CHS Hedging.
Corn shipments from the Gulf were just 137,25 mt -- 108,444 corn specific – for the week ending 9/2, providing the first hint at Ida damage and delays to the port terminals, said Alan Brugler of Barchart.
Chinese soybean imports expected to wane over the next three months from softening crush margins and ample supplies, according to Ami Heesch of CHS Hedging.
Illinois is still estimated to yield the top beans with a 58.73 bpa average. With that, and an extra 10k acres (to 86.7 million), cmdtyView estimates 21/22 US soybean output at 4.45 bbu, said Alan Brugler of Barchart.
Russian wheat prices continue to rise from a sizable export tax increase and quality concerns, according to Ami Heesch of CHS Hedging.
Export inspections data for week that ended 9/2 showed 381,551 MT of wheat shipped, down from 699,386 MT from the same week last year. Mexico was the week’s top destination with 27% of the total, said Alan Brugler of Barchart.