[Tues] Hogs may be building support as supplies are plentiful, according to Total Farm Marketing... There was talk that China was buying domestic pork for reserves to support domestic prices... / National Daily Hog and Pork Summary: Natl: $87.56, -$1.29; IA/MN: $90.60; WCB: $90.57; ECB: N/A; Pork Cutout: $105.67, -$2.48 …
Farm Commodity Newsletter/Iowa Farmer Today
Tue 9/7/2021 4:29 PM
In weighted average negotiated prices for barrows and gilts, USDA reported;
National carcass base down 1.29 to $87.56/cwt.
National live was $69.81.
Iowa-Minnesota carcass base was $90.60.
USDA reported carcass cutout values this afternoon was down 2.48 to $105.67/cwt.
USDA estimate hog slaughter for the week at 2.398m head through Saturday, compares to 2.438m head last week and 2.466m head from the same week last year, said Alan Brugler of Barchart. Saturday’s kill is projected lower due to the holiday.
Hogs may be building support as supplies are plentiful, according to Total Farm Marketing.
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.