[Tues] Boxed beef cutout values this afternoon were lower… In negotiated cash sales in Nebraska, the USDA reported 503 head sold live at $122 and 139 head sold dressed at $193. In negotiated cash sales in Iowa/Minnesota, the USDA reported none sold live and 402 head sold dressed at $192.62… / Afternoon National Slaughter Cattle Review: Thus far for Tuesday in all regions negotiated cash trading has been mostly inactive with light demand. Not enough purchases for a market trend. Last week in the Texas Panhandle live purchases traded at 124.00. In Kansas live purchases traded from 122.00-124.00. In Nebraska live and dressed purchases traded mostly at 122.00 and 196.00, respectively. In the Western Cornbelt live and dressed purchases traded mostly at 122.00 and from 192.00-197.00, respectively.  

 

Farm Commodity Newsletter/Iowa Farmer Today

Tue 10/5/2021 4:32 PM

 

Boxed beef cutout values this afternoon were lower on Choice and higher on Select, the USDA said.

 

Choice fell 1.47 to $287.71/cwt.

Select up 2.62 to $267.78/cwt.

 

In negotiated cash sales in Nebraska, the USDA reported 503 head sold live at $122 and 139 head sold dressed at $193. In negotiated cash sales in Iowa/Minnesota, the USDA reported none sold live and 402 head sold dressed at $192.62.

 

Ideas that the beef market is close to a near term low, plus weight data which continues to suggest that producers are current with marketings, are seen as positive short-term forces, according to ADM Investor Services.

 

If employment at packing facilities increases, then leverage may begin to swing slightly in the favor of the cattle feeder, said Christopher Swift of Shootin’ the Bull.

 

China demand may move toward U.S

 

According to the Commitment of Traders report, funds sold 5,934 live cattle contracts – now net long 28,770 contracts, said Total Farm Marketing.

 

China trade issues with Australia has shifted some China demand away from Australia and toward the US, according to ADM Investor Services.

 

Soybeans expected to be popular in 2022

 

In 2022, US farmers might plant more soybeans than corn, due to the high cost of planting corn, according to Total Farm Marketing.

 

The corn market traded lower in sympathy with the wheat market and prices drew additional pressure from harvest activity, said Ami Heesch of CHS Hedging.

 

Corn

 

USDA crop conditions unchanged from last week at 59% good to excellent (62% last year) and corn harvest estimated to be 29% complete vs 18% last week and 22% average, according to Total Farm Marketing.

 

Weekly inspections data implied 21/22 corn export shipments were 81.37 mbu through 9/30 – trailing 146.8 mbu at the same point last year, according to Alan Brugler of Barchart.

 

Soybeans

 

Soybean prices were higher on borrowed strength in the soyoil and crude oil markets said Ami Heesch of CHS Hedging.

 

Ag Rural reported Brazil’s soybeans were 4% planted as of 9/30. That is up from 1% planted last week and compares to just 2% at the same point last season, according to Alan Brugler of Barchart.

 

Wheat

 

EU wheat prices retreated after tickling new contract highs yesterday and prices drew additional pressure from weakness in the US wheat market, said Ami Heesch of CHS Hedging.

 

Some feel Russian exports may want to export as much wheat as possible before export tax increases and export quotas begin in January, according to ADM Investor Services.

 

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