[Fri] Boxed beef cutout values this afternoon were lower… In negotiated cash sales in Nebraska, the USDA reported 453 head sold live at $122.59 and none sold dressed. In negotiated cash sales in Iowa/Minnesota, the USDA reported 36 head sold live at 124.50 and 4678 head sold dressed at $194.37… / Afternoon National Slaughter Cattle Review: For Friday negotiated cash trading has been at a standstill in the Southern Plains. In Nebraska and Western Cornbelt negotiated cash trading has been mostly inactive with light demand. Not enough purchases for a market trend. Wednesday was the last reported market in these regions with a light test noted. In the Texas Panhandle live purchases traded at 124.00. In Kansas and Nebraska live purchases traded from 122.00-124.00 and dressed purchases in Nebraska traded mostly at 196.00. In the Western Cornbelt live and dressed purchases traded at 122.00 and 196.00, respectively.
Farm Commodity Newsletter/Iowa Farmer Today
Fri 10/8/2021 4:26 PM
Boxed beef cutout values this afternoon were lower on both Choice and Select, the USDA said.
Choice fell 2.03 to $283.27/cwt.
Select fell 1.70 to $262.74/cwt.
In negotiated cash sales in Nebraska, the USDA reported 453 head sold live at $122.59 and none sold dressed. In negotiated cash sales in Iowa/Minnesota, the USDA reported 36 head sold live at 124.50 and 4678 head sold dressed at $194.37.
Cattle slaughter through Thursday totaled 483,000 head for the week, compared to last week’s pace of 473,000 head and 472k from the same week last year, according to Alan Brugler of Barchart.
US beef export sales for the week ending Sept. 30 came in at 15,633 tonnes and the lowest since Sept. 9. Cumulative sales for 2021 have reached 896,600 tonnes and the highest on record, according to ADM Investor Services.
Analysts expecting higher beef trade
Trades remain hopeful that beef prices turn higher and that the cash market turns higher in the weeks ahead, according to The Hightower Report.
Boxed beef may be near a bottom, but uncertainty remains, according to Total Farm Marketing.
Rain hits Midwest states with more on the way
Monday, Oct. 11 is a government and banking holiday, so there will be markets but no USDA data such as export inspections or crop progress/conditions report, advises Ami Heesch of CHS Hedging. Export sales to be delayed until Friday.
Weather forecasts are predicting rain next week in the western Corn Belt, which could slow harvest there, according to Total Farm Marketing.
Survey respondents are looking for USDA to show a 5.4 MMT boost to 303 MMT in next week’s WASDE report, while traders at the low end are calling for a 2.6 MMT cut to 295. The average of estimates is just 500k MT above the Sep WASDE forecast, according to Alan Brugler of Barchart.
A mixed weather forecast with some areas of the Midwest getting enough rain to slow harvest activities helping to keep selling pressures somewhat at bay. Strength in the energy complex plus weakness in the US dollar are seen as positive outside market influences, according to ADM Investor Services.
Underlying pressure stemmed from this week’s harvest activity and positioning ahead of the weekend and next week’s USDA report, according to Ami Heesch of CHS Hedging.
Survey results show that on average the trade expects USDA to raise global soybean stocks in Tuesday’s WASDE report. The average trade guess calls for a 100.6 MMT global carryout, which would be up 1.7 MMT from Sep’s estimate if realized, according to Alan Brugler of Barchart.
Winter wheat planting was slowed by this week’s rain events. Ideas are that progress could be near 60% complete versus 49% complete last week, report, according to Ami Heesch of CHS Hedging.
Rain in the short term forecast for the eastern half of Kansas is seen as beneficial to recently planted crops, and traders see European Union plantings with expectations that the crop area will be steady the slightly larger than last year, according to ADM Investor Services.