[Fri] Packers yesterday paid a little more for hogs but are still able to obtain the required number of hogs without much trouble, according to Total Farm Marketing... / National Daily Hog and Pork Summary: Natl: $69.26, -$0.92; IA/MN: $70.11; WCB: $70.08; ECB: $68.53; Cutout: $106.99, -$5.27 ...  

 

Farm Commodity Newsletter/Iowa Farmer Today

Fri 10/8/2021 4:26 PM

 

In weighted average negotiated prices for barrows and gilts, USDA reported;

 

National carcass base down 92 cents to $69.26/cwt.

National live was $54.71/cwt.

Iowa-Minnesota carcass base was $70.11.

 

USDA reported carcass cutout values this afternoon was down 5.27 to $106.99/cwt.

 

Export news remains bearish, and the seasonal advance in slaughter supply could cause a further decline in cash markets in the weeks just ahead, according to ADM Investor Services.

 

Packers yesterday paid a little more for hogs but are still able to obtain the required number of hogs without much trouble, according to Total Farm Marketing.

 

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.

 

Corn

 

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.

 

Soybeans

 

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.

 

Wheat

 

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.

 

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