[Mon] … It was a quiet day again in the cattle markets as prices consolidated at the top of last week’s trading range, according to Total Farm Marketing… Cattle were steady and hogs were a little easier today, according to Virginia McGathey of the CME Group, who said the cattle held onto last week’s gains… / Afternoon National Slaughter Cattle Review: Thus far for Monday negotiated cash trading has been at a standstill in all major feeding regions. Last week in the Southern Plains live purchases traded at 124.00. For the prior week in Nebraska live and dressed purchases traded from 122.00-124.00 and at 196.00, respectively. For previous week in the Western Cornbelt live and dressed purchases traded at 122.00 and from 193.00-196.00, respectively. / National Daily Boxed Beef Cutout And Boxed Beef Cuts - Negotiated Sales - Afternoon: ... Current Cutout Values... Change from prior day: -$2.15 ...
Farm Commodity Newsletter/Iowa Farmer Today
Mon 10/11/2021 4:31 PM
… It was a quiet day again in the cattle markets as prices consolidated at the top of last week’s trading range, according to Total Farm Marketing.
August beef exports increased 21% from a year ago to 325 million pounds, according to Karl Setzer of Agrivisor.
Cattle hold on to last week’s gains
Cattle were steady and hogs were a little easier today, according to Virginia McGathey of the CME Group, who said the cattle held onto last week’s gains while hogs seemed to be watching China and waiting for some type of news to move the market.
Despite a sharp rally in Chinese hog futures overnight, the U.S. market was under pressure today, according to Karl Setzer of Agrivisor.
Grain markets mixed on quiet day
The report tomorrow from USDA is really going to give the market an idea where we are, according to Virginia McGathey of the CME Group. It is really carrying a lot of weight for the market. Until then, things are mixed.
Soybeans led the way lower but for the most part it was a quiet day for the trade, according to CHS Hedging.
Futures managed to close stronger today despite weaker markets in soybeans and wheat, and tomorrow’s report may give mixed numbers, according to CHS Hedging. Harvest is expected to be 42-45% complete in tomorrow’s report and last week was at 29% complete.
Corn futures edged higher as harvest delays due to expectations of rain in the Midwest put a damper on the market, according to Total Farm Marketing.
Double-digit losses in soybean futures came today as the market dealt with expectations that tomorrow’s report won’t be supportive, according to CHS Hedging.
The greatest unknown when it comes to U.S. soybean demand remains China, and Chinese officials claim to have their soybean needs covered through the end of November, according to Karl Setzer of Agrivisor.
Weakness was seen across the majority of the three wheat classes and fresh news in the wheat world is slim, according to CHS Hedging.
Without much news to drive wheat, most traders already positioned themselves ahead of the WASDE report, leading to a mixed to lower day today, according to Total Farm Marketing.