[Mon] … Hog futures finished lower as last week’s softer cash market carried over into the start of this week, according to Total Farm Marketing…

 

Farm Commodity Newsletter/Iowa Farmer Today

Mon 10/11/2021 4:31 PM

 

… Hog futures finished lower as last week’s softer cash market carried over into the start of this week, according to Total Farm Marketing.

 

Without some fundamental information to push the market, it seems to be sitting still or backfilling any losses, according to Virginia McGathey of the CME Group.

 

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.

 

Corn

 

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.

 

Soybeans

 

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.

 

Wheat

 

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.

 

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