[Mon] Packers have supplies for now, leaving them less aggressive, according to Total Farm Marketing... / National Daily Hog and Pork Summary: Natl: $57.46, -$0.54; IA/MN: $56.81, -$1.21; WCB: $56.78, -$1.22; ECB: N/A; Cutout: $93.93, -$0.78 ...
Farm Commodity Newsletter/Iowa Farmer Today
Mon 11/15/2021 4:30 PM
In weighted average negotiated prices for barrows and gilts, USDA reported;
National carcass base down 54 cents to $57.46/cwt.
National live up $2.76 to $50.11.
Iowa-Minnesota carcass base at $56.81.
USDA reported carcass cutout values down 78 cents at $93.93.
December hogs closed slightly down and February hogs closed moderately higher on the session, according to The Hightower Report.
Packers have supplies for now, leaving them less aggressive, according to Total Farm Marketing.
Quiet cattle markets expected this week
December cattle closed lower and February cattle closed higher after being down early in the day, according to The Hightower Report. December hogs closed slightly down on the day.
It could be a quiet week in the cattle market but the long-term outlook remains fairly upbeat, according to Oliver Sloup of Blue Line Futures.
Grains mixed to open week
The grain and oilseed complex was mixed to start the week with corn ending up lower while soybeans and soybean meal were higher and wheat was mixed, according to CHS Hedging.
While there was buying interest in the market, sellers were also quick to show up and in the grains futures ran into technical resistance, according to Karl Setzer of Agrivisor.
Corn futures are stuck near $5.74 as U.S. domestic ethanol markets are near season highs and processors are aggressive buyers to meet grind needs, according to ADM Investor Services.
The front three months of corn were slightly lower while the deferred months gained on the day, according to CHS Hedging.
The soybean market closed higher on the strong rally in soybean meal, according to CHS Hedging.
One factor being monitored is the volume of fertilizer being applied this fall because it may make a difference on whether some acres are planted to corn or soybeans next spring, according to Karl Setzer of Agrivisor.
Wheat futures were mixed with higher global prices offering some support as everyone watches to see what happens in Russia, according to ADM Investor Services.
Minneapolis wheat plunged lower after the open while Chicago and Kansas City were able to close slightly higher, according to CHS Hedging.