[Tues] Boxed beef cutout values this afternoon were lower… In negotiated cash sales in Nebraska, the USDA reported none sold live or dressed. In negotiated cash sales in Iowa/Minnesota, the USDA reported 300 head sold live at $130.47 and 15 head sold dressed at $204… / Afternoon National Slaughter Cattle Review: Thus far for Tuesday negotiated cash trading has been mostly inactive on very light demand in the Southern Plains, Nebraska, and Western Cornbelt. Not enough trades in any region for a market trend. Negotiated cash trading has been at a standstill in Colorado. Last week in the Southern Plains, Nebraska and Colorado live purchases traded at 132.00, and dressed purchases, in Nebraska, traded at 207.00. For the prior week in the Western Cornbelt live and dressed purchases traded from 130.00-132.00 and at 207.00, respectively.

 

Farm Commodity Newsletter/Iowa Farmer Today

Tue 11/16/2021 4:23 PM

 

Boxed beef cutout values this afternoon were lower on Choice and Select, the USDA said.

 

Choice down 1.07 to $282.13/cwt.

Select down 69 cents to $266.59/cwt.

 

In negotiated cash sales in Nebraska, the USDA reported none sold live or dressed. In negotiated cash sales in Iowa/Minnesota, the USDA reported 300 head sold live at $130.47 and 15 head sold dressed at $204.

 

USDA estimated Monday’s federally inspected cattle slaughter at 121,000 head, matching last week and 1,000 head more than the same Monday last year, according to Alan Brugler of Barchart.

 

Buyers are hesitant considering the recent setback in beef prices, but on the other hand, there is a sense that strong consumer demand into the holidays could spark a turn up in the beef market, according to The Hightower Report.

 

Cattle finding little room higher

 

Cattle futures hold uptrend but struggle to move significantly higher, according to Total Farm Marketing.

 

Packers are buying this week for short kill with Thanksgiving break next Thursday. If beef continues to drop, packers probably won’t be aggressive buyers, according to Chris Lehner of ADM Investor Services.

 

Traders hopeful as U.S. and China talks loom

 

Vietnam announced it has changed its tariffs on wheat, corn and pork. The decree eliminates the MFN (most-favored nation) tariff on all classes of wheat, lowers the duty on corn from 5% to 2%, and lowers the duty on frozen pork from 15% to 10%, according to Patti Uhrich of CHS Hedging.

 

Traders are hopeful that meetings between the US president and the China president may be helpful in expanding trade, according to ADM Investor Services.

 

Corn

 

Rumors swirl of China buying a half million mmt of corn from Ukraine last week, according to Total Farm Marketing.

 

The corn market turned lower from its highest prices in four months, following wheat lower and on the news that the 2021 harvest is nearing completion, according to Patti Uhrich of CHS Hedging

 

Soybeans

 

The conditions in Brazil remain favorable for a record soybean crop with the exception of Brazil’s southern tip that is experiencing dryness, according to Patti Uhrich of CHS Hedging.

 

Wheat

 

Russian wheat prices continue to move higher each week, according to Total Farm Marketing.

 

U.S. wheat supplies are estimated at their lowest level in 14 years with no changes expected through the winter, according to Patti Uhrich of CHS Hedging.

 

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