[Tues] Holidays will cause hog supplies to get backed up as processing speeds will slow, according to Total Farm Marketing... / National Daily Hog and Pork Summary: Natl: $57.16, -$0.30; IA/MN: $57.46, +$0.65; WCB: $57.45, +$0.67; ECB: N/A; Cutout: $87.77, -$6.16 ...

 

Farm Commodity Newsletter/Iowa Farmer Today

Tue 11/16/2021 4:23 PM

 

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

 

National carcass base down 30 cents to $57.16/cwt.

National live down 6.11 to $44.00/cwt.

Iowa-Minnesota carcass base was $57.46/cwt.

 

USDA reported carcass cutout values this afternoon was down 6.16 to $87.77/cwt.

 

Front month lean hog futures were up by triple digit this morning through June í22, with $1.72 gains in the Feb contract, according to Alan Brugler of Barchart.

 

Holidays will cause hog supplies to get backed up as processing speeds will slow, according to Total Farm Marketing.

 

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 wonít 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 Brazilís 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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