[Weds] Boxed beef cutout values this afternoon were lower… In negotiated cash sales in Nebraska, the USDA reported 80 head sold dressed at $207 and 1,128 sold live at $131.51. In Iowa/Minnesota 658 head were sold live at $131.88… / Afternoon National Slaughter Cattle Review: Thus far for Wednesday negotiated cash trading has been limited on light demand in all major feeding regions. Not enough trades in any region for a market trend. 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.
Boxed beef cutout values this afternoon were lower on Choice and Select, the USDA said.
Choice down $3.66 to $278.47.
Select down $2.53 to $264.06.
In negotiated cash sales in Nebraska, the USDA reported 80 head sold dressed at $207 and 1,128 sold live at $131.51. In Iowa/Minnesota 658 head were sold live at $131.88.
The cattle market is still looking pretty good despite high grain prices, according to Virginia McGathey of the CME Group. Feeders were a little lower.
Futures continue to hold support levels despite weak cash and U.S. cattle on feed placements are expected to rise 2-3 percent, according to Total Farm Marketing.
Cattle move higher on supportive news
Cattle were mostly higher and hogs were mixed today but there was some good news in both markets, according to Virginia McGathey of the CME Group.
December and February live cattle built on early support and finished with mild gains while December lean hogs finished down slightly, according to The Hightower Report.
Soybeans lead crops higher
Grain futures made a considerable rebound today with the soy complex leading the way higher thanks to spillover support from the global vegetable oil market, according to Karl Setzer of Agrivivor.
All three major grain markets were up for different reasons, according to Virginia McGathey of the CME Group.
The corn market appear to have been lifted by a revival of export demand and by inflationary interest in many physical commodities, according to ADM Investor Services.
Ethanol manufacturing for the week ending Nov. 12 was supportive for the market, according to Karl Setzer of Agrivisor. Production was 2 percent higher than the previous week and 10 percent higher from last year.
The soybean market was lifted aggressively by the announcement of a U.S. sale of soybeans to China, according to The Hightower Report. The 132,000 ton sale boosted prices.
Soybean crush is on the rise and is acting like a magnet, pulling up soybean prices, according to Virginia McGathey of the CME Group.
Chicago wheat forged a new contract high and inflation-related buying helped boost wheat prices, according to ADM Investor Services.
The wheat complex continues to rise and Russia’s escalating export tax has helped, according to William Moore at Agmaster.