[Mon] Cash weakness continues to limit upside potential and slaughter pace will be light this week due to the holiday, according to Total Farm Marketing... / National Daily Hog and Pork Summary: Natl: $54.91, -$0.04; IA/MN: $54.87, -$0.09; WCB: $54.86; -$0.10; ECB: N/A; Cutout: $86.25, -$3.57 ...

 

Farm Commodity Newsletter/Iowa Farmer Today

Mon 11/22/2021 4:33 PM

 

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

 

National carcass base down 4 cents to $54.91/cwt.

National live price down 16 cents to $43.91.

Iowa-Minnesota carcass base at $54.87.

 

USDA reported carcass cutout values down $3.57 at $86.25.

 

February hogs closed moderately higher but the upside appears limited and the market is technically overbought, according to The Hightower Report.

 

Cash weakness continues to limit upside potential and slaughter pace will be light this week due to the holiday, according to Total Farm Marketing.

 

Cattle, hog markets see gains

 

February cattle closed sharply higher on the session and January feeder cattle were also up while February lean hogs closed moderately higher, according to The Hightower Report.

 

The November cattle on feed report was mostly as expected by trade with 11.95 million head of cattle on feed as of Nov. 1, according to Karl Setzer of Agrivisor.

 

Grains get boost to start short week

 

Trade was on the positive side for much of todayís session as light buying took place with thin volume, according to Karl Setzer of Agrivisor. Wheat was the leader, thanks to weather concerns.

 

The grain markets saw fund money coming in and buying across the board led by winter wheat markets, according to CHS Hedging.

 

Corn

 

The corn market traded higher, finding support from the strength in the wheat markets, according to CHS Hedging.

 

Even if we donít see an increase in U.S. corn exports, domestic demand may still reduce projected carryout, according to Karl Setzer of Agrivisor. Ethanol production through mid-November is up 250 million gallons from last year.

 

Soybeans

 

Soybeans ended higher amid talk of tighter U.S. supply and increased inflation, according to ADM Investor Services.

 

Soybeans were higher, getting support from the soybean oil futures trading while soybean meal was down, according to CHS Hedging.

 

Wheat

 

Wheat futures rallied sharply on the concern that wet weather will delay the Australian harvest and reduce quality, according to ADM Investor Services.

 

The wheat market led the way higher today on concerns about weather in Australia and Russian wheat offers were also higher, giving support to global prices, according to CHS Hedging.

 

iowafarmertoday.com