[Mon] Boxed beef cutout values this afternoon were higher on Choice and lower on Select… There were no reported negotiated cash sales in Nebraska or Iowa/Minnesota from the USDA… / Afternoon National Slaughter Cattle Review: Thus far for Monday negotiated cash trading has been mostly inactive on very light demand in the Western Cornbelt. Not enough purchases for a market trend. Negotiated cash trading has been at a standstill in all other major feeding regions. Last week in the Southern Plains live purchases traded at 133.00. In Nebraska last week, live and dressed purchases traded from 133.00-134.00 and at 210.00, respectively. In the Western Cornbelt last week live and dressed purchases traded from 132.00-134.00 and at 210.00, respectively. In Colorado last week live purchases traded from 132.00-135.00.

 

Farm Commodity Newsletter/Iowa Farmer Today

Mon 11/22/2021 4:33 PM

 

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

 

Choice up 84 cents to $279.25.

 

Select down 10 cents to $263.73.

 

There were no reported negotiated cash sales in Nebraska or Iowa/Minnesota from the USDA

 

Strong holiday demand for beef pushed cattle higher today even though the cattle on feed report was neutral, according to The Hightower Report.

 

Futures are moving higher in line with cash and the cash trade was expected to be slow 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 today’s 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 don’t 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.

 

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