[Tues]: 揟he positive weather tilt may be peaking today,?The Hightower Report said. 揟he market is now in position to absorb a 5% increase in pork production last week as compared with one year ago攨 The winter storm sweeping through the country 搘ill support prices,?Total Farm Marketing said. The impacts of the storm on weights will be positive and livestock movement will be slowed?
Farm Commodity Newsletter/Iowa Farmer Today
Tue 2/16/2021 8:42 AM
Lean hogs - Hog markets saw some good price action on Friday but profit-taking emerged before the close, Total Farm Marketing said. 揟he market is viewed as technically overbought and due for a correction, 搒o look for bouts of price weakness if buying interest fades.?/p>
揟he positive weather tilt may be peaking today,?The Hightower Report said. 揟he market is now in position to absorb a 5% increase in pork production last week as compared with one year ago.?/p>
Winter storm giving support
The winter storm sweeping through the country 搘ill support prices,?Total Farm Marketing said. The impacts of the storm on weights will be positive and livestock movement will be slowed.
As the U.S. economy reopens, demand is still expected to increase for meat, adding to the positive tone for the futures market, The Hightower Report said. However, 搕he supply of market ready cattle and much higher than average weight may be difficult for the futures to hold onto the stiff premium.?/p>
Grains open short week higher
Grains 搘ere higher right from the get-go?when trade reopened last night, Katie Murphy and Brian Rydlund of CHS Hedging said.
Markets are watching weather as the country looks to bounce back from the polar vortex that has hit much of the Midwest and spring quickly approaches, CHS Hedging said.
Nationally, they noted the next major issue the Biden Administration is expected to tackle is the COVID relief bill going through congress.
With acreage ideas coming out around Thursday this week, 搕he market may be more sensitive than in recent years to the acreage estimates when they are released,?CHS Hedging said. They added that charts are 揳ttractive?and growers 搒eem content to wait on further sales.?/p>
Ethanol production has slowed down 搕o the tune of 1 mln barrels per day,?John Payne of Daniels Trading said. 揟hankfully, this is going to end in the coming two weeks,?he said. 揈arly planting in the south should be starting within the next month.?/p>
NOPA crush numbers will be released today with expectations for the 揵iggest January crush on record,?John Payne of Daniels Trading said. Guesses are for around 183.087 mln bushels, the third largest monthly crush on record.
揥ith the latest stocks-to-use ratio near a record low of around 3%, nearby contracts have more room to probe higher,?Total Farm Marketing said. 揝oyoil futures are scoring new highs.?/p>
Wheat markets are rallying overnight as weather issues are bringing production into question, CHS Hedging said. 揜ecord cold temperatures have rekindled fresh 憌interkill?chatter for the U.S. wheat crops across our nation抯 midsection,?they said.
The winter conditions helped wheat, but so did the drop in the U.S. Dollar and higher row crops, Total Farm Marketing said. 揟his and talk that their exports could be lower than USDA抯 guess offers support,?they said. 揕ooking ahead, NOAA suggests some weakening of La Nina in April which spells normal spring weather across most of the U.S. plains and Midwest.?/p>