[Thurs]: The slowdown in slaughter pace and slower consumer demand are also hitting the lean hog market, The Hightower Report said. 揟he short-term trend could turn down as the trade brings down the premium structure,?they said?[Weds]: National Daily Hog and Pork Summary / National Carcass base up $1.01?USDA reported carcass cutout values this afternoon down 54 cents?Hog prices traded mostly lower, according to Total Farm Marketing. Difficult weather has limited some hog movement?
Farm Commodity Newsletter/Iowa Farmer Today
Thu 2/18/2021 8:33 AM
Lean hogs - "The April contract was extremely over-bought and due for a correction, so we saw momentum slowing on Tuesday and follow through selling yesterday,?Total Farm Marketing said.
The slowdown in slaughter pace and slower consumer demand are also hitting the lean hog market, The Hightower Report said. 揟he short-term trend could turn down as the trade brings down the premium structure,?they said.
Weather support starting to fade
Cattle demand 揷ould take a hit,?The Hightower Report said, as more consumers are at home than normal. Despite production slowdowns supporting beef prices, The Hightower Report said the futures market is still at a major premium to the cash market and the cash market may see pressure in the short term.'
With weather giving support to the lean hog market, "it may be difficult for the market to hold on to the large premium to he cash market," The Hightower Report said.
Forum taking focus on Thursday
Grain markets were higher overnight, but faded before this morning抯 opening, in what appears to be a recurring theme, CHS Hedging said.
The 2021 USDA Outlook Conference opens today and markets will have plenty of new information to digest. 揟he data released will be scrutinized thoroughly by the trade,?CHS Hedging said.
Wed 2/17/2021 4:37 PM
In weighted average negotiated prices for barrows and gilts, USDA reported;
National Carcass base up $1.01 to $68.55.
The national live rate was unreported due to confidentiality.
Iowa-Minnesota carcass base was $70.71.
USDA reported carcass cutout values this afternoon down 54 cents at $89.17.
Hogs slipped today, giving back yesterday抯 gains, according to Virginia McGathey of the CME Group. Demand remains strong, but technically hogs are overbought.
Hog prices traded mostly lower, according to Total Farm Marketing. Difficult weather has limited some hog movement.
Plants idled during winter storm
Cattle dropped today and hogs did slip as well, thanks in large part to weather conditions and the fact that Texas slaughter plants were idled, according to and the countryside cash market is still very quiet Virginia McGathey of the CME Group.
The U.S. economy is showing signs of improving, which is giving some underlying support to the commodity markets, according to Karl Setzer of Agrivisor. Food Service spending was up 7 percent in January, which helps the meat markets.
Grain markets choppy ahead of forum
It was a choppy day in the grain markets on the eve of the USDA Ag Outlook Forum. Warmer temperatures are easing some of the concerns about damage to the winter wheat crop and the Federal Reserve looks to keep interest rates near zero until inflation rates rise to 2 percent, according to CHS Hedging.
The trade was under pressure today with the greatest losses taking place in wheat, where the sharp rally in the dollar and the fact that the U.S. is overpriced in the world market were both issues, according to Karl Setzer of Agrivisor.
Corn futures closed slightly higher on the day amid talk of warmer temperatures next week that could improve grain flow and logistics, according to ADM Investor Services.
There was choppy trade today but prices drew some support from planting delays in Brazil, according to CHS Hedging.
The soybean market finished the day mixed, with the front months experiencing pressure from a lack of fresh supportive news and the strength of the U.S. dollar. There was some spillover strength from the crude oil market, according to CHS Hedging.
The La Nina pattern is now expected to last through the spring and into the summer months, which could impact production in South America, according to Karl Setzer of Agrivisor. The soybean harvest in Brazil remains slower than normal.
Lower trade on bouts of profit taking and easing concerns of damage to the crop from the cold stretch of weather were factors in today抯 wheat market, according to CHS Hedging.
Black Sea wheat futures were lower and the U.S. dollar was higher and those facts may have influenced the wheat market today, according to ADM Investor Services.