2012 USDA Acreage Report


(Correction to Mississippi cotton acreage change from March has been made)

The much anticipated, and likely to be much debated, 2012 Acreage report from USDA  was released this morning (June 29). Nationally, the report bumped up the number of acres for corn and soybeans from it’s earlier Prospective Plantings report. Cotton acres were reported lower than in March. Mississippi corn and cotton acres were lowered from the March estimates but soybean acres were raised. Debate will certainly follow in the coming days/weeks before attention is moved squarely to yields. Continue reading “2012 USDA Acreage Report”

Cattle Market Notes – Week of Jun 22, 2012


Cash Cattle:

Cash cattle were lower again this week. Cash fed cattle were called at mostly $2-$3/cwt lower compared to last week.  In Texas, live prices were called at $116/cwt. In Nebraska, live and dressed prices were called at $115.50-$116/cwt and $188-$190/cwt, respectively. Despite the falling prices trade was light, but look for packers to start shoring up purchases next week to take advantage of the low prices in advance of the Independence holiday. Oklahoma City feeder steers and heifers were $2-$4/cwt lower; steer calves were $1-$4/cwt lower; heifer calves were $3-$5/cwt lower. In Mississippi markets, steers and heifers were steady, while cull cows and bulls were $1-$5/cwt lower.

Continue reading “Cattle Market Notes – Week of Jun 22, 2012”

Livestock Price and Production Tables – Week of Jun 22, 2012


Mississippi Auction Markets
Weight Steers Heifers Slaughter Cows, Bulls, and Replacements
300-350 $190 $220 $170 $180 Boning (80-85% lean) $77 $84
350-400 $175 $190 $165 $170 Boning (high-yielding) $84 $88
400-450 $170 $185 $160 $170 Lean $70 $75
450-500 $160 $175 $150 $160 Bulls, YG 1-2, <1,500 lbs $85 $100
500-550 $150 $165 $145 $160 Bulls, YG 1-2, >1,500 lbs $99 $111
550-600 $150 $165 $145 $160
600-650 $140 $150 $130 $145 Sm/Mdm Cow-Calf Pairs $800 $1,250
650-700 $135 $140 $130 $145 Mdm/Lg Cow-Calf Pairs $1,200 $1,600
700-750 $127 $137 $115 $125 Sm/Mdm Replacements $800 $1,050
750-800 $127 $137 $115 $125 Mdm/Lg Replacements $900 $1,300
Volume1 (head): vs Last Week vs Last Year
under 600 lbs -4.1% -1.0%
over 600 lbs -6.7% -59.4%
Slaughter Cows -4.9% -8.5%
Rep. Females -8.1% -188.0%
Note: Steer and heifer prices are for medium and large frame, numbers 1-2.
1- Four Week Rolling Average
Source: USDA Agricultural Marketing Service

[] Continue reading “Livestock Price and Production Tables – Week of Jun 22, 2012”

Cattle Market Notes – Week Jun15, 2012


Cash Cattle:

Cash cattle were lower this week. Cash fed cattle were down about $3-$5/cwt.  In Texas, live prices were called at $119/cwt on Thursday. In Nebraska on Thursday, live and dressed prices were called at $119-$119.50/cwt and $190-$192/cwt, respectively. Oklahoma City feeder steers and heifers were steady again this week. Steer calves were steady to $2/cwt lower  and heifer calves were $1-$3/cwt lower. In Mississippi markets, steers were called mixed and heifers were steady.  Cows were $3-$5/cwt lower and bulls were $2-$3/cwt lower. Continue reading “Cattle Market Notes – Week Jun15, 2012”

Livestock Price and Production Tables – Week of Jun 15, 2012


Mississippi Auction Markets
Weight Steers Heifers Slaughter Cows, Bulls, and Replacements
300-350 $180 $195 $170 $180 Boning (80-85% lean) $77 $88
350-400 $180 $195 $160 $170 Boning (high-yielding) $85 $93
400-450 $175 $185 $152 $167 Lean $75 $85
450-500 $160 $175 $152 $167 Bulls, YG 1-2, <1,500 lbs $90 $105
500-550 $145 $160 $145 $160 Bulls, YG 1-2, >1,500 lbs $100 $111
550-600 $145 $160 $145 $160
600-650 $135 $148 $135 $148 Sm/Mdm Cow-Calf Pairs $900 $1,300
650-700 $127 $135 $127 $135 Mdm/Lg Cow-Calf Pairs $1,200 $1,700
700-750 $120 $135 $112 $120 Sm/Mdm Replacements $850 $1,250
750-800 $120 $135 $112 $120 Mdm/Lg Replacements $1,000 $1,500
Volume1 (head): vs Last Week vs Last Year
under 600 lbs 1.4% 2.0%
over 600 lbs -14.3% -57.7%
Slaughter Cows -3.6% -9.5%
Rep. Females -2.0% -199.0%
Note: Steer and heifer prices are for medium and large frame, numbers 1-2.
1- Four Week Rolling Average
Source: USDA Agricultural Marketing Service

Continue reading “Livestock Price and Production Tables – Week of Jun 15, 2012”

June Supply and Demand Report Recap


The United States Department of Agriculture’s World Ag Outlook Board released their monthly supply and demand estimates report earlier this morning. The report was the second round of forecast for the current summer (new) crops, which is the 2012/13 marketing year.

Old crop (2011/12 marketing year) soybean demand estimates were really shaken up. Crushing demand was increased from 1.645 billion bushels (bbu) to 1.660 and export estimates were raised 20 million bushels (mbu) to 1.335 bbu. This pulled soybean ending stocks back to 175 mbu, 35 mbu below May’s estimate and 17 mbu lower than pre-report estimates. At 175 mbu carry-over and total use of 3.111 bbu the old crop stocks-to-use ratio is projected at 5.6%.

New crop soybean demand estimates were lowered as crushing and export use was smaller by 10 mbu and 20 mbu at 1.645 bbu and 1.485 bbu, respectively. These projected changes offset the smaller carry-over for the most part as 2012/13 ending stocks are forecast at 140 mbu (compared to 145 last month and 143 expected in pre-report estimates). The stocks-to-use ratio for the 2012/12 marketing year is currently projected at 4.3%, which if realized would be the lowest since the 1965/66 marketing year.

As an aside, winter wheat harvest is, like everything else this year, ahead of schedule which will likely translate into more bean acres in the upcoming June Acreage report (to be released June 29) as compared to the March Prospective Plantings report (which took many by surprise at that time).

Old crop corn estimates were unchanged at the aggregate level as total use and ending stocks were the same as the May report. Some shuffling within use categories was seen. Ethanol demand was lowered by 50 mbu, which was shifted to exports. Ending stocks were unchanged at 851 mbu, which was 25 mbu above pre-report estimates (last month similar expectations were made with the same outcome from USDA).

New crop corn estimates were unchanged across the board. Pre-report expectations looked for 2012/13 marketing year ending stocks to be 1.740 bbu. USDA pegged this at 1.881 bbu which, as mentioned, was unchanged from May’s report.

Much contention surrounds the 2012 crop. Early plantings pushed yield estimates higher (current USDA projected yield of 166 bu/ac is higher than the trend adjusted 160.5 bu/ac due to the fast pace to planting). On the other hand, the dry and hot conditions over the past few weeks has caused the crop’s condition to suffer as evidenced in the weekly Crop Condition report. Many expected this to push this month’s yield and production estimates lower. There remains a lot of growing season ahead and USDA apparently took that thought into their projections.

Old crop cotton experienced a bullish shift as exports were bumped up 0.2 million bales which pulled down ending stocks by the same amount. Ending stocks are currently projected at 3.2 million bales putting the 2011/12 marketing year stocks-to-use ratio at 21.3%.

New crop cotton brought in the lower stocks number but this was exactly offset by lower exports and thus the 2012/13 ending stocks estimate was unchanged at 4.9 million bales putting the current stocks-to-use ratio at 32.0%.