February Cattle On Feed Report Commentary


This past Friday, USDA released their monthly Cattle on Feed report. The report revealed that 11.073 million head of cattle were in feedlots with a capacity of 1,000 head or larger. This was a drop of 6.2% from one year ago and 3.9% lower than the average from 2008-2012. The number was exactly what analysts were calling for prior to the report.

Placements during January were at 1.876 million head, up 1.6% from last year and up 1.9% versus the five year average. Analysts were expecting placements to be 0.3% higher than a year ago, so the reported number was above expectations. Looking at placements more closely show that the bump stems largely from heavier cattle being sent into feedlots. In fact, Texas is the only state see a year-over-year increase in lightweight placements along with a decrease in  heavy weight placements.

Offsetting the higher than expected number of cattle entering feedlots was a larger than expected increase in the number of cattle marketed. Marketings were up 5.6% compared to last year, at 1.917 million head, and 7.0% above the five year average. The pre-report average was looking for marketings to increase 4.7% versus last year. This held the number on feed in-check with expectations.

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Summary of the February Cattle on Feed Report:

Pre-report Estimates:
(1,000 head) vs. 2011 vs. 5-Yr Avg Average Range
Placed in Jan 1,876 1.6% 1.9% 0.3% -2.5% 4.0%
Marketed in Jan 1,917 5.6% 7.0% 4.7% 3.2% 6.6%
On Feed, Feb 1 11,073 -6.2% -3.9% -6.2% -6.7% -5.7%

Placements by weight and state:

AZ CA CO ID IA KS NE
< 600 lbs. N/A N/A 0.0% N/A N/A 0.0% 0.0%
600-699 lbs. N/A N/A -10.0% N/A N/A -5.0% -13.6%
700-799 lbs. N/A N/A 0.0% N/A N/A -3.2% 33.3%
800+ lbs. N/A N/A 10.0% N/A N/A 35.3% 14.3%
TOTAL 7.1% 0.0% 0.0% -21.3% -2.9% 4.9% 10.5%
OK SD TX WA Other [1] U.S.
< 600 lbs. N/A N/A 16.7% N/A -18.5% 0.0%
600-699 lbs. N/A N/A -5.9% N/A -5.9% -8.1%
700-799 lbs. N/A N/A -28.6% N/A 5.9% 1.9%
800+ lbs. N/A N/A 0.0% N/A -0.9% 12.1%
TOTAL 0.0% -20.0% -2.5% -17.1% 0.0% 1.6%
[1] Individual weight categories include states that are N/A
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Cattle Market Notes: Week Ending Feb 22, 2013


Cash Cattle:

Cash trade was near nonexistent as of Friday afternoon as a snowstorm brought movement to a halt. Sales in the Texas Panhandle were steady on Wednesday at $123/cwt. All other locations had too limited volume to call any trends. Prices last week were: Kansas, Nebraska and Western Cornbelt live cattle trade was at $123/cwt, while Nebraska and Western Cornbelt dressed cattle were at $196/cwt. The five-area price for this week was slightly lower at $122.76 on a live basis compared to $122.81 last week and at $195.58/cwt versus $195.86 last week for dressed. Continue reading “Cattle Market Notes: Week Ending Feb 22, 2013”

Cattle Market Notes: Week Ending Feb 15, 2013


Cash Cattle:
Cash trade was light this week and prices were lower by about $2/cwt for both live and dressed. On Thursday, in both the Southern Plains (Texas/Oklahoma/Kansas) and Northern Plains (Kansas/Nebraska), trade was at $123/cwt on a live basis and in Nebraska dressed cattle were at $196/cwt. These were the same prices reported in the Western Corn Belt for live and dressed cattle. The five-area price was lower at $122.79 on a live basis compared to $126.52 last week and at $195.86/cwt versus $198.41 last week for dressed.
Feeder steers were $3-$4/cwt lower and heifers were $2-$3/cwt lower in Oklahoma City. Calves were called steady to $2/cwt lower. In Mississippi auction markets feeder steers and heifers were steady. Cull cows were mixed and bulls sold steady. Continue reading “Cattle Market Notes: Week Ending Feb 15, 2013”

Livestock Price and Production Tables: Week Ending Feb 15, 2013


Mississippi Auction Markets
Weight Steers Heifers Slaughter Cows, Bulls, and Replacements
300-350 $205 $225 $170 $190 Boning (80-85% lean) $74 $80
350-400 $190 $205 $160 $170 Boning (high-yielding) $80 $90
400-450 $180 $190 $150 $165 Lean $62 $73
450-500 $165 $180 $150 $165 Bulls, YG 1-2, <1,500 lbs $88 $93
500-550 $155 $170 $137 $155 Bulls, YG 1-2, >1,500 lbs $88 $100
550-600 $155 $170 $137 $155
600-650 $140 $152 $128 $140 Sm/Mdm Cow-Calf Pairs $1,000 $1,400
650-700 $130 $140 $128 $140 Mdm/Lg Cow-Calf Pairs $1,150 $1,600
700-750 $125 $130 $120 $129 Sm/Mdm Replacements $800 $1,250
750-800 $125 $130 $120 $129 Mdm/Lg Replacements $800 $1,200
Volume1 (head): vs Last Week vs Last Year
under 600 lbs -0.8% 2.4%
over 600 lbs -2.5% -18.1%
Slaughter Cows 3.2% -30.1%
Rep. Females 5.0% -14.7%
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 Ending Feb 15, 2013”

Cattle Market Notes: Week Ending Feb 08, 2013


Cash Cattle:

Live cash trade was slow to develop this week. In Texas and Kansas, live prices were at $125/cwt by Friday. In Nebraska, live and dressed cattle sold at $125/cwt and $200/cwt, respectively. Trade in the Western Cornbelt was at $124-$125/cwt and $200 for live and dressed respectively. The five-area price was higher at $126.52/cwt on a live basis and at $198.41/cwt for dressed. Continue reading “Cattle Market Notes: Week Ending Feb 08, 2013”

Livestock Price and Production Tables: Week Ending Feb 08,2013


 

Mississippi Auction Markets
Weight Steers Heifers Slaughter Cows, Bulls, and Replacements
300-350 $200 $220 $170 $187 Boning (80-85% lean) $72 $80
350-400 $190 $200 $170 $187 Boning (high-yielding) $80 $85
400-450 $170 $190 $160 $170 Lean $60 $72
450-500 $160 $175 $150 $160 Bulls, YG 1-2, <1,500 lbs $76 $94
500-550 $160 $170 $150 $160 Bulls, YG 1-2, >1,500 lbs $87 $100
550-600 $150 $160 $130 $150  
600-650 $140 $148 $130 $140 Sm/Mdm Cow-Calf Pairs $1,100 $1,600
650-700 $130 $140 $118 $130 Mdm/Lg Cow-Calf Pairs $1,050 $1,225
700-750 $120 $132 $115 $130 Sm/Mdm Replacements $950 $1,350
750-800 $115 $120 $105 $115 Mdm/Lg Replacements $900 $1,150
Volume1 (head): vs Last Week vs Last Year  
under 600 lbs -4.8% -10.2%
over 600 lbs -3.3% -30.4%
Slaughter Cows -8.1% -32.7%
Rep. Females 11.6% -22.0%
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 Ending Feb 08,2013”

Cattle Market Notes: Week Ending Feb 01, 2013


Cash Cattle:

Live cash prices stabilized this week and dressed prices once again held steady. In Texas and Kansas, live prices were at $125/cwt on Wednesday. There was limited cash trade in Nebraska and no trend was called but some cattle did move at $200/cwt on a dressed basis late in the week. A similar story for Western Cornbelt fed cattle with sparce sales at $125/cwt and $200 for live and dressed respectively. The five-area price was at $124.96/cwt on a live basis and at $197.63/cwt for dressed.

Continue reading “Cattle Market Notes: Week Ending Feb 01, 2013”