Cattle Market Notes: Week Ending Jul 26, 2013


Cash Cattle*:

The five-area cash price ended the week mixed with live cattle trading at $119.60 on a live basis, down $1.11 from last week, while dressed sales averaged $191.51, up $0.51. In the Southern Plains, live cattle sold steady at $119 on Thursday. Prices were stronger in Nebraska as live sales were roughly $1 higher at $121 and dressed cattle were $1-$2 higher at $194-$195. In the Western Cornbelt, live and dressed cattle were steady to higher, respectively at $120-$122 and $193-$195.

In Oklahoma City, feeder steers were steady to $3 lower and steer calves were steady, while all heifers were steady to $3 higher. In Mississippi auction markets calf and feeder prices improved as feeder steers were $5-$8 higher and feeder heifers were $4-$8 higher;  slaughter cows and bulls were steady.

Futures*:

Live cattle futures were lower this week following last week’s Cattle on Feed report, while feeder futures were higher. Feeders were led by (1) lower corn prices and (2) a valid concern regarding the future availability of cattle. Live cattle prices were hampered by struggling cash fed prices and lower boxed beef prices.

Corn futures were lower again this week. Outside of Iowa, where some dryness is being seen, corn condition remains favorable and weather outlooks are positive. Doane Advisory Services’ annual crop tour saw below average yield potential in most of their Iowa stops. Continue reading “Cattle Market Notes: Week Ending Jul 26, 2013”

Livestock Price and Production Tables: Week Ending July 26, 2013


 

Mississippi Auction Markets
Weight Steers Heifers Slaughter Cows, Bulls, and Replacements
300-350 $180 $190 $145 $159 Boning (80-85% lean) $70 $78
350-400 $165 $180 $145 $159 Boning (high-yielding) $78 $86
400-450 $160 $170 $135 $149 Lean $62 $72
450-500 $150 $160 $135 $149 Bulls, YG 1-2, <1,500 lbs $83 $88
500-550 $145 $155 $133 $145 Bulls, YG 1-2, >1,500 lbs $89 $106
550-600 $135 $145 $133 $145  
600-650 $135 $145 $118 $135 Sm/Mdm Cow-Calf Pairs $1,100 $1,600
650-700 $135 $145 $118 $135 Mdm/Lg Cow-Calf Pairs $850 $1,200
700-750 $130 $137 $117 $126 Sm/Mdm Replacements $900 $1,350
750-800 $120 $130 $117 $126 Mdm/Lg Replacements $800 $1,100
Volume1 (head): vs Last Week vs Last Year  
under 600 lbs 3.2% 45.7%
over 600 lbs 8.8% 81.1%
Slaughter Cows -2.8% 26.9%
Rep. Females -5.9% -21.4%
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 July 26, 2013”

July Cattle on Feed Report Recap


USDA’s National Agricultural Statistics Service released their monthly Cattle on Feed report this Friday (July 19). The report revealed that 10.368 million head of cattle are in feedlots with a capacity of 1,000 head or more on July 1, 2013. The inventory of cattle on feed was a decrease of 3.2% from July 1, 2012, but a slight increase of 1.1% from the five year average from 2008-2012. Analysts were expecting a drop of 3.0% from 2012’s inventory, so the reported number is in-line with those expectations and well within the range of expectations. Continue reading “July Cattle on Feed Report Recap”

Cattle Market Notes: Week Ending July 19, 2013


** Price tables and Cattle on Feed write-up will be posted tomorrow (Monday, July 22) **

Cash Cattle:

The five-area cash price ended the week mixed with live cattle trading at $120.71/cwt on a live basis, down a bit from last week, while dressed sales came in at $191.00/cwt, down $0.73. In the Southern Plains, live cattle sold steady at $119/cwt. Live and dressed cattle were $119.50-$120/cwt and $193/cwt, respectively in Nebraska. In the Western Cornbelt, live and dressed cattle were steady at $120-$121/cwt and $191-$193/cwt, respectively.

In Oklahoma City, feeder steers and heifers were steady to $2/cwt lower, steer calves were $2-$4/cwt higher, and heifer calves were steady to $3/cwt higher. In Mississippi auction markets, feeder steers and heifers were steady, slaughter cows were $1-$3/cwt lower, and bulls were mixed. Continue reading “Cattle Market Notes: Week Ending July 19, 2013”

Cattle Market Notes: Week Ending Jul 12, 2013


Cash Cattle:

The five-area cash price ended the week mixed with live cattle trading at $121.24/cwt on a live basis, up $1.66, while dressed sales came in at $191.73, down $0.86. In the Southern Plains, live cattle sold at $119/cwt. In the Western Cornbelt, live and dressed cattle were respectively at $121/cwt and $191-$193/cwt.

In Oklahoma City, feeder steers were $3-$5/cwt higher (with 900 pound calves upwards at $10/cwt higher), while heifers sold steady to $2/cwt higher. Calves were called firm. In Mississippi auction markets, feeder steers were $1-$5/cwt higher and heifers traded $2-$4/cwt higher. Slaughter cows were steady while bulls were $1-$3/cwt higher.

Futures:

Live cattle futures slid lower this week for nearby contracts, with the lone exception being a strong rally on Tuesday. Deferred contracts were mildly higher and have been strong since mid-June. The current glut of cattle and lackluster sales have current market prices depressed, while the notion of even tighter supplies in the face of a stronger economy have been encouraging for contracts further out. The Dow Jones Industrial Average Index closed at it’s highest level on Friday (15,464.30), which should provide some positive support for cattle and beef prices moving forward. Similar trends were seen this week in the feeder cattle markets with nearby contracts falling, while deferred contracts were steady to slightly higher.

Corn futures finished the week 18 to 20 cents higher. From the supply/demand report on Thursday, old crop corn ending stocks were lowered to 729 million bushels (mbu), but higher than expected. New crop ending stocks were raised to 1.959 billion bushels as minor downward revisions for production were more than offset by decreases to use (feed use was lowered 50 mbu to 5.15 billion bushels). 

Beef:

Wholesale boxed beef prices were lower this week. Choice carcasses finished the week $3.65/cwt lower at $193.30 and have slid $17.17 since the high’s set in late May. Select finished at $185.08/cwt, down $2.07.

Supply and Demand Estimates:

The USDA released their monthly supply and demand estimates Thursday (July 11). Beef production in 2013 was forecast lower than last month at 25.337 billion pounds, a reduction 0f 100 million pounds. Second quarter production was lowered by 180 million due to less slaughter than initially projected. Third and fourth quarter slaughter was raised by 80 million pounds in anticipation that some of the unseen second quarter numbers will eventually work its way through the pipeline.

Livestock Price and Production Tables: Week Ending Jul 12, 2013


 

Mississippi Auction Markets
Weight Steers Heifers Slaughter Cows, Bulls, and Replacements
300-350 $170 $180 $140 $152 Boning (80-85% lean) $75 $80
350-400 $165 $170 $140 $152 Boning (high-yielding) $80 $92
400-450 $145 $165 $130 $142 Lean $69 $78
450-500 $145 $165 $130 $142 Bulls, YG 1-2, <1,500 lbs $85 $97
500-550 $135 $155 $125 $135 Bulls, YG 1-2, >1,500 lbs $90 $105
550-600 $135 $155 $125 $135  
600-650 $127 $140 $117 $130 Sm/Mdm Cow-Calf Pairs $1,200 $1,600
650-700 $127 $140 $117 $130 Mdm/Lg Cow-Calf Pairs $800 $1,200
700-750 $120 $135 $115 $123 Sm/Mdm Replacements $850 $1,250
750-800 $120 $135 $105 $115 Mdm/Lg Replacements $700 $1,000
Volume1 (head): vs Last Week vs Last Year  
under 600 lbs 20.4% 9.1%
over 600 lbs 12.2% 41.0%
Slaughter Cows 13.7% -11.0%
Rep. Females -14.4% -12.7%
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 Jul 12, 2013”