Daily Market Summary for April 13th...
Updated Monday thru Friday around 4:00 PM CST
10-Day & 60-Day Market Trendlines
So far for Friday in Kansas trading has been slow on light demand. A few live cash trades have moved from 118.00-120.00. However, not enough for a full market trend. In the Nebraska and the Western Cornbelt trading has been limited on light demand. However, not trading in these regions for a market trend. The last fully reported market in Kansas was last week with live cash trades mostly at 118.00. For the prior week in Nebraska live cash trades were from 114.00-119.00 and dressed trades were from 184.00-190.00. In the Western Cornbelt for the previous week saw live cash trades from 116.00-120.00 and dressed trades mostly at 188.00. Thus far for Friday in the Texas Panhandle and Colorado trading has been at a standstill. This week in the Texas Panhandle live cash trades have moved at 117.00. In Colorado last week a very light test of live cash trades were at 119.50.
Update: Trade developed late Friday afternoon at $122.00 per cwt.
Confirmed: 15,493 Week Ago: 9,373 Year Ago: 2,429
Formula Purchases: Net - Dressed
Head count priced today: 13,800
Weighted avg weight: 846.00
Weighted avg net price: 190.61
Alberta Beef Producers Daily Report:
Alberta direct cattle sales Thursday saw light trade develop with dressed sales marked at 260.00 delivered. Sales are steady to 1.00 lower than prices seen on Wednesday. Cash to futures basis levels did strengthen this week. Tentatively cash to futures basis levels are the strongest they have been since January. Buying interest in the cash market was mixed with the bulk of sales going to one buyer. With fed cattle prices moving back to the mid 150's feedlots are likely selling cattle at or below breakeven levels.
Livestock Slaughter under Federal Inspection:
CATTLE CALVES HOGS SHEEP
Friday (est 116,000 2,000 462,000 6,000
Week ago (est) 114,000 2,000 455,000 6,000
Year ago (act) 109,000 2,000 373,000 6,000
Week to date (est) 591,000 10,000 2,294,000 37,000
Last Week (est) 571,000 10,000 2,167,000 35,000
Last Year (act) 567,000 10,000 2,151,000 46,000
Saturday (est 14,000 0 91,000 1,000
Week ago (est) 44,000 0 168,000 1,000
Year ago (act) 22,000 1,000 76,000 0
Week to date (est) 605,000 10,000 2,385,000 38,000
Last Week (est) 615,000 10,000 2,335,000 36,000
Last Year* (act) 589,000 10,000 2,227,000 46,000
2018 YTD 8,975,000 152,000 35,610,000 567,000
2017 *YTD 8,781,000 149,000 34,659,000 576,000
Percent change 2.2% 1.8% 2.7% -1.5%
Boxed beef cutout values steady on Choice and lower on Select on light to moderate demand and offerings. Select and Choice rib, chuck, and round cuts mostly steady. Choice loin cuts firm while Select weak. Beef trimmings mostly moderately to sharply higher on moderate demand and light to moderate offerings.
Cutout Values... Choice Select
Current Cutout Values: 212.61 199.91
Change from prior day: +0.13 -0.76
Choice/Select spread: 12.70
Live cattle futures were mixed on Friday, with nearby April 80 cents higher as it rose 3.85% on the week. Feeder cattle futures were 15 to 70 cents higher, with April 2.99% higher since last Friday. The CME feeder cattle index was up 66 cents on April 12 at $136.42. Wholesale boxed beef values were mixed on Friday afternoon. Choice boxes were 13 cents higher at $212.61, with Select boxes down 76 cents at $199.91. Estimated FI cattle slaughter is at 605,000 head through Saturday. That is 10,000 below the previous week on lighter Saturday slaughter but up 16,000 head from the same week in 2017. Cash trade picked up after Friday’s close with sales of $120-121 reported, as a few reached $122. Managed money trimmed their cattle net long position to only 27,255 contracts as of Tuesday, down 9,395 from the previous week.
April Live Cattle Futures: 116.44... +0.69
June Live Cattle Futures: 103.65... -0.05
Aug Live Cattle Futures: 104.27... Unchanged
April Feeder Cattle Futures: 139.37... +0.50
May Feeder Cattle Futures: 140.37... +0.40
August Feeder Cattle Futures: 145.10... +0.15
CME Feeder Cattle Index: 136.42... +0.66
May Hog Futures: 69.70...+0.38
National Grain Market Summary:
Compared to last week, cash bids for wheat and soybeans were higher, corn was mixed and sorghum was lower. After Tuesday's WASDE report, Brazil's soybean crop estimate was increased to a record high 115.0 mmt (4.23 bb) while Argentina's estimate was cut from 47.0 mmt to 40.0 mmt (1.47 bb). Ethanol production for week ending April 6th totaled 1.034 million barrels per day, 4,000 less than the week prior. Corn planting may remain slow to start with weather forecasts showing below average temperatures into the weekend for parts of the Corn belt. USDA said last week's export sales and shipments of U.S. soybeans totaled 55.5 mb and 15.4 mb respectively, a neutral-to-bearish showing for the week with total shipments now down 13% from a year ago. It seems fair to say U.S. wheat exports aren't going to provide any bullish help to wheat prices in 2017-18. USDA said last week's export sales and shipments of wheat totaled 4.4 mb and 16.0 mb respectively, another bearish combination for the week. Total wheat shipments are now down 10% from a year ago and are making no dent in the heavy load of old-crop winter wheat supplies. Wheat was higher from 9 1/4 to 53 1/4 cents higher. Corn was mixed from 1/4 cent lower to 4 1/4 cents higher. Sorghum was 1 to 3 cents lower. Soybeans were 29 1/2 to 36 1/2 cents higher.
Kansas City Corn: 3.73… -0.02
Kansas City Soybeans: 10.26… -0.01
Kansas City Wheat: 4.86... -0.12
May Corn Futures: 3.8625... -0.0250
May Soybean Futures: 10.5425…-0.0650
May Wheat Futures: 4.7250… -0.0850
Nearby Crude Oil Futures Contract: 67.39… +0.32
Dow Jones Industrial Average: 24,360.80... -122.25
NASDAQ: 7,106.65... -33.60
U.S. Dollar Index: 89.78... +0.01
National Feeder & Stocker Cattle Summary
RECEIPTS: Auctions Direct Video/Internet Total
This Week 205,400 53,300 18,600 277,300
Last Week 164,900 37,000 0 201,900
Last Year 209,400 50,800 5,400 265,600
Compared to last week, feeder steers and heifers sold mostly steady to 5.00 higher. Some auctions that were called sharply lower last week recovered and were called sharply higher this week due to stability in the market place. The CME Cattle complex has been a driving force in the roller coaster ride of the last couple of weeks. Whenever a news item comes out that the market takes as a bullish factor; another tid-bit of news comes about and a bearish tone overtakes the positive news. Since last Friday's close, the Live Cattle contracts were mostly 1.78 to 2.30 higher, with nearby April being 4.85 higher as convergence with the negotiated trade in the feedlots is coming closer to fruition. On Wednesday, fed cattle traded in the Southern Plains steady to 1.00 lower at 117.00 to 118.00. This afternoon in Nebraska, some early live sales there traded at 122.00. Analysts have been watching very closely the amount of cattle being purchased by packers the past few weeks. Many producers are very diligent and staying current with their marketings as cattle in the Southern Plains have been gaining very well this winter. The season has been very easy on the Kansas and TX/OK/NM feedlots, however in the Northern Plains, wet pens increase the cost of gains and decrease the yield on cattle that have had to slog through mud to get to the feedbunks. The excessive winter moisture has brought about the question of how long will it take all the calf-feds to get through the pipeline this year. Producers have been eager to fill empty pens this week.
Late last Friday at Fort Pierre Livestock in Fort Pierre, SD five loads of steers weighing 809 lbs sold at 147.25. On Wednesday at Hub City Livestock in Aberdeen, SD a load of steers weighing 794 lbs sold at 151.25. Also on Wednesday at Bassett Livestock Auction in Bassett, NE a load of steers weighing 754 lbs sold at 157.00. On Thursday at Mitchell Livestock Auction in Mitchell, SD three loads of 901 lbs steers sold at 135.10. On Thursday at Ogallala Livestock Auction in Ogallala, NE a load of 611 lb steers sold at 196.50 while two loads of 669 lb steers sold at 185.25. A part load of replacement heifers in Bassett, NE weighing 778 lbs sold at 157.00. Only the steer mates to these heifers within that same 50 lb weight group could even match the price received for the females.
Packers have been accepting a generous margin for this time of year and the extra incentive to harvest 600K plus per week has bolstered bottom-lines for the companies. Boxed beef has lost around 13.00 since the most recent high 3-4 weeks ago and in the face of adversity since the Easter holiday. Grills need to be fired up in the Midwest and the Northeast to get the cutout to move up. With Mother's Day, Memorial Day, Father's Day and Independence Day on the horizon, retailers are getting ready to start their spring and early summer procurement. Winter Storm Xanto this weekend is expected to bring heavy snow and blizzard conditions from the Northern Plains to the Great Lakes and farmers are wondering if spring will ever get here this year. Named winter storms have now included an "X" name and many across the Northern Plains and New England are not wanting to have a Winter Storm Yvonne; they are tired of being cold and wet. Preliminary first quarter slaughter data has indicated heifer slaughter to be over 4 percent above a year ago and over 10 percent higher than the previous 3 year average. Beef cow slaughter is over 10 percent higher than 2017 and around 19 percent above the previous 3 year average. With all the drought locations in the United States currently, one could question just how much producers can hold on to the breeding herd with forage prices increasing exponentially this winter and spring. Auction volume this week included 58 percent weighing over 600 lbs and 44 percent heifers.
Thursday Auction Reports...
Tulia Livestock Auction - Tulia TX...
Receipts: 4059 Last Week: 2666 Year Ago: 2700
Compared to last week: Feeder steers and heifers sold mostly steady to instances 2.00 higher. Trade was active on good demand. Fire dangers due to drought and high winds continued across the trading area.
Farmers & Ranchers Livestock - Salina KS...
Receipts: 5261 Last Week: 3093 Year Ago: 5890
Compared to last week: Steers 800-1000 lbs 1.00 higher; 800 lbs and under 1.00-5.00 higher limited comparable offering. Heifers 650-950 lbs mostly 2.00-4.00 higher on heavier supply;
Siloam Spring Livestock Auction - Siloam Spring AR...
Receipts: 1825 Last week: 1329 Last year: 1729
Compared to last week: Feeder steers and heifers mixed from 3.00 higher to 3.00 lower generally steady with several new crop calves in the offering some fleshy. Slaughter cows 5.00 lower. Slaughter bulls steady.
Ava Livestock Auction - Ava MO...
Receipts: 1247 Last Week: 804 Year Ago: 1297
Compared to last week, steers and heifers under 600 lbs 2.00 to 5.00 higher, over 600 lbs not well tested. Slaughter cows 2.00 to 4.00 lower. Slaughter bulls 2.00 to 3.00 lower.
Ozark Livestock Auction - Ozark AR...
Receipts: 637 Last week: 586 Last year: 702
Compared to last week: Feeders sold 3.00-11.00 higher, mostly 7.00 higher.Thin fleshed cattle suitable for grazing and Value Added calves sold with a 10.00-12.00 premium.
Columbia Livestock Auction - Columbia TN...
Receipts: 402 Last week: 240 Last year: 478
Compared to last week; Feeder Steers steady to 4.00 higher; Feeder Bulls Steady to 4.00 lower; Feeder Heifers 2.00-6.00 higher; Slaughter Cows 3.00-4.00 higher; Slaughter Bulls mostly steady.
Apache Livestock Auction - Apache OK...
Receipts: 1293 Last Week: 960 Year Ago: 2205
Compared to last week: Feeder steers 3.00-6.00 higher, feeder heifers 2.00-4.00 higher. Steer calves 3.00-10.00 higher and heifer calves steady to 4.00 higher.
Woodward Wtd Avg Cattle - Woodward OK...
Receipts: 5350 Last Week: 2020 Year Ago: 5900
Compared to last week: Feeder steers steady to 3.00 higher. Feeder heifers steady to 4.00 higher. Steer calves steady. Heifer calves Steady to 1.00 higher.
Cattleman's Livestock Auction - Dalhart, TX...
Cattle and Calves: 2,360 Week ago: 1,135 Year Ago: 1,940
Compared to week ago: Steer and heifer calves under 600 lbs firm to 2.00 higher. Feeder steers and heifers over 600 lbs 3.00-4.00 higher compared to last weeks limited receipts.
Smithfield Livestock Auction - Smithfield NC...
Receipts: 755 Last Week: 480 Last Year: 463
Compared to last week, slaughter cattle were mostly steady. Feeder steers and heifers 300-400 lbs. were 4.00 to 8.00 higher with 500-600 lbs. calves steady. Moderate demand and buyer activity.
Cullman Stockyard - Cullman AL...
Receipts: 1098 Last Week: 915 Year Ago: 1151
Compared to last week: Slaughter cows and bulls 2.00 to 3.00 higher. Feeder bulls and steers sold 3.00 to 5.00 higher. Feeder heifers sold 2.00 to 4.00 higher.
Toppenish, WA Livestock Auction - Toppenish WA...
Receipts: 1440 Last Week: 1400 Year Ago: 2600
Compared to last Thursday at the same market, stocker and feeder cattle weak in a light test, due in part to small bunches and singles being offered today. Trade active with good demand for all classes.
Greensboro Livestock Auction - Greensboro GA...
Receipts: 345 Last Week: 353 Year Ago: 341
Compared to one week earlier, slaughter cows unevenly steady, slaughter bulls mostly steady, feeder steers, heifer, and bulls lightly tested, steer calves lightly tested, bull and heifer calves unevenly steady,
Pratt Livestock Auction - Pratt KS...
Receipts: 4802 Last Week: 3561 Year Ago: 4309
*** Close *** Compared to last week: Feeder steers 750-950 lbs 3.00-6.00 higher. Feeder heifers 600-800 lbs and 900-950 lbs firm to 1.00 higher; 800-900 lbs 1.00-2.00 lower.
Senatobia Livestock Auction - Senatobia MS...
Receipts This week 279 Last Week 226
Compared to last week slaughter cows no trend. Slaughter bulls trended 5.00 Higher. Feeder steers trended Steady. Feeder heifers trended Steady. Feeder consisted of 55 percent steers and 45 percent heifers.
San Angelo Cattle And Calf Auction - San Angelo TX...
Receipts: 951 Last Week: 879 Year Ago: 775
Compared to last week steer and heifer calves and yearlings weak to 1.00 lower. Slaughter cows and slaughter bulls steady. Stock cows and pairs steady. Trading and demand moderate. Quality mostly average to plain.
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