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Today's Prices (Tue pm)


CME LIVESTOCK:  Live Cattle: $177.625 (+0.65); Feeder Cattle: $254.425 (+1.55); Hogs: $98.325 (+0.15)


CME GRAINS:  Corn: $4.67 (-0.02); Wheat: $6.4275 (-0.06); Soybeans: $12.465 (-0.0225); Soybean Meal: $383.20 (-4.40)

STOCK UPDATE:    Dow 30: 38,884.26 (+31.99); Nasdaq: 16,332.56 (-16.69); S&P 500: 5,187.69 (+6.95) (Stocks See Support On Lower Bond Yields And Strong Earnings)


ENERGY PRICES:  Crude Oil: $78.57 (+0.09); Ethanol: $1.77 (+0.0125); Natural Gas: $2.212 (+0.017) (Nat-Gas Prices Supported by Reduced US Nat-Gas Output)


BOXED BEEF:  Choice: $298.49 (-0.27); Select: $292.34 (+2.59); Ch/Se Spread: 6.15; Total Loads: 100 compared to 78 on Monday


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To view the most recent prices and news, please visit the U.S. Cattle Report Channel.


Highlights (Cattle Report Channel)

  1.  CME Live Cattle: $177.625 (+0.65); Feeder Cattle: $254.425 (+1.55); Corn: $4.67 (-0.02) 
  2. CORN PROGRESS: 36% of the corn in the United States had been planted by May 5th, compared to 27% last week and 42% last year
  3.  RTI (7-Day Feeder Cattle Index):  $240.72  (-0.12)
  4. AMARILLO: Sunny, with a high near 84. Breezy, with a west northwest wind 10 to 15 mph  (TUE)
  5. Boxed beef down $0.27 on Tuesday to $298.49
  6. CATTLE TRADE:  Cash trade at a standstill
  7. COT:  Funds decrease net long position by 2.03K to 33.62K contracts
  8. BEEF EXPORTS:  Beef sales at 22.5K mt, marketing year high
  9. Mon cattle slaughter at 120K head, WTD up 7K
  10. Daily drop down 1 cent on Tue to $11.27
  11. DROUGHT MONITOR:  37.26% of Contiguous U.S. in drought compared to 38.02 % last week and 45.91% last year (lowest since June 2020)
  12. Gas prices down 1 cent this week to $3.64, up $0.11 from last year
  13. Diesel prices down 5 cents this week to $3.89, down $0.03 from last year
  14. CATTLE ON FEED:  Placements 4th lowest on record
  15. Beef production up 1.0% from last week, cattle weights up 40 lbs from last year
  16. NATURAL GAS:   Henry Hub up 9 cents to $1.59

Severe Weather Update: Thunderstorms, Heavy Rain, and Snow Predictions Across the U.S.   (TUE)  

Enhanced risks of severe thunderstorms are forecast for parts of the Ohio Valley on Tuesday, and will extend to the Southern Plains, Middle/Lower Mississippi Valley, and the Ohio/Tennessee Valleys on Wednesday. Concurrently, a slight risk of excessive rainfall is also anticipated in the Ohio Valley on Tuesday, spreading to the Middle/Lower Mississippi Valley and the Ohio/Tennessee Valleys by Wednesday.

CATTLE TRADE:  Cash trade at a standstill

Thus far for Tuesday in the Southern Plains and Nebraska and the Western Cornbelt negotiated cash trade has been at a standstill. Last week in the Southern Plains live FOB purchases traded at 184.00. Last week in Nebraska live FOB purchases from 186.00-187.00, mostly at 187.00 and dressed delivered purchases traded from 294-295.00. Last week in the Western Cornbelt live FOB purchases traded from 185.00-187.00 and dressed delivered purchases traded at mostly 295.00.

CATTLE ON FEED:  Inventory up 1%;  Placements 4th lowest on record, Marketings 3rd lowest

Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.8 million head on April 1, 2024. The inventory was 1 percent above April 1, 2023. The inventory included 7.27 million steers and steer calves, up 2 percent from the previous year. This group accounted for 61 percent of the total inventory. Heifers and heifer calves accounted for 4.56 million head, up 1 percent from 2023.   Placements in feedlots during March totaled 1.75 million head, 12 percent below 2023. Net placements were 1.69 million head. During March, placements of cattle and calves weighing less than 600 pounds were 330,000 head, 600-699 pounds were 260,000 head, 700-799 pounds were 460,000 head, 800-899 pounds were 466,000 head, 900-999 pounds were 170,000 head, and 1,000 pounds and greater were 60,000 head.

NATIONAL DROUGHT MONITOR

Weather conditions varied widely across the South region this week, with heavy rain falling in parts of Oklahoma, Texas, Arkansas and Louisiana, while other areas were left mostly or completely dry. Temperatures were mostly warmer than normal across the region, especially in Oklahoma and Texas, where weekly readings came in 4-8 degrees above normal, with a few local readings even warmer than that. A few spots in central Texas and the Trans-Pecos region saw improvements to drought or abnormally dry conditions after recent rainfall. 

U.S. EXPORT SALES:  Beef sales at marketing year high

Net sales of 22,500 MT for 2024--a marketing-year high--were up 48 percent from the previous week and 38 percent from the prior 4-week average. Increases were primarily for South Korea (9,600 MT, including decreases of 700 MT), Japan (5,200 MT, including decreases of 200 MT), Taiwan (2,500 MT, including decreases of 200 MT), China (1,600 MT, including decreases of 300 MT), and Mexico (1,100 MT, including decreases of 100 MT). Exports of 14,600 MT were up 6 percent from the previous week and 1 percent from the prior 4-week average. The destinations were primarily to Japan (3,800 MT), South Korea (3,400 MT), China (2,300 MT), Taiwan (1,400 MT), and Mexico (1,200 MT). Weekly Beef Production Up 1.0%, Cattle Weights Up 40 Pounds From Last Year

Weekly Beef Production: It is estimated at 523.9 million pounds, marking an increase of 1.0% from the previous week and a 3.3% rise compared to the same period last year.    Year-to-Date Beef Production: Stands at 9.05 billion pounds, which is a 2.3% decrease from the previous year.

Livestock Comments:  Dr. Andrew Griffith

Based on weekly auction market averages, steer prices were $3 to $7 higher compared to last week while heifer prices were $1 to $3 higher compared to the previous week. Slaughter cow prices were steady compared to the previous week’s weighted average price while bull prices were $1 to $3 higher compared to the previous week. Whether good or bad, the futures market is the focus for most market participants, because of the volatility that has been present this week. The good is the cash price does not always react to daily volatility in the futures market, which means buyers and sellers experience a little more consistency at the local sale barn than what traders are experiencing on the board. 

CATTLE SLAUGHTHER:     Tuesday slaughter at 124K head, compared to 124K last week and 129K last year. WTD slaughter at 244K head, compared to 237K last week and 253K last year

THE BEEF READ:    Bouncing Back... Packers did not rest yesterday, gathering up close to 2.5k head on the fringes, mostly at steady money, $185. New crop calf-feds are finally coming on in the north. Packers seem serious about building their inventory, after buying 35k head with time last week, knowing they need to own inventory to regain any leverage (THE BEEF)

DAILY DROP:   The hide and offal value was estimated at $11.27, down 1 cent from Monday

Rob Cook, RobCookKC@gmail.com