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Today's Prices (Wed pm)


CME LIVESTOCK:  Live Cattle: $175.25 (-1.90); Feeder Cattle: $244.10 (-1.95); Hogs: $107.45 (-0.50)


CME GRAINS:  Corn: $4.485 (-0.04); Wheat: $6.13 (+0.1025); Soybeans: $11.815 (-0.005); Soybean Meal: $349.20 (+3.10) 

STOCK UPDATE:    Dow 30: 38,460.92 (-42.77); Nasdaq: 15,712.75 (+16.11); S&P 500: 5,071.63 (+1.08) (Stocks Fluctuate On Rising Bond Yields)


ENERGY PRICES:   Crude Oil: $82.86 (-0.50); Ethanol: $1.71 (-0.005); Natural Gas: $1.647 (-0.165) (Crude Prices Settle Lower on Dollar Strength and Easing Iran-Israel Tensions)


BOXED BEEF:   Choice: $295.74 (-1.66); Select: $290.42 (-2.34); Ch/Se Spread: 5.32; Total Loads: 148 compared to 147 on Tuesday


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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: $177.15 (-0.90); Feeder Cattle: $246.05 (+0.875);  Corn: $4.525 (+0.0275) 
  2. CORN PROGRESS: 12% of the corn in the United States had been planted by April 21st, compared to 6% last week and 12% last year
  3.  RTI (7-Day Feeder Cattle Index):  $246.05  (+0.33)
  4. AMARILLO: A slight chance of drizzle. Partly sunny, with a high near 70. East southeast wind around 10 mph  (WED)
  5. Boxed beef up $1.47 on Tue to $297.40
  6. CATTLE TRADE:  Cash sales at a standstill
  7. COT:  Funds decrease net long position by 4.68K to 32.3K contracts
  8. BEEF EXPORTS:  Beef sales up 30% to 17.7K mt
  9. Tue cattle slaughter at 125K head, WTD down 7K
  10. Daily drop down 3 cents on Tue $11.56
  11. DROUGHT MONITOR:  38.62% of Contiguous U.S. in drought compared to 38.39 % last week and 46.521% last year 
  12. Gas prices down up 4 cents this week to $3.67, up $0.01 from last year
  13. Diesel prices down 2 cents this week to $3.99, down $0.09 from last year
  14. CATTLE ON FEED:  Placements 4th lowest on record
  15. Beef production up 2.8% from last week, cattle weights up 46 lbs from last year
  16. NATURAL GAS:   Henry Hub down 38 cents to $1.50

Severe Thunderstorms in Northwest Texas; Dry Conditions and Gusty Winds Across Colorado  (TUE)  

A few severe thunderstorms capable of producing large hail and gusty winds will be possible this afternoon and evening across northwest Texas. Dry conditions and gusty winds will persist across southern Colorado today.

CATTLE TRADE:  Cash sales at a standstill

Thus far for Monday in all trading regions negotiated trade has been at a standstill. Last week in the Southern Plains live FOB purchases traded at 182.00. Last week in Nebraska live FOB purchases traded at 183.00, with a few purchases up to 184.00, with dressed delivered purchases traded from 292.00-293.00. Last week in the Western Cornbelt live FOB purchases at 184.00, with dressed delivered purchases at 292.00, on a light test.

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

The southern High Plains are in the grips of rapidly drying conditions, leading to degradations across Kansas, with conditions bleeding into eastern Colorado and southern Nebraska. Western Kansas has not seen precipitation in over two weeks, providing no relief to the rapidly drying soils and low streamflows. Conditions in Kansas into Oklahoma are seeing rapid deterioration and short-term dryness indicating flash drought conditions.

U.S. EXPORT SALES:  Beef sales up 30%

Net sales of 17,700 MT for 2024 were up 30 percent from the previous week and 27 percent from the prior 4-week average. Increases were primarily for South Korea (5,400 MT, including decreases of 400 MT), China (3,600 MT, including decreases of 100 MT), Japan (2,800 MT, including decreases of 300 MT), Taiwan (2,100 MT, including decreases of 100 MT), and Mexico (1,800 MT, including decreases of 100 MT). Exports of 16,700 MT--a marketing-year high--were up 21 percent from the previous week and 20 percent from the prior 4-week average. The destinations were primarily to Japan (4,700 MT), South Korea (4,600 MT), China (2,800 MT), Mexico (1,400 MT), and Taiwan (900 MT).Weekly Beef Production Up 2.8%, Cattle Weights Up 46 Pounds From Last Year

Weekly beef production is estimated at 524.3 million pounds, marking a 2.8% increase from the previous week and a 3.0% increase from the same period last year. Year-to-date beef production stands at 8.01 billion pounds, reflecting a decrease of 2.8% compared to last year.

Weekly cattle slaughter is estimated at 620,000 head, representing a 2.8% increase from the prior week but a 0.8% decrease from the same period last year. Year-to-date cattle slaughter totals 9.54 million head, indicating a 4.8% decline from last year.

Livestock Comments:  Dr. Andrew Griffith

The futures trader is necessary to provide liquidity (i.e. enough trading) for hedgers to establish a position in the market. As cattle futures price increased, there were traders who decided they could make some money so they exited their position and took new positions in some instances. They may have made money coming and going or lost money in the same manner. Regardless, the decline in feeder cattle futures has temporarily dashed the hopes of many cattle producers who have failed to manage price risk. The generally results in cattle producers changing their minds on the route they planned, which brings the conversation back to being fickle.

CATTLE SLAUGHTHER:    Wednesday slaughter at 125K head, compared to 124K last week and 123K last year. WTD slaughter at 363K head, compared to 369K last week and 375K last year

THE BEEF READ:   Won’t Go Away... Uncertainty over the developing story of bird flu in dairy cows continues to loom over CME cattle futures and the entire cattle industry, dairy and beef. The USDA announced actions today requiring mandatory testing for interstate movement of dairy cattle which they say will help the USDA and its federal partners get ahead of the disease and limit is spread. These measures are effective April 29, 2024 (THE BEEF)

DAILY DROP:   The hide and offal value was estimated at $11.56, down 3 cents from Monday

Rob Cook, RobCookKC@gmail.com