Please forward contributions to RobCookKC@gmail.com
Today's Prices (Fri pm)
CME GRAINS: Corn: $7.545 (+10.75); Soybeans: $16.26 (-49.00); Wheat: $8.3125 (-37.50); Cotton: $103.68 (-0.26)
STOCK UPDATE: Dow 30: 31,097.26 (+321.83); Nasdaq: 11,127.85 (+99.11); S&P 500: 3,825.33 (+39.95) (Stocks Recover Early Losses and Close Higher as T-Note Yields Fall)
MEATBOARD: Boxed Beef Choice: $263.82 (-0.18); Pork Carcass: $108.75 (+1.50); Chicken Breast: $298.12 (-3.50) (Pork ends up only down 28 cents from Monday; Chicken falls under $300)
ENERGY PRICES: Crude Oil: $108.46 (+2.70); Heating Oil: $3.9603 (+0.1298); Natural Gas: $5.62 (+0.196)
Corn planted area for all purposes in 2022 is estimated at 89.9 million acres, down 4 percent or 3.44 million acres from last year. Compared with last year, planted acreage is expected to be down or unchanged in 35 of the 48 estimating States. Area harvested for grain, at 81.9 million acres, is down 4 percent from last year.
Corn stocks in all positions on June 1, 2022 totaled 4.35 billion bushels, up 6 percent from June 1, 2021. Of the total stocks, 2.12 billion bushels are stored on farms, up 22 percent from a year earlier. Off-farm stocks, at 2.23 billion bushels, are down 6 percent from a year ago. The March - May 2022 indicated disappearance is 3.41 billion bushels, compared with 3.58 billion bushels during the same period last year.
So far for Thursday negotiated cash trading in the Texas Panhandle has been slow on light demand. Compared to the last reported market on Wednesday live purchases have traded 1.00 lower at 137.00. In Nebraska and Western Cornbelt negotiated cash trading has been limited on light demand. Not enough purchases in these regions for a market trend. In Kansas and Colorado negotiated cash trading has been at a standstill. Wednesday in Kansas live purchases traded at 138.00. Wednesday in Nebraska live and dressed purchases traded from 145.00-151.00 and at 234.00, respectively. Wednesday in the Western Cornbelt live and dressed purchases traded from 147.00-150.00 and at 234.00, respectively. Last week in Colorado live purchases traded at 145.00.
Net sales of 17,000 MT for 2022 were up 52 percent from the previous week and 6 percent from the prior 4-week average. Increases primarily for South Korea (5,100 MT, including decreases of 1,100 MT), China (4,500 MT, including decreases 400 MT), Japan (2,000 MT, including decreases of 1,000 MT), Taiwan (1,700 MT, including decreases of 100 MT), and Indonesia (1,000 MT), were offset by reductions for Chile (100 MT). Exports of 19,800 MT were up 4 percent from the previous week and 5 percent from the prior 4-week average. The destinations were primarily to South Korea (5,700 MT), Japan (5,000 MT), China (3,800 MT), Taiwan (1,100 MT), and Canada (1,000 MT).
The North American Monsoon brought big drought improvements to the Southwest this week, especially New Mexico. However, flash drought is impacting parts of the Midwest, South, and Southeast—where abnormal dryness (D0) is widespread, with pockets of drought. Alaska has also been warm and dry, with huge wildfires. As of June 28, 2022, 42.53% of the U.S. and 47.73% of the lower 48 states are in drought.
68.65% of the contiguous U.S. in drought this week, compared to 62.49% last week and 58.52% last year
The largest steer and heifer string sold this week was 535 heifers (792#) from Fredonia, Kansas at $169.25. The second largest string was 353 steers (784#) from Carthage, Missouri at $168.75. The average price paid for the largest steer and heifer strings sold this week was $164.48. he CME August feeder cattle futures closed on Friday at $174.50, up $0.90.
Four percent (4%) of the corn in the U.S. had silked by June 26th, compared to NA last week and 4% last year. Ninety one percent (91%) of the soybeans in the U.S. had emerged by June 26th, compared to 83% last week and 95% last year. Thirty three percent (33%) of the cotton in the U.S. had squared by June 26th, compared to 22% last week and 30% last year.
CATTLE SLAUGHTHER: BEEF PRODUCTION: Weekly production reported at 514.5 million pounds, down 4.6% from last week, up 0.5% from last year. Weekly cattle slaughter reported at 636K head, compared to 666K last week and 628K last year. YTD slaughter at 16.9 million head, up 1.0% from last year. CATTLE WEIGHTS: Live weights reported this week at 1,343 lbs., down 1 lb. from last week, down 4 lbs. from last year (EWMP)
THE BEEF READ: Bottom... After making a new low for the move this week of $131.70, the lowest since June 1, August LC futures shot sharply higher today and closed higher on the week. Futures had become oversold and were trading below the 10 and 40-day moving average (The Beef)
DAILY DROP: The hide and offal value was estimated at $13.95, unchanged from Thursday
Rob Cook, RobCookKC@gmail.com