Please forward contributions to RobCookKC@gmail.com 

Today's Prices (Thu pm)


CME LIVESTOCK:  Live Cattle: $185.00 (+1.40); Feeder Cattle: $247.125 (+0.25); Hogs: $92.50 (+0.10)


CME GRAINS:     Corn: $4.42 (+0.1525); Wheat: $5.6025 (+0.1275); Soybeans: $11.915 (-0.01); Soybean Meal: $337.70 (-1.30)

STOCK UPDATE:   Dow 30: 39,807.37 (+47.29); Nasdaq: 16,379.46 (-20.06); S&P 500: 5,254.35 (+5.86) (S&P 500 Posts A Record High On Optimism The Fed Can Achieve A Soft Landing)


ENERGY PRICES:  Crude Oil: $82.99 (+1.64); Ethanol: $1.6825 (+0.05); Natural Gas: $1.747 (+0.029) (Crude Rallies on Stronger-Than-Expected US Economic Reports)    


BOXED BEEF:   Choice: $308.36 (-0.22); Select: $301.17 (+2.74); Ch/Se Spread: 7.19; Total Loads: 149 compared to 166 on Wednesday


To view COMMODITY QUOTES, click here...


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

 

Highlights (Cattle Report Channel)

  1.  CME Live Cattle: $185.00 (+1.40); Feeder Cattle: $247.125 (+0.25);  Corn: $4.42 (+0.1525) 
  2.  RTI (7-Day Feeder Cattle Index):  $245.28  (-1.94)
  3. AMARILLO:  Sunny, with a high near 74. Wind chill values between 25 and 35 early  (THU)
  4. Boxed beef down $0.22 on Thu to $308.36
  5. CATTLE TRADE:  Cash trade down $2 to $186
  6. COT:  Funds decrease net long position by 920 to 62.4K contracts
  7. BEEF EXPORTS:  Beef sales up 15% to 12.7K mt
  8. Thu cattle slaughter at 116K head, WTD up 8K
  9. Daily drop unch on Thu at $11.90
  10. DROUGHT MONITOR:  41.98% of Contiguous U.S. in drought compared to 44.12 % last week and 51.82% last year
  11. Gas prices up 7 cents this week to $3.52, up $0.10 from last year
  12. Diesel prices up 1 cent this week to $4.03, down $0.09 from last year
  13. CATTLE ON FEED:  Inventory up 1%;  Placements up 10%
  14. Beef Production Down 0.2% From Last Week
  15. NATURAL GAS:   Henry Hub up 33 cents to $1.57

Heavy Rainfall and Storms in the Carolinas; Active Pattern in the West; Strong Winter Storm in Alaska   (THU)  

Showers and storms will continue across the Mid-Atlantic today. Some storms may produce heavy to excessive rainfall especially within the Carolinas which could lead to flash, urban and small stream flooding. Valley rain and mountain snow will continue to spread across the West today and Friday. A strong winter storm will bring blizzard conditions to the Arctic coastline in Alaska through Friday. 

CATTLE TRADE:  Cash trade down $2 to $186 

Thus far for Thursday in the Texas Panhandle negotiated cash has been moderate on trade and demand. Compared to last week live FOB purchases traded 2.00 lower at 186.00. In Kansas negotiated cash trade has been slow on light demand. The most recent market in Kansas was Wednesday with live FOB purchases 185.00. In Nebraska and the Western Cornbelt negotiated cash trade has been slow on light demand. Last week in the Texas Panhandle live FOB purchases traded at 188.00. Last week in Nebraska live FOB purchases at 190.00, with dressed delivered purchases at 302.00. Last week in the Western Cornbelt with live FOB purchases traded from 190.00-191.00, with dressed delivered purchases at 302.00.

CATTLE ON FEED:  Inventory up 1%;  Placements up 10%

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 March 1, 2024. The inventory was 1 percent above March 1, 2023.   Placements in feedlots during February totaled 1.89 million head, 10 percent above 2023. Placements were the highest for February since the series began in 1996. Net placements were 1.83 million head. During February, placements of cattle and calves weighing less than 600 pounds were 360,000 head, 600-699 pounds were 330,000 head, 700-799 pounds were 515,000 head, 800-899 pounds were 485,000 head, 900-999 pounds were 150,000 head, and 1,000 pounds and greater were 50,000 head.

NATIONAL DROUGHT MONITOR

A winter-like storm system crossing the central Plains and upper Midwest resulted in a variety of weather hazards, including blizzard conditions, high winds, heavy rain, and locally severe thunderstorms. That storm was preceded by a weaker system, which produced a stripe of snow from northern Montana into portions of the Great Lakes States. Combined, the two storms produced 40 to 50% of the season-to-date snowfall in 4 to 5 days at several upper Midwestern locations, including Eau Claire, Wisconsin, and Minneapolis-St. Paul, Minnesota.

U.S. EXPORT SALES:  Beef sales up 15%

 Net sales of 12,700 MT for 2024 were up 15 percent from the previous week and 4 percent from the prior 4-week average. Increases were primarily for South Korea (3,400 MT, including decreases of 400 MT), Japan (3,400 MT, including decreases of 600 MT), China (2,000 MT, including decreases of 100 MT), Mexico (1,000 MT), and Taiwan (1,000 MT, including decreases of 100 MT). Exports of 14,100 MT were down 3 percent from the previous week and 10 percent from the prior 4-week average. The destinations were primarily to Japan (3,500 MT), South Korea (3,500 MT), China (2,300 MT), Mexico (1,400 MT), and Taiwan (1,100 MT).

Beef Production Down 0.2% From Last Week

Weekly beef production: 500.4 million pounds, down 0.2% from the previous week and 2.5% from last year.   Year-to-date beef production: 5.96 billion pounds, down 4.0% from last year.   Weekly cattle slaughter: 598K head, down 0.5% from the previous week and 4.8% from last year.  Year-to-date cattle slaughter: 7.13 million head, down 5.4% from last year.

Livestock Comments:  Dr. Andrew Griffith

FED CATTLE:   Cattle prices have a little bit of the Wild West feel to them in the sense of anything goes. That statement could be taken several different ways, but it is meant from the standpoint of prices consistently strengthening and a feeling that they will continue to increase. In other words, there is so much optimism that there is little to no thought about what could turn the apple cart upside down. In the same way, everyone that moved west had dreams of great things to come that little attention was paid to the challenges in the future. This is not supposed to be rain on a parade, but producers should be cautious in their decision making as ever-increasing prices will not last forever. 

CATTLE SLAUGHTHER:     Thursday slaughter at 116K head, compared to 117K last week and 126K last year. WTD slaughter at 483K head, compared to 475K last week and 501K last year

THE BEEF READ:    Trying... Packers bid $300 there today, steady with last week and there has been some trade. Other areas like Texas have traded cattle today at $186, down $2 from last week. Coming into today, the industry had only traded 7k head, very light (THE BEEF)

DAILY DROP:   The hide and offal value was estimated at $11.90, unch from Wednesday

Rob Cook, RobCookKC@gmail.com