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Today's Prices (Mon pm)


CME LIVESTOCK:  Live Cattle: $188.575 (+1.325); Feeder Cattle: $255.10 (+2.975); Hogs: $93.425 (+0.25)


CME GRAINS:    Corn: $4.36 (-0.0075); Wheat: $5.4275 (+0.1425); Soybeans: $11.8775 (-0.105); Soybean Meal: $331.90 (-2.80)

STOCK UPDATE:   Dow 30: 38,790.43 (+75.66); Nasdaq: 16,096.56 (+123.39); S&P 500: 5,146.23 (+29.14) (Strength In Technology Stocks Leads The Broader Market Higher)


ENERGY PRICES:   Crude Oil: $82.92 (+1.88); Ethanol: $1.69 (-0.005); Natural Gas: $1.713 (+0.058) (Crude Ends Higher on Strong Chinese Demand and Drone Attacks on Russian Refineries)


BOXED BEEF:   Choice: $313.33 (+1.43); Select: $303.05 (+0.65); Ch/Se Spread: 10.28; Total Loads: 114 compared to 88 on Friday


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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: $188.575 (+1.325); Feeder Cattle: $255.10 (+2.975);  Corn: $4.36 (-0.0075)
  2.  RTI (7-Day Feeder Cattle Index):  $252.33  (-0.16)
  3. AMARILLO:  Sunny, with a high near 61. Calm wind becoming north around 5 mph in the afternoon  (MON)
  4. Boxed beef up $1.43 on Mon to $313.33
  5. CATTLE TRADE:  Cash trade at a standstill
  6. COT:  Funds extend net long position to 63.3K contracts, higher 8 consecutive weeks, highest since Oct 17th
  7. BEEF EXPORTS:  Beef sales at marketing year low
  8. Mon cattle slaughter at 120K head, WTD up 9K
  9. Daily drop unch on Mon at $11.80
  10. DROUGHT MONITOR:  45.67% of Contiguous U.S. in drought compared to 47.38% last week and 52.49% last year
  11. Gas prices up 3 cents this week to $3.38, down $0.08 from last year
  12. Diesel prices down 2 cents this week to $4.00, down $0.24 from last year
  13. CATTLE ON FEED:  Inventory up slightly;  Placements down 7%
  14. Beef Production Up 3.6% From Last Week
  15. NATURAL GAS:   Henry Hub up 3 cents to $1.66

Periods of Snow for the Great Lakes and Northeast U.S.; Strong to Severe Thunderstorms Possible in Florida  (MON)

A cold front followed by a clipper storm will bring periods of snow to the Great Lakes and Northeast U.S. through midweek. Lake-enhanced snow downwind of some of the Great Lakes will bring higher accumulations. Isolated severe thunderstorms are possible over most of the Florida Peninsula through late this afternoon before the severe weather risk diminishes by early evening.


CATTLE TRADE:  Cash trade at a standstill 

Thus far for Monday in the Southern Plains and Nebraska negotiated cash trade has been at a standstill. In the Western Cornbelt negotiated cash trade has been mostly inactive on light demand. Last week in the Southern Plain live FOB purchases FOB purchases traded at 186.00. Last week in Nebraska live FOB purchases traded from 187.00-188.00 with dressed delivered purchases traded from 295.00-300.00. Last week in the Western Cornbelt live FOB purchases traded from 187.00 -189.00, with dressed delivered purchases at 298.00.

CATTLE ON FEED:  Inventory up slightly;  Placements down 7%

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 February 1, 2024. The inventory was slightly above February 1, 2023.   Placements in feedlots during January totaled 1.79 million head, 7 percent below 2023. Net placements were 1.71 million head. During January, placements of cattle and calves weighing less than 600 pounds were 370,000 head, 600-699 pounds were 395,000 head, 700-799 pounds were 475,000 head, 800-899 pounds were 377,000 head, 900-999 pounds were 105,000 head, and 1,000 pounds and greater were 70,000 head.  Marketings of fed cattle during January totaled 1.84 million head, slightly below 2023.    Other disappearance totaled 81,000 head during January, 29 percent above 2023.

NATIONAL DROUGHT MONITOR

Warmer-than-normal temperatures occurred across the entire Midwest region over the past week. Compared to normal, the warmest areas were in Iowa, Minnesota, Wisconsin and Michigan, where temperatures mostly ranged from 4-12 degrees above normal, with locally warmer readings. Locally heavy rain (over 2 inches in some locations) fell in central and southwest Missouri, while rain also occurred in Illinois, Indiana, Ohio and the Lower Peninsula of Michigan

U.S. EXPORT SALES:  Beef sales marketing year low

Net sales of 11,200 MT for 2024--a marketing-year low--were down 20 percent from the previous week and 19 percent from the prior 4-week average. Increases were primarily for Taiwan (2,300 MT), Japan (2,300 MT, including decreases of 400 MT), Mexico (1,700 MT, including decreases of 100 MT), China (1,700 MT, including decreases of 200 MT), and Canada (1,000 MT, including decreases of 100 MT). Exports of 16,000 MT were unchanged from the previous week and from the prior 4-week average. The destinations were primarily to South Korea (4,800 MT), Japan (4,100 MT), China (2,500 MT), Mexico (1,800 MT), and Canada (800 MT).

Beef Production Up 3.6% From Last Week

Weekly beef production is estimated at 501.4 million pounds, reflecting a 3.6% increase from the previous week.   However, compared to the same week last year, beef production is down 2.8%.  Year-to-date beef production stands at 5.45 billion pounds, marking a 4.3% decrease from the corresponding period in the previous year.

Livestock Comments:  Dr. Andrew Griffith

FED CATTLE: Fed cattle traded $2 higher compared to last week on a live basis. Prices were largely $187 to $188 on a live basis and $297 to $299 on a dressed basis.  The 5-area weighted average prices thru Thursday were $187.82 live, up $2.67 compared to last week and $298.41 dressed, up $5.19. A year ago, prices were $164.11 live and $263.81 dressed

CATTLE SLAUGHTHER:    Monday slaughter at 120K head, compared to 111K last week and 125K last year

THE BEEF READ:    Challenging Records... Last week’s 5-area average negotiated cash cattle price was $187.47, the second highest in history. Last June’s record of $188.75 remains the top for now, though the impressive momentum found in the fed cattle market increases the odds that record will fall in 2024. Packers purchased 83k head, 16k with time at higher money as the leverage stays with the cattle feeder. (THE BEEF)

DAILY DROP:   The hide and offal value was estimated at $11.80, unch from Friday

Rob Cook, RobCookKC@gmail.com