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Today's Prices (Thu pm)


CME LIVESTOCK:  Live Cattle: $182.55 (+0.45); Feeder Cattle: $259.825 (-0.125); Hogs: $91.15 (-2.625)


CME GRAINS:  Corn: $4.3975 (-0.1025); Wheat: $5.7275 (-0.0925); Soybeans: $11.5525 (-0.1875); Soybean Meal: $357.60 (-7.00)

STOCK UPDATE:    Dow 30: 39,134.76 (+299.90); Nasdaq: 17,721.59 (-140.64); S&P 500: 5,473.17 (-13.86) (S&P 500 And Nasdaq 100 Fall From Record Highs As Chip Stocks Retreat)


ENERGY PRICES:  Crude Oil: $82.17 (+0.60); Ethanol: $1.93 (-0.025); Natural Gas: $2.741 (-0.168) (Nat-Gas Prices Tumble on Forecasts for Cooler US Temps)


BOXED BEEF:   Choice: $322.87 (+2.17); Select: $304.40 (+1.14); Ch/Se Spread: 18.47; Total Loads: 98 compared to 125 on Wednesday


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Highlights (Cattle Report Channel)

  1.  CME Live Cattle: $182.55 (+0.45); Feeder Cattle: $259.825 (-0.125); Corn: $4.3975 (-0.1025)
  2. CORN PROGRESS:  93% of the corn in the United States had emerged by June 16th, compared to 85% last week and 95% last year
  3.  RTI (7-Day Feeder Cattle Index):  $253.86  (-0.13)
  4. AMARILLO:  A 20% chance of showers and thunderstorms after 4pm. Mostly sunny, with a high near 83   (THU)
  5. Boxed beef up $2.17 on Thu to $322.87
  6. CATTLE TRADE:  Cash trade at a standstill
  7. COT:  Funds decrease net long position by 4.3K to 48.5K contracts 
  8. BEEF EXPORTS:  Beef sales down 17% to 12K mt
  9. Thu cattle slaughter at 121K, WTD down 8K
  10. Daily drop down 1 cent on Thu to $11.66
  11. DROUGHT MONITOR:  37.40% of Contiguous U.S. in drought compared to 29.11% last week and 55.70% last year 
  12. Gas prices up 1 cent this week to $3.44, down $0.14 from last year
  13. Diesel prices up 8 cents this week to $3.74, down $0.08 from last year
  14. CATTLE ON FEED:  Placements down 6%
  15. Beef production up 0.1% from last week, cattle weights up 59 lbs from last year
  16. NATURAL GAS:   Henry Hub down 30 cents to $2.21

Heat Wave Continues in the Northeastern Quarter of the U.S.; Excessive Rain May Bring Flooding in the North Central U.S.   (THU)  

The heat wave is expected to peak in the eastern Great Lakes and New England today, and the Ohio Valley and Mid-Atlantic Friday into the weekend. Widespread daily record high temperatures are likely. Heavy to excessive rainfall will be associated with thunderstorms forecast to move across parts of the northern Plains and Upper Midwest today into Friday.


CATTLE TRADE:  Cash trade at a standstill

Thus far for Thursday in the Texas Panhandle and Nebraska negotiated cash trade has been at a standstill. Last week in the Southern Plains live FOB purchases traded at 186.00. In the Kansas and the Western Cornbltl negotiated cash trade has been mostly inactive on light demand. Last week In Nebraska live FOB trade early in the week traded at 190.00, with later in the week purchases ranging from 195.00-198.00, while dressed delivered purchases traded from 305.00-306.00, with a few up to 310.00. Last week in the Western Cornbelt live FOB purchases traded from 190.00-197.00 mostly from 193.00-195.00, dressed delivered purchases traded from 305.00-306.00 with a few up to 310.00.

CATTLE ON FEED:  Inventory down 1%;  Placements down 6%

Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.6 million head on May 1, 2024. The inventory was 1 percent below May 1, 2023.   Placements in feedlots during April totaled 1.66 million head, 6 percent below 2023. Net placements were 1.60 million head. During April, placements of cattle and calves weighing less than 600 pounds were 335,000 head, 600-699 pounds were 220,000 head, 700-799 pounds were 375,000 head, 800-899 pounds were 451,000 head, 900-999 pounds were 205,000 head, and 1,000 pounds and greater were 70,000 head.  Marketings of fed cattle during April totaled 1.87 million head, 10 percent above 2023.   Other disappearance totaled 56,000 head during April, 10 percent above 2023.

NATIONAL DROUGHT MONITOR

Moderate to heavy rains soaked a sizeable part of the High Plains Region last week. Most fell on locations not experiencing antecedent dryness and therefore provided no relief, but several areas that have been entrenched in drought did record enough rainfall to consequentially improve conditions. Heavy rainfall totals of 2 to locally 4 inches were fairly common over a fairly broad swath from northeastern to southwestern Kansas, making this one of the few states to experience more relief than deterioration last week. Patches of 1-catregory improvements were introduced where heavier rains fell, continuing a general trend of decreasing dryness observed since mid-May. 

U.S. EXPORT SALES:  Beef sales down 17%

Net sales of 12,000 MT for 2024 were down 17 percent from the previous week and 28 percent from the prior 4-week average. Increases were primarily for South Korea (3,300 MT, including decreases of 300 MT), Japan (3,000 MT, including decreases of 300 MT), Canada (1,400 MT, including decreases of 100 MT), China (1,300 MT, including decreases of 100 MT), and Mexico (800 MT). Exports of 16,600 MT were up 8 percent from the previous week and 3 percent from the prior 4-week average. The destinations were primarily to South Korea (4,100 MT), Japan (4,000 MT), China (2,100 MT), Taiwan (1,800 MT), and Canada (1,500 MT). 

Weekly Beef Production up 0.17%, Cattle Weights Up 59 Pounds From Last Year

Beef Production:

Weekly beef production is estimated at 522.4 million pounds, showing a slight increase of 0.1% from last week and a more significant rise of 1.7% from last year.  Year-to-date beef production stands at 12.1 billion pounds, reflecting a decrease of 1.6% compared to last year.

Cattle Slaughter:

Weekly cattle slaughter is estimated at 615,000 head, up 0.2% from the previous week but down 3.3% from the same week last year.  Year-to-date cattle slaughter totals 14.35 million head, marking a 4.4% decline from the previous year.

Livestock Comments:  Dr. Andrew Griffith

Fed cattle traded $4 to $5 higher compared to last week on a live basis. Prices were largely $191 to $192 on a live basis and mostly $305 to $306 on a dressed basis.  The 5-area weighted average prices thru Thursday were $191.65 live, up $4.92 compared to last week and $305.59 dressed, up $6.53 from a week ago. A year ago, prices were $186.78 live and $296.08 dressed.

CATTLE SLAUGHTHER:  Thursday slaughter at 121K head, compared to 122K last week and 127K last year. WTD slaughter at 481K head, compared to 489K last week and 505K last year

THE BEEF READ:    Rolling Over... Packers are doing their best to limit red ink and have had slaughter dialed back to the lowest level since 2016 since Memorial Day week. This week’s estimate is 610k to 615k head. These low slaughters may cushion the decline in the cutout and certainly record carcass weights are offsetting production cuts somewhat, but not entirely (THE BEEF)

DAILY DROP:   The hide and offal value was estimated at $11.66, down 1 cent from Wednesday


Rob Cook, RobCookKC@gmail.com