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CME GRAINS: Corn: $5.395 (+12.75); Soybeans: $12.875 (+2.50); Wheat: $7.2225 (-1.50); Cotton: $98.05 (+2.06) ( pm)
STOCK FLASH: Dow 30: 34,858.18 (+60.18); Nasdaq: 14,973.45 (-74.25); S&P 500: 4,443.50 (-11.98) ( pm)
MEATBOARD: Boxed Beef Choice: $302.70 (-0.62); Pork Carcass: $111.95 (+1.18); Chicken Breast: $210.25 (+0.64) ( pm)
Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.2 million head on September 1, 2021. The inventory was 1 percent below September 1, 2020. This is the second highest September 1 inventory since the series began in 1996. Placements in feedlots during August totaled 2.10 million head, 2 percent above 2020. Net placements were 2.05 million head. During August, placements of cattle and calves weighing less than 600 pounds were 405,000 head, 600-699 pounds were 310,000 head, 700-799 pounds were 480,000 head, 800-899 pounds were 534,000 head, 900-999 pounds were 275,000 head, and 1,000 pounds and greater were 100,000 head.
The largest steer and heifer string sold on Tuesday was 210 steers (674#) from Wildorado, Texas at $161.50. The second largest string was 206 steers (683#) from Wildorado, Texas at $161.85. The average price paid for the largest steer and heifer strings sold on Tuesday was $157.64.
The highest price paid for a calf string this week was $243.00 for 9 steers (317#) from Miles City, Montana. The second highest price paid was $242.00 for 14 steers (346#) from Miles City, Montana. There were 117 calf sales this week that were $200 or higher, compared to 151 last week. There were 205 calf sales this week that were $190 or higher, compared to 250 last week.
Drought is coming to the South and improving in the North (to a modest degree). According to the latest U.S. Drought Monitor, the Northwest, Northern Plains, and Minnesota saw improvements this week. However, flash drought has hit the Southern Plains into Arkansas. As of September 21, 38.98% of the U.S. is in drought, including all or part of 27 states and Puerto Rico.
CATTLE SLAUGHTHER: USDA estimates daily cattle slaughter at 119K head, compared to 119K last week and 116K last year (Mon)
THE BEEF READ: More Chop... The CFTC’s Commitment of Trader report released last Friday showed more fund long liquidation and an increase in fund shorts. Commercials continued to be buyers (The Beef)
DAILY DROP: The hide and offal value was estimated at $15.41, unchanged from Thursday
Rob Cook, RobCookKC@gmail.com