- Tweet
- Printer Friendly
Please forward contributions to RobCookKC@gmail.com
Today's Prices (Fri pm)
CME LIVESTOCK: Live Cattle: $191.35 (+1.85); Feeder Cattle: $259.15 (+1.375); Hogs: $81.525 (-1.425)
CME GRAINS: Corn: $ 4.7725 (+2.00); Soybeans: $12.9625 (+2.50); Wheat: $5.795 (+3.75); Cotton: $84.04 (-0.83)
STOCK UPDATE: Dow 30: 33,963.84 (-106.58); Nasdaq: 13,211.81 (-12.17); S&P 500: 4,320.06 (-9.94) (Lower Bond Yields Spark Mild Recovery In Stocks)
ENERGY PRICES: Crude Oil: $90.36 (+0.73); Heating Oil: $3.336 (-0.032); Natural Gas: $2.646 (+0.036)
BOXED BEEF: Choice: $303.33 (+1.40); Select: $280.43 (+1.43); Ch/Se Spread: 22.90; Total Loads: 98 compared to 132 on Thursday
To view the most recent prices and news, please visit the U.S. Cattle Report Channel.
Highlights (Cattle Report Channel)
- Boxed beef up $1.40 on Fri to $303.33
- AMARILLO: Sunny, with a high near 94. West southwest wind 10 to 15 mph (FRI)
- RTI (7-Day Feeder Cattle Index): $251.60 (-0.33)
- DROUGHT MONITOR: Rain improves western and central Texas
- 55.57% of the contiguous U.S. in drought (D0-D4) this week, compared to 51.95% last week and 68.98% last year
- BEEF EXPORTS: Sales up noticeably nut still not good (13.7K mt)
- Weekly cattle slaughter at 625K, WTD down 7K
- NATURAL GAS: Henry Hub up 1 cent to $2.77
- Daily drop unch on Fri at $13.69
- CATTLE TRADE: Dressed sales steady at $292
- 31% of Nebraska pasture rated poor or very poor, compared to 26% last week
- 50% of Kansas pasture rated poor or very poor, compared to 49% last week
- Gas prices up 6 cents this week to $3.88, up $0.22 from last year
- Diesel prices up 9 cents this week to $4.63, down $0.33 from last year
- Corn maturing at 54% compared to 38% last year
- Soybeans dropping leaves at 54% compared to 39% last year
- CORN CONDITION: 51% rated good-to-excellent compared to 52% last week
- CATTLE TRENDS (Short Term/Long Term): LIVE: Up/Up; FEEDERS: Up/Up
- GRAIN TRENDS (Short Term/Long Term): CORN: Down/Down; WHEAT: Down/Down; SOYBEANS: Down/Down
National Cattle Tracker: Top 10 Sales By String Size
The largest steer and heifer string sold this week was 309 steers (865#) from El Reno, Oklahoma at $220.50. The second largest string was 254 steers (827#) from Lexington, Kentucky at $253.00. The average price paid for the largest steer and heifer strings sold this week was $245.64. The CME October feeder cattle futures closed on Friday at $259.15, up $1.375.
CATTLE TRADE: Dressed sales steady at $292
Thus far for Thursday in the Texas Panhandle negotiated cash trade has been at a standstill. In Kansas negotiated cash trade has been mostly inactive on light demand. In Nebraska negotiated cash trade has been slow on light to moderate demand. Compared to last week dressed delivered purchases traded steady at 292.00. There was not enough live FOB purchases for a market trend last week live FOB purchases traded from 184.00-185.00. In the Western Cornbelt negotiated cash trade has been slow on light to moderate demand. However not enough purchases for a market trend. The most recent market trend in the Southern Plains and Western Cornbelt was last week. In the Southern Plains live FOB purchases traded from 182.00-183.00. In the Western Cornbelt live FOB purchases traded from 184.00-185.00, dressed delivered purchases at 292.00.
CATTLE ON FEED: Inventory down 2%; Placements down 5%
Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.1 million head on September 1, 2023. The inventory was 2 percent below September 1, 2022. Placements in feedlots during August totaled 2.00 million head, 5 percent below 2022. Net placements were 1.95 million head. During August, placements of cattle and calves weighing less than 600 pounds were 420,000 head, 600-699 pounds were 305,000 head, 700-799 pounds were 455,000 head, 800-899 pounds were 488,000 head, 900-999 pounds were 245,000 head, and 1,000 pounds and greater were 90,000 head. Marketings of fed cattle during August totaled 1.88 million head, 6 percent below 2022. Other disappearance totaled 55,000 head during August, 4 percent above 2022.
NATIONAL DROUGHT MONITOR: Rain improves western and central Texas
Drought worsened in parts of the Upper Midwest and Central Plains, but helpful rains are coming. This past week, precipitation brought improvements to much of western and central Texas. However, eastern Texas into Louisiana and Mississippi saw an expansion of Exceptional Drought (D4). As of September 19, 2023, 31.71% of the U.S. and Puerto Rico and 37.78% of the lower 48 states are in drought, according to the U.S. Drought Monitor.
55.57% of the contiguous U.S. in drought (D0-D4) this week, compared to 51.95% last week and 68.98% last year
U.S. BEEF EXPORTS: Sales up noticeably but still not good (13.7K mt)
Net sales of 13,700 MT for 2023 were up noticeably from the previous week and up 15 percent from the prior 4-week average. Increases primarily for Japan (3,700 MT, including decreases of 500 MT), South Korea (3,100 MT, including decreases of 2,200 MT), China (2,500 MT, including decreases of 100 MT), Mexico (1,500 MT, including decreases of 100 MT), and Canada (700 MT, including decreases of 100 MT), were offset by reductions primarily for the United Arab Emirates (100 MT) and Italy (100 MT). Net sales of 500 MT for 2024 were reported for Japan (400 MT) and Taiwan (100 MT). Exports of 15,200 MT were up 15 percent from the previous week and 2 percent from the prior 4-week average. The destinations were primarily to South Korea (3,900 MT), Japan (3,300 MT), China (2,800 MT), Mexico (1,700 MT), and Taiwan (800 MT).
Beef production down 1% from last week
Total beef production under Federal inspection for the week ending Saturday, September 23rd, 2023 was estimated at 515.0 million lbs. according to the U.S. Department of Agriculture's Marketing Service. This was down 0.9 percent from a week ago and 7.2 percent lower than a year ago. Cumulative beef production for the year to date was 5.1 percent lower compared to the previous year.
CATTLE SLAUGHTHER: Weekly cattle slaughter reported at 625K head, compared to 632K last week and 671K last year. YTD slaughter at 23.6 million head, down 4.3% from last year
THE BEEF READ: Day 5... With boxed beef values struggling mightily, having sagged back to the summer lows, packers are rumored to have trimmed this week’s harvest. Expectations for this week are now 620k head, compared to last week’s 632k head last week which followed a tiny Labor Day week harvest the prior week (THE BEEF)
DAILY DROP: The hide and offal value was estimated at $13.69, unch from Thursday
Rob Cook, RobCookKC@gmail.com
Cattle Report