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Today's Prices (Fri pm)
CME GRAINS: Corn: $6.35 (-15.00); Soybeans: $14.385 (+8.75); Wheat: $7.3725 (-21.50); Cotton: $83.20 (-1.65)
STOCK UPDATE: Dow 30: 34,429.88 (+34.87); Nasdaq: 11,461.50 (-20.95); S&P 500: 4,071.70 (-4.87) (Stocks Fall as Labor Market Strength Keeps an Aggressive Fed in Play)
ENERGY PRICES: Crude Oil: $80.22 (-1.00); Heating Oil: $3.1773 (-0.0851); Natural Gas: $6.232 (-0.506)
RTI (REAL TIME INDEX): $176.79 (+0.08) -- The RTI (7-day cash feeder cattle average) is $0.09 LOWER than the nearby futures ($176.88). The cash and futures market are in parity for the first time in months. The largest steer sale on Monday brought $181.50 at Joplin
The largest steer and heifer string sold this week was 371 steers (920#) from Joplin, Missouri at $169.00. The second largest string was 287 steers (956#) from Yankton, South Dakota at $194.00. The average price paid for the largest steer and heifer strings sold this week was $187.40. The CME January feeder cattle futures closed on Friday at $182.45, up $1.375.
Beef production up 11% from last week (12/2)
Total beef production under Federal inspection for the week ending Saturday, December 3rd, 2022 was estimated at 553.7 million lbs. according to the U.S. Department of Agriculture's Marketing Service. This was up 11.4 percent from a week ago and 3.2 percent lower than a year ago. Cumulative beef production for the year to date was 1.4 percent higher compared to the previous year.
Net sales of 15,400 MT for 2022 primarily for China (7,200 MT, including decreases of 100 MT), Japan (2,600 MT, including decreases of 500 MT), Canada (1,900 MT, including decreases of 100 MT), South Korea (1,700 MT, including decreases of 400 MT), and Mexico (800 MT, including decreases of 100 MT), were offset by reductions for Brazil (100 MT). Net sales of 2,000 MT for 2023 were reported for Mexico (900 MT), Japan (500 MT), China (300 MT), Taiwan (200 MT), and Guatemala (100 MT). Exports of 15,800 MT were primarily to Japan (4,200 MT), South Korea (4,000 MT), China (3,000 MT), Mexico (1,400 MT), and Canada (800 MT).
There were many drought improvements this week as storms hit most regions of the United States, particularly Texas and the South/Southeast. Meanwhile, isolated parts of the Midwest and Southeast saw degradations. As of November 29, 2022, 48.10% of the U.S. and 57.51% of the lower 48 states are in drought, according to the U.S. Drought Monitor.
79.75% of the contiguous U.S. in drought (D0-D4) this week, compared to 81.78% last week and 69.05% last year
So far for Friday in Nebraska and Western Cornbelt negotiated cash trading has been limited on light demand. In both regions a few live purchases traded at 157.00, and in Nebraska, a few dressed purchases traded at 248.00. However, not enough purchases for a full market trend. Thursday was the last reported market in these regions. In Nebraska live purchases traded 157.00-159.00 and dressed purchases traded at 249.00. In the Western Cornbelt live purchases traded from 157.00-158.00 and dressed purchases traded at 249.00. In Colorado negotiated cash trading has been limited on light demand. A few live purchases traded steady at 157.00, when compared to the last reported market on Thursday. In the Southern Plains negotiated cash trading has been mostly inactive on light demand. Not enough purchases for a market trend. In the Southern Plains Wednesday was the last reported market with live purchases at 155.00.
OKC West (El Reno, Oklahoma): Top 10 Sales By String Size (This Week)
The largest string sold this week at OKC West was 197 steers (812#) at $174.75. The second largest string was 196 steers (586#) at $211.50. The average price paid at OKC West this week for the top 10 strings was $184.20. The CME January feeder cattle futures closed on Wednesday at $180.475, up $2.475.
U.S. live cattle weights averaged 1,375 pounds in October 2022, up 11 pounds from last month and down 1 pound from last year. Cattle weights have averaged 1,367 pounds so far in 2022.
Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.7 million head on November 1, 2022. The inventory was 2 percent below November 1, 2021. Placements in feedlots during October totaled 2.11 million head, 6 percent below 2021. Placements were the lowest for October since the series began in 1996. Net placements were 2.05 million head. During October, placements of cattle and calves weighing less than 600 pounds were 545,000 head, 600-699 pounds were 465,000 head, 700-799 pounds were 450,000 head, 800-899 pounds were 378,000 head, 900-999 pounds were 190,000 head, and 1,000 pounds and greater were 80,000 head. Marketings of fed cattle during October totaled 1.80 million head, 1 percent above 2021. Other disappearance totaled 54,000 head during October, 5 percent below 2021.
CATTLE SLAUGHTHER: Weekly cattle slaughter reported at 663K head, compared to 596K last week and 682K last year. YTD slaughter at 31.3 million head, up 1.5% from last year
THE BEEF READ: Mixed LC Futures; New Dressed High in Nebraska... In the country, a major packer paid $249 dressed in eastern Nebraska, a spiffy new high for the move. The north is not as dominated by hedgers and northern cattle feeders have been holding out for more money this week, aware supplies are current and feeders have leverage (The Beef)
DAILY DROP: The hide and offal value was estimated at $14.71, down 1 cent from Thursday
Rob Cook, RobCookKC@gmail.com
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