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Today's Prices (Tue pm)

CME LIVESTOCK:   Live Cattle: $133.475 (-0.425); Feeder Cattle: $166.775 (-0.65) Hogs: $107.75 (+2.95); Milk: $24.54 (+0.13) (Tuesday’s Fed Cattle Exchange online auction saw 1 lot of CA steers sell for $135.25)

CME GRAINS:  Corn: $8.0075 (-8.75); Soybeans: $16.78 (+21.50); Wheat: $12.775 (+30.00); Cotton: $148.46 (-2.19) (Wheat up $2.32 since May 3rd) 

STOCK FLASH:   Dow 30: 32,654.59 (+431.17); Nasdaq: 11,984.52 (+321.73); S&P 500: 4,088.85 (+80.84) (Stocks Climb as Global Growth Concerns Ease)

MEATBOARD:    Boxed Beef Choice: $260.48 (+0.17); Pork Carcass: $102.11 (+0.56); Chicken Breast: $352.80 (-4.31) (Chicken drops, pork and beef steady)

BOXED BEEF:  Choice: $260.48 (+0.17) Select: $248.19 (+2.52); Ch/Se Spread: 12.29; Total Loads: 118 compared to 95 on Monday (Better movement, spread narrows)

ENERGY PRICES:  Crude Oil: $112.10 (-2.10); Heating Oil: $3.7984 (-0.1091); Natural Gas: $8.285 (+0.329) (Nat-gas prices this morning extended Monday's rally up to a new 1-week high)

National Cattle Tracker:  Top 10 Sales By String Size 

The largest steer and heifer string sold on Tuesday was 252 steers (907#) from Kimball, South Dakota at $155.00.   The second largest string was 189 steers (916#) from Kimball, South Dakota at $153.50.   The average price paid for the largest steer and heifer strings sold on Tuesday was $151.81.   The CME August feeder cattle futures closed on Tuesday at $166.775, down $0.65.

Cattle Trade:  Cash sales $2 lower

Thus far for Tuesday negotiated cash trading and demand have been light to moderate in the Southern Plains with live purchases 2.00 lower compared to last week at 138.00. Negotiated cash trading has been slow on light demand in Nebraska with a few dressed purchases from 226.00-227.00, however not enough for a market trend. Last week in Nebraska live and dressed purchases traded at 144.00 and at 230.00, respectively. Negotiated cash trading has been mostly inactive on light demand in the Western Cornbelt and Colorado. Not enough purchases in these regions for a market trend. Last week in Colorado live purchases traded from 140.00-144.00. The last reported live trade in the Western Cornbelt was on Monday with live purchases at 142.00, and the last reported dressed trade was last week with dressed purchases from 227.00-230.00.

Crop Progress:  Corn planting at 49%, Cotton at 37%

Forty nine percent (49%) of the corn in the U.S. had been planted by May 15th, compared to 22% last week and 78% last year.   Thirty percent (30%) of the soybeans in the U.S. had been planted by May 15th, compared to 12% last week and 58% last year.  Thirty seven percent (37%) of the cotton in the U.S. had been planted by May 15th, compared to 24% last week and 36% last year.

Joplin Regional Stockyards: Top 10 Sales By String Size (Monday)

The largest string sold on Monday at Joplin Regional Stockyards was 187 heifers (825#) at $140.00.   The second largest string was 180 steers (831#) at $147.60.   The average price paid for the top 10 strings sold on Monday at Joplin was $150.65.  The CME August feeder cattle futures closed on Monday at $167.425, down $0.60.

Beef Balance Sheet:  Supply projected down 2.2 billion pounds in 2023

Beginning beef stocks in 2023 are projected at 675 million pounds, down 1 million pounds from 2022.  Beef production in 2023 is projected at 26.018 billion pounds, down 1.892 billion pounds from 2022.  Beef imports in 2023 are projected at 3.2 billion pounds, down 345 million pounds from 2022.  Total beef supply (production + imports) in 2023 is projected at 29.893 billion pounds, down 2.238 billion pounds from 2022.

Cattle on Feed:  Record High April 1 Inventory

Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 12.1 million head on April 1, 2022. The inventory was 2 percent above April 1, 2021. This is the highest April 1 inventory since the series began in 1996. The inventory included 7.54 million steers and steer calves, up 2 percent from the previous year. This group accounted for 62 percent of the total inventory. Heifers and heifer calves accounted for 4.57 million head, up 2 percent from 2021. Placements in feedlots during March totaled 1.99 million head, slightly below 2021. Net placements were 1.94 million head. During March, placements of cattle and calves weighing less than 600 pounds were 375,000 head, 600-699 pounds were 330,000 head, 700-799 pounds were 530,000 head, 800-899 pounds were 515,000 head, 900-999 pounds were 180,000 head, and 1,000 pounds and greater were 60,000 head. Marketings of fed cattle during March totaled 2.00 million head, 2 percent below 2021.
Other disappearance totaled 53,000 head during March, 12 percent below 2021.

U.S. Beef Exports:  Sales highest so far in 2022

Net sales of 28,400 MT for 2022--a marketing-year high--were up 95 percent from the previous week and from the prior 4-week average.  Increases were primarily for South Korea (12,000 MT, including decreases of 700 MT), Japan (7,200 MT, including decreases of 500 MT), Mexico (3,600 MT), Canada (1,100 MT), and Indonesia (900 MT).  Exports of 19,700 MT were down 3 percent from the previous week, but up 2 percent from the prior 4-week average.  The destinations were primarily to South Korea (6,000 MT), Japan (5,800 MT), China (2,500 MT), Taiwan (1,300 MT), and Mexico (1,200 MT).  

National Drought Monitor

Conditions have split across the Great Plains, with western parts deteriorating and eastern parts often drought-free (see western vs. eastern Oklahoma). The Southwest continues to be dry and windy—and now heat is moving in. As of May 10, 2022, 44.38% of the U.S. and 53.02% of the lower 48 states are in drought.

CATTLE SLAUGHTHER:  USDA estimates daily cattle slaughter at 125K head, compared to 125K last week and 120K last year. WTD slaughter at 249K head, compared to 246K last week and 234K last year (Tue)

THE BEEF READ:   Cash Trade Gets Started... Multiple major packers have purchased cattle in the south at $138, some with a 21 day pick up. The negotiated fed cattle market is generally steady with perhaps a big softer feel (The Beef)

DAILY DROP:   The hide and offal value was estimated at $13.35, unchanged from Monday

Rob Cook,