U.S. CATTLE REPORT: October feeders down $5.33 from last Friday despite record (mind-numbing) cash sales; Sept COF inventory down 248K hd from last year but still 5th highest in 28 years: Weekly cattle slaughter at 625K, down 46K from last year
US Cattle Report by National Beef Wire
LIVESTOCK COMMENTS: Since the beginning of May, the September feeder cattle futures price has increased about $25 per hundredweight or $200 per head while the contract is about $56 per hundred-weight higher than its first day of trading in October 2022
NBW Market Commmentary
CME LIVESTOCK: Live Cattle: $191.35 (+1.85); Feeder Cattle: $259.15 (+1.375); Hogs: $81.525 (-1.425)
US Cattle Report by National Beef Wire
CME GRAINS: Corn: $ 4.7725 (+2.00); Soybeans: $12.9625 (+2.50); Wheat: $5.795 (+3.75); Cotton: $84.04 (-0.83)
National Corn Wire
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)
Market Update
CATTLE TRADE: Prices on a live basis primarily ranged from $138 to $141 while dressed prices were mainly $224 to $226. A year ago, prices were $119.71 live and $190.56 dressed (Griffith)
NBW Market Commmentary
NATIONAL STEER TRACKER: The highest price paid (25 hd min) on the Steer Tracker (700-899#) so far this year was $291.50 for 35 head (717#) from Bassett, NE at $291.50 (U.S. CATTLE REPORT)
US Cattle Report by National Beef Wire
SHORT-RANGE WEATHER: Strong to severe thunderstorms and heavy rainfall for portions of the Plains through Friday
Weather
CORN MARKETS: Today the corn will likely be stuck between short covering ahead of the weekend and preweekend harvest hedging. The bulls need a move above $4.83 in the December contract to start next week with the upper hand (Schwieterman)
NBW Market Commmentary
CATTLE MARKETS: Cash trade was solid, as well, with southern trade steady with week ago highs of $183 and the north as high as $187 and $293 in the beef. Cash traded feeders continue to climb, with the index moving to a record high of 254.09 (Schwieterman)
US Cattle Report by National Beef Wire
GRAIN TRENDS (Short Term/Long Term): CORN: Down/Down; WHEAT: Down/Down; SOYBEANS: Down/Down
National Corn Wire
CATTLE TRENDS (Short Term/Long Term): LIVE: Up/Up; FEEDERS: Up/Up
US Cattle Report by National Beef Wire
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)
NBW Market Commmentary
Corn exports projected at 72.4 million metric tons in 2021, up 67.3% from the prior year (VIEW REPORT)
National Corn Wire
DAILY EXPORT SALES: Private exporters reported sales of 128,000 metric tons of soybeans for delivery to Mexico during the 2022/2023 marketing year
Exports
DROUGHT MONITOR: Approximately 46% of the cattle inventory is within an area experiencing drought (VIEW REPORT)
Weather
QuickTake: China produces more than 100 billion pounds of 10 different foods: Corn, Rice, Vegetables, Wheat, Sugarcane, Potatoes, Cucumbers, Tomatoes, Watermelons & Sweet Potatoes
Quick Takes
PRICE PROJECTIONS: Steer prices in 2023 are projected at $175.30, up $3.60 from last month. Steer prices in 2024 are projected at $184.00, up $8.70 from 2023. Steer prices were at $144.40 in 2022 and $122.40 in 2021.
WASDE