LIVESTOCK COMMENTS: Based on weekly auction market averages, steer prices were $8 to $15 higher compared to last week while heifer prices were $7 to $13 higher compared to the previous week. Slaughter cow prices were $2 to $3 higher compared to the previous week’s weighted average price while bull prices were $2 to $4 higher compared to the prior week
NBW Market Commmentary
STOCK UPDATE: Dow 30: 44,642.52 (-123.19); Nasdaq: 19,859.77 (+159.51); S&P 500: 6,090.27 (+15.16) (S&P 500 and Nasdaq 100 Post New Record Highs on Fed Rate Cut Expectations)
Market Update
CME LIVESTOCK: Live Cattle: $186.175 (-0.15); Feeder Cattle: $255.825 (+0.90); Hogs: $87.325 (+0.975) (VIEW COMMODITY QUOTES)
US Cattle Report by National Beef Wire
CME GRAINS: Corn: $4.3075 (+0.0425); Wheat: $5.425 (-0.0425); Soybeans: $9.9375 (+0.00); Soybean Meal: $287.40 (-3.70) (VIEW COMMODITY QUOTES)
National Corn Wire
Short-Range Weather Forecast: Lake effect snow will continue into the weekend as two more quick moving systems will bring widespread snow to the Upper Great Lakes. High winds are expected across portions of Montana through the weekend
Weather
U.S. CATTLE REPORT: Possible best week for feeder cattle in history despite lower futures and boxed beef; Jan feeders down $4.37 in 2 days; Boxed beef down $5.17 since 12/2; 78 steers (522#) from Pratt, KS at $379.00 (record high for Pratt)
US Cattle Report by National Beef Wire
Roll Over... Most active CME live cattle futures contract February has made a new low for this week and sliced through last week’s low. Carrying bloated open interest of over 150,000 contracts thanks to massive managed fund buying, down is the path of least resistance. Daily and weekly technical indicators have rolled over and February is trading below its 40-day moving average (THE BEEF)
NBW Market Commmentary
CLARA: This morning, December Live Cattle is up 5 cents at $188.525. January Feeders are down $1.55 at $257.75, $3.60 below RTI ($261.43). Boxed Beef has declined $2.07 to $308.76, with Bluegrass (Mt. Sterling, KY) reporting 79 steers (702 lbs) sold for $275.00 (WATCH LIVE SALES)
CLARA (Cattle Livestock Analytics and Reporting AI)
CLARA: On Thursday, in the Southern Plains, negotiated cash trading was light with limited demand, and live FOB purchases were $2.00 higher at $190.00. In Nebraska and the Western Cornbelt, live FOB prices were $190.00 to $192.00, with dressed trades at $298.00, but not enough trades occurred to establish a full market trend. Last week, Nebraska live prices were $187.00 to $188.00, with dressed trades at $296.00
CLARA (Cattle Livestock Analytics and Reporting AI)
CLARA: There was a strong run on nine-weight steers on Wednesday, making up more than 15% of all steer receipts, second only to five weights. The average price for nine weights was $244.20, the highest since July. The top sale featured 137 steers weighing 909 lbs from Bassett, NE, selling at $261.50, while the all-time high for nine weights in Nebraska remains 182 steers (917 lbs) at $268.00 on July 10th, 2024.
CLARA (Cattle Livestock Analytics and Reporting AI)
CLARA: The USDA’s October report projects 2024/25 corn production at 15.2 billion bushels, driven by stable harvested acreage and a slight increase in yield to 183.6 bushels per acre. Despite a 51.3-million-bushel reduction in beginning stocks, the total prospective corn supply stands at 17 billion bushels. If realized, this would mark a record U.S. corn supply
CLARA (Cattle Livestock Analytics and Reporting AI)
CLARA: This morning, heavier weights have taken the spotlight, with nine and ten weights making up over 54% of steer receipts. Nine weights are averaging $244.92, and ten weights are at $236.55, both the highest in the past couple of weeks. The top nine-weight sale so far today is 81 steers weighing 904 lbs from Aberdeen, SD, selling at $254.25 (WATCH LIVE SALES)
CLARA (Cattle Livestock Analytics and Reporting AI)
TOP SALES : The highest price paid for 6-weight steers on Wednesday was $328.00 for 75 hd (616#) from Bassett, NE. The National Steer Price for 6-wts on Wednesday was $298.37, compared to $292.01 the prior day (WATCH LIVE SALES NOW)
US Cattle Report by National Beef Wire
Disney posts surprise profit in streaming entertainment, raises earnings forecast... Walt Disney's streaming entertainment unit posted its first profit, two quarters ahead of schedule, and the media company raised its annual earnings per share outlook as it said turnaround efforts were yielding results. (Reuters)
Market Update
PRICE PROJECTIONS: The latest price projections for 2024 bring mixed fortunes for various agricultural commodities, with cattle and hogs seeing increases, while eggs undergo a significant surge in price
WASDE
USDA CROP PRODUCTION: Soybean production for beans is forecast at 4.37 billion bushels, up 1 percent from the previous forecast and up 6 percent from 2020 (VIEW REPORT)
WASDE
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
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