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The Cattle Range Weekly Market Summary provides market data for the informed cattleman. Current industry news & commentary as well as a comprehensive comparison of the past week's prices from around the country in comparison to the previous week, month, 6 months ago, 1 year ago, & 5 year average.  The data is compiled from a variety of sources and is organized to provide insight in determining market movement and trends.

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SAMPLE... Market Summary for the week ending November 7th:
  • Bullish: The Choice Retail Beef and All Fresh Beef Demand (AFBD) Indices for the third quarter of 2014 each rose by 3.9%.
  • Bearish: The dollar reached a 4 year high this week and this will encourage increased importing and discourage exporting beef.

The Cattle Range 10-Day Market Trend:
An indicator of overall cattle/beef market strength. The angle indicates direction & velocity of the trend.
The Trendline is based on daily market factors for the last 10 days.
Each daily factor is the aggregate weighted total of the Gain/(Loss) for 10 major market indicators compared to the previous trading day.

National Feeder & Stocker Cattle Weekly Summary:
RECEIPTS:    Auctions     Direct    Video/Internet      Total
This Week     276,700     54,300          3,000        334,000 
Last Week     277,200     33,300        25,100        335,600 
Last Year       314,800     31,300          8,600       354,700
Compared to last week, calves once again dominated receipts this week as prices for calves in the Northern Plains sold very uneven, mostly 5.00 lower, instances 10.00 lower.  Calf buyers in the Southern Plains and in the Southeast were definitely more aggressive trading steady to 5.00 higher with good demand for stocker calves headed for wheat pastures.  Tight supplies of yearlings traded steady to firm.  As we start to work our way through November all attention is squarely on calves as the bulk of the feeder supply is now made up of calf receipts as offerings were both fully preconditioned along with many that were not.  The last couple of weeks a shortage of trucks in the Northern Plains has been very noticeable pressuring the market. 

Many cattle being shipped in the Northern Plain States have either been sold in the country on a direct trade or contracted through a video sale.  These deals have had a delivery date set for a long time and consequently trucks have been committed to haul them making logistics difficult for buyers to get their cattle loaded out from the auction markets quickly.  Because of this, markets have been pressured as these higher risk calves need to get hauled to their destination and started on feed quickly to ensure optimal performance and reduce the stress on them.   Demand in the Northern Plains has run the gamut from light to very good depending on flesh condition, preconditioning status, and overall quality.  Ample feed conditions due to late summer rains and mild weather has let these calves do it all and put on plenty of condition; however that mild weather seems to coming to a quick close as the forecast in the Northern Plains as Sioux Falls, SD has been forecasted to have highs in the mid 20's and lows in the single digits all of next week. 

Calf price trends hinge directly on the observation of the buyers at hand.  But, its mainly all about how they struck the buyers eye as far as flesh conditions, hair coat, attitudes, and mannerisms in search of calves that will spend more time eating than bawling.  This time of year, feedlots and growing yards are full of new arrivals with some getting sick for the first time and others starting to break as their initial mass treatment of anti-biotic wears off.  In Philip, SD on Tuesday sold over 9400 head of calves with 138 head of thin fleshed steer calves selling with very good demand weighing 449 lbs at 380.00.  In Ogallala, NE on Thursday sold 122 head of fancy steer calves averaging 516 lbs sold with a weighted average price of 328.91. 

Corn Belt farmers this week pushed corn harvest up 19 percent from last week to 65 percent completed.  This coming Monday USDA will issue its crop report with average corn yield estimated at 175.3 bpa.  These numbers keep increasing with each report.  The old saying "big crops get bigger" is definitely true this year.  The fed cattle market seems to be content to spend time between the 160.00-170.00 levels at this time as outside markets can always sway the balance.  This week’s auction volume included 38 percent over 600 lbs and 37 percent heifers.

Stocker Steers:
Feeder Steers:
Five Year Moving Average - Stocker Steers, Feeder Steers, & Slaughter Steers:

Selected Auction Reports:
"Click" on individual auction links for complete report
Oklahoma National Stockyards - Oklahoma City OK
Actual Receipts: 7942     Last Monday: 7935     Year Ago Monday: 7216
Compared to last week:  Feeder steers and heifers sold 1.00-4.00 higher.  Steer and heifer calves 4.00-10.00 higher.

El Reno Cattle Narrative - El Reno OK
Receipts:  5969    Last Week:  3951    Year Ago:  4187
Compared to last week:  Feeder steers steady to 2.00 higher in a light test. Not enough comparable sales to establish a trend for feeder heifers.  Calves sold 6.00 to 9.00 higher.

Joplin Regional Stockyards Feeder Cattle Wtd Avg - Carthage MO
Receipts:  4645    Week Ago:  4181    Year Ago:  5659
Compared to last week, steer and heifer calves under 500 lbs 5.00 to 10.00 higher, calves over 500 lbs and yearlings steady.

Denison Wtd Avg Feeder Cattle Auction - Denison IA
Receipts:  2328
Sale last covered a month ago therefore no comparisons.

Tri-State Livestock Auction Market - McCook NE
Receipts:  1900    Last Week:  2400    Year Ago:  1400
Compared to last week, steers and heifers were steady – 8.00 lower.

Huss Platte Valley Auction - Kearney NE
Receipts:  2000    Last Week:  1760    Year Ago:  2790
Compared to last week, steers under 600 lbs sold steady to 4.00 lower, over 600 lbs sold 5.00 to 8.00 lower.  Heifers sold 2.00 to 3.00 lower, instances 10.00 lower on 600 lbs offerings.

Tulia Livestock Auction - Tulia TX
Receipts:  810    Last Week:  2003    Year Ago:  2219
Compared to last week:  Feeder steers and heifers sold mostly steady on a light test.  Fleshier unconditioned calves were heavily discounted as we head into winter months with buyers try to avoid sickness.  Slaughter cows and bulls sold 3.00-4.00 lower.

Cattleman's Livestock Auction - Dalhart, TX
Cattle and Calves: 1852       Week ago: N/A        Year Ago:  N/A
Compared to last week:  Feeder steers and heifers no comparison available due to the unreported sale last week.

Clovis Livestock Auction - Clovis NM
Receipts:  3512              Week Ago: 3252              Year Ago: 3697
Compared to last month:  No comparison on Holstein steer special, but a lower undertone noted except 600-650 lbs 4.00-5.00 higher. Compared to last week feeder steers instances 4.00-8.00 higher, heifers unevenly steady to instances 1.00 higher. Slaughter cows 1.00-2.00 higher, bulls steady.

Toppenish, WA Livestock Auction - Toppenish WA
Receipts:  1750    Last Week:  1650    Year Ago:  1795
Compared to last Thursday at same sale, stocker and feeder steers steady to 14.00 higher in a light test. Stocker and feeder heifers steady to weak.  Slaughter cows steady. Slaughter bulls 2.00-3.00 lower.

Farmers & Ranchers Livestock Commission Co. - Salina KS
Receipts:  3045    Last Week:  2658    Year Ago:  2480
Compared to last week: Steers 800-900 lbs 2.00 higher, 800 lbs and under higher undertones noted in a limited supply. Heifers 350-850 lbs limited supply in all classes with higher undertones noted.

Sioux Falls Regional Livestock wtd Avg Report - Worthing SD
Receipts:  984    Last Week:  2601    Year Ago:  2860
Compared to last week:  Very light offerings today.  Steer calves sold on steady to firm undertones; yearlings mostly steady.  Heifer calves and yearlings mostly steady.  Slaughter cows 2.00 to 3.00 lower, bulls steady to weak on a narrow comparison to Wednesday's test.

Mitchell Livestock Wtd Avg Report - Mitchell SD
Receipts:  4022    Last Week:  3250    Year Ago:  3243
Compared to last week:  Steer calves 400-650 lbs were 5.00 to 10.00 lower except for 550-600 lbs mostly steady; yearlings 700-900 lbs mostly steady with instances to 6.00 higher on 850-900 lbs, 900-1000 lbs steady to 2.00 higher.  Heifer calves 400-450 lbs steady to 10.00 higher, 450-500 lbs 10.00 lower, 500-550 lbs steady to 2.00 higher, 550-600 lbs steady to 4.00 lower; yearling heifers had few comparable sales, 800-850 lbs and 900-950 lbs mostly steady.

Weekly Auction Summaries:
"Click" on individual links for complete report
Tennessee Weekly Auction Summary
Receipts on 11 TN Auctions 8,916 12 Last Week 9,842 7 Last Year 8,799
Trends:  According to the Federal-State Market News Service, comparedto the same sales one week ago, slaughter cows steady to 4.00 higher.  Slaughter bulls mostly steady. Steers/bulls mostly steady to 8.00 higher.  Heifers 6.00-8.00 higher.

Mississippi Weekly Livestock Summary
Cattle Receipts:    7,559       Last Week:     8,458       Last Year:    8,184
Compared to last week, slaughter cows sold 1.00 to 2.00 higher and bulls sold steady. Feeder steers sold 5.00 to 10.00 higher and heifers sold 5.00 higher.

Alabama Auctions Weekly Summary
Total estimated receipts this week 14,800, last week 13,984 and 16,280 last year.
Compared to one week ago: Slaughter cows and bulls sold steady to 3.00 higher. Replacement cows and pairs sold mostly steady. All feeder classes sold 4.00 to 8.00 higher.

Georgia Cattle Auctions Weekly Review
Cattle receipts at 25 markets 9,294 compared to 8,915 last week and 10,226 year ago.
Compared to one week earlier, slaughter cows steady to 1.00 higher, bulls mostly steady, feeder steers and bulls steady to 2.00 higher, heifers 1.00 to 2.00 higher, steer calves and heifer calves 1.00 to 3.00 higher, bull calves steady to 2.00 higher, replacement cows mostly steady.

Colorado Auction Feeder Cattle Summary
Receipts:  863         Last Week:  978        Last Year:  810
Compared to last week: Feeder steers not well tested.  Feeder heifers not tested.

Direct Sales of Feeder & Stocker Cattle:
"Click" on individual links for complete report
AZ-CA-NV Weekly Feeder Cattle Review (Fri)
Confirmed: 13,895 
Compared to last week, no recent sales to compare to. 

Colorado Direct Feeder Cattle Report (Fri)
Receipts:  863         Last Week:  978        Last Year:  810
Compared to last week: Feeder steers not well tested.  Feeder heifers not tested. 

Eastern Cornbelt Direct Feeder Cattle Summary (Fri)
Reported sales this week: 0    Last Week: 67    Last year: 249
Compared to last week: No trend available for feeder steers and heifers. 

Georgia Direct Cattle Summary (Fri)
Confirmed sales on 1,697 head.

IA-South MN Direct Feeder Cattle Weekly (Mon)
Receipts:  247    Last Week:  0    Year Ago:  0
Compared to last week, no feeder steers or heifers reported for a market test.

Kansas Direct Feeder Cattle Summary (Fri)
Receipts:  4206    Last Week:  7345    Year Ago:  1557
Compared with last week: Steers steady to weak, in a limited test of current FOB cattle. Not enough heifers for a market test. Sales confirmed on 3956 steers, 250 heifers and no calves for a total of 4206 compared with 7345 last week and 1557 last year.

Montana Direct Feeder Cattle Wtd Avg (Fri)
Receipts:  0    Last Week: 0     Year Ago:  0
Compared to last week:  No trades reported for feeder steers or heifers. 

New Mexico Feeder Cattle Report (Mon)
Receipts:  400    Last Week:  3000    Year Ago:  380
Compared to last week:  Not enough steer or heifer sales this week for an adequate trend. 

Oklahoma Direct Feeder Cattle (Fri)
Receipts:  3449        Last Week:  2603        Last Year:  4201
Compared to last week:  Feeder steers and heifers sold mostly steady on limited comparable current FOB trades.

Northwest Wtd Avg Direct Feeder Cattle Report (Fri)
Receipts:  3700    Last Week:  3600    Year Ago:  3400
Compared to last week, feeder cattle 2.00-5.00 lower due in part to lower CME futures prices this week.

South Dakota Direct Feeder Cattle Summary (Fri)
Receipts: 0          Last Week:  168          Last Year  0
Compared to last week:  Feeder steers and heifers not tested. 

Texas Weekly Direct Feeder Cattle Summary
Confirmed:  27,200      Last Week: 14,900       Last Year: 12,300 
Compared to last week current FOB feeder steers and heifers were steady to weak, however instances up to 4.00 lower but with considerably smaller numbers of Medium and Large 1 steers weighing 650-849 lbs which provides a much higher percentage of Medium and Large 1-2 steers this week.

WY, Western NE & Western Dakotas Direct Feeder Cattle Wtd Avg (Fri)
Receipts: 369        Last Week:  660       Year Ago: 912 
Not enough comparable sales this week for an adequate market trend.

Cattle Futures:
Cattle futures closed strongly despite cash weakness. Nebraska fed cattle traded at $168.00/cwt (cents/pound) Thursday evening, but suffered a general slide to $167.00 today. Nevertheless, nearby futures ended the pit session strongly and rose farther in electronic trading. That suggests a late cash rebound. December live cattle futures leapt 1.45 cents to 166.80 cents/pound at Friday’s CME settlement, while April futures jumped 1.30 to 167.15. Meanwhile, January feeder cattle futures soared 1.87 cents to 232.45 cents/pound, and March feeders surged climbed 1.35 to 229.65.

Representative Sales of Cow & Pairs:
  • EL Reno, OK
    • Bred Cows:  Medium and Large 1-2  2-5 yrs 950-1300 lbs 2-6 months 2200.00-2350.00, 9-10 yrs 1175-1250 lbs 3-7 months 1800.00-20175.00.  Medium and Large 2  2-10 yrs 850-1350 lbs 3-7 yrs 1400.00-2050.00. 
    • Pairs:  Medium and Large 1-2  4-7 yrs 900-1250 lbs w/75-200 lb calves 2000.00-2350.00. 
  • Oklahoma City, OK
    • Bred Cows:  Medium and Large 1-2  3-7 yrs 950-1450 lbs 4-7 months 1850.00-2350.00.  Medium and Large 2  3-10 yrs 900-1500 lbs 2-8 months 1325.00-1825.00. 
    • Pairs:   Medium and Large 1-2  2-5 yrs 950-1150 lbs w/125-275 lb calves 2350.00-2800.00, few up to 3300.00. 
  • Woodward, OK
    • Bred Cows:  Medium and Large 1-2  2-6 yrs 1000-1325 lbs 1-4 months 2000.00-2525.00.  Medium and Large 2  7-10 yrs 1200-1475 lbs 3-8 months 1625.00-1895.00. 
  • Joplin, MO
    • Bred Cows:  Medium and Large 1-2  2 yrs to short solid 1000-1375 lbs 2nd-3rd stage 1800.00-2150.00, couple pkgs. blks 2225.00-2300.00, 1st stage 1000-1060 lbs 1850.00-2000.00; short solid mouth to aged 2nd-3rd stage 1110-1360 lbs 1300.00-1625.00.  Large 1-2  4-7 yrs 2nd-3rd stage 1400-1625 lbs 1825.00-2150; broken mouth to aged 3rd stage 1390-1415 lbs 1550.00-1565.00.  Medium 1-2  4-6 yrs 2nd-3rd stage 990-1050 lbs 1700.00-2000.00; short solid mouth 2nd stage 975-1030 lbs 1300.00-1475.00. 
  • Springfield, MO
    • Bred Cows:  Medium and Large 1-2  2-7 yrs 1000-1350 lbs 2nd-3rd stage 1625.00-1975.00, 1st stage 1180-1305 lbs 1500.00-1725.00, few blks 2000.00-2225.00; 7 yrs to aged 2nd-3rd stage 1230-1325 lbs 1425.00-1575.00.  Large 1-2  3-7 yrs 2nd-3rd stage 1350-1640 lbs 1850.00-2350.00; short solid mouth 2nd stage 1385-1415 lbs 1525.00-1650.00.  Medium and Large 2  5-7 yrs 2nd and 3rd stage 1095-1170 lbs 1400.00-1525.00.
  • West Plains, MO
    • Bred Cows:  Medium and Large 1-2  2-7 yrs 930-1500 lbs 2nd to 3rd stage 2050.00-2450.00; 7 yrs to short-solid 1050-1330 lbs 2nd stage 1900.00-2125.00.  Large 1-2  3-7 yrs 1215-1575 lbs 3rd stage 1950.00-2175.00.  Medium and Large 2  3-7 yrs 840-1405 lbs 2nd to 3rd stage 1650.00-1950.00; 7 yrs to short-solid 935-1525 lbs 2nd stage 1550.00-1850.00; aged cows 955-1450 lbs 1st to 3rd stage 1350.00-1650.00.  Medium 1-2  2-7 yrs 835-1065 lbs 1st to 2nd stage 1200.00-1600.00; short-solid to broken mouth 890-1135 lbs 1st to 3rd stage 1050.00-1400.00. 
    • Pairs:  Medium and Large 1-2  2-5 yrs 1030-1440 lbs w/200-300 lb calves 2350.00-3000.00; short-solid 1015-1282 lbs w/125-200 lb calves 1800.00-2350.00.  Large 1-2  5 yrs w/150-300 lb calves 2300.00-2700.00.  Medium and Large 2 few 5-7 yrs 830-1250 lbs w/100-300 lb calves 1900.00-2100.00. 
  • Bowling Green, MO
    • Bred Cows:  Medium and Large 1-2  2-6 yrs 1150-1500 lbs 2nd stage 1950.00-2385.00, several pkgs of aged cows 1100-1385 lbs 1st-2nd stage 1510.00-1760.00, few 1050-1200 lbs 2nd stage 108.50-125.50 cwt.
  • Riverton, WY
    • Bred Cows:  Medium and Large 1-2 heifers 800-1200 lbs 1800.00-2400.00; Young 1050-1530 lbs 2200.00-2625.00, few 890-1215 lbs 1800.00-2100.00; Middle Aged (Short Solids) 1250-1495 lbs 1800.00-2100.00, few 1295-1640 lbs 1450.00-1700.00; Aged (Short Term) 1150-1405 lbs 1550.00-1900.00, few 1175-1330 lbs 1200.00-1425.00. 
    • Pairs:  Medium-Large 1 Middle Aged (Short Solids) package 1360 lbs w/180 lb calves 2475.00. 
  • Miles City, MT
    • Bred Cows:  Medium and Large 1-2 Young 900-1125 lbs Mar-May calving straight red-hided 3200.00, blk hided and red-white faced 2600.00-2700.00; 5-6 yrs 1090-1244 lbs for Apr-May calving straight red-hided 2800.00, blk hided and red-white faced 2425.00-2550.00.  Middle Aged (solid mouth) 1233-1391 lbs for Apr-May calving straight red-hided 2500.00, blk hided and red-white face 2300.00-2475.00.  Aged (broken mouth) 1130-1445 lbs for Apr-May calving 1725.00-1840.00, thin cows 1088 lbs 1500.00.
  • Arkansas
    • Bred Cows:  Medium and Large 1-2  2-7 yrs 850-1250 lbs 2nd-3rd 150.00-160.00 cwt; 1750.00-1850.00; 1st stage/open 135.00-145.00 cwt; 7-10 yrs 850-1200 lbs 2nd-3rd stage 120.00-130.00 cwt; 1600.00-1700.00. 
    • Pairs: Medium and Large 1-2  3-7 yrs 800-1200 lbs w/100-200 lb calves 2175.00-2275.00, few to 2800.00; w/200-300 lb calves 2575.00-2675.00; 7-10 yrs 800-1200 lbs w/100-200 lb calves 1700.00-1800.00. 

Bred Cows & Heifers in 2nd & 3rd Stages of Pregnancy:
The average prices above are from USDA market reports which seldom reference breed or quality.

Canadian Cattle:
Alberta Beef Producers:  Alberta direct cattle sales so far this week have seen light trade develop with live sales fully steady with reported bids and sales last week. US bids remain at a premium over local sales but no trade has been confirmed south yet. Cash to futures basis levels still remain weaker than the five year historical average.
Canadian Weekly Cattle Report:

Fed cattle still high

  • Cash trade in the United States developed late last week at US$168 per hundredweight, down $2 from the previous week’s record high.
  • A handful of U.S. dressed sales were reported at $265, steady with the previous week.
  • Contracting opportunities and formula pricing are discouraging North American cash trade.
  • Alberta direct cattle sales were too light to establish a reliable price trend. Cattle quality and show list volumes were inconsistent, and reported prices varied widely.
  • A seasonally weak fed basis encouraged U.S. buyer interest, but bids were not competitive.
  • Weekly western Canadian slaughter Oct. 25 plunged 14 percent to 30,833 head because of one Alberta plant being down for a day.
  • Weekly exports to Oct. 18 were up 63 percent to 9,677 head.
  • Hedging and contracting opportunities will continue to limit cash trade.
  • However, formula pricing and contract bids will support the cash market, which usually strengthens into the fourth quarter.
  • Prices should be well supported if American packers provide better competition.
  • Packers have the leverage needed to push cut-out prices higher, but retailers are resisting the move and consumers are noting cheaper competing meats.
Cow prices up
  • D1, D2 cows ranged C$119-$132 to average $126.38 per cwt., up 88 cents. D3 cows were $100-$120 to average $110.67.
  • Rail grade cows ranged $245-$250.
  • Bulls were $138.50, up 38 cents.
  • Western Canadian cow slaughter has ranged from 5,800- 6,200 head in recent weeks, down from the same period last year when volumes were 6,500-9,200 head.
  • Canadian non-fed exports to Oct. 18 totalled 6,720 head.
  • Cow slaughter volumes have increased from October to November in recent years.
  • Non-fed volumes are anticipated to pick up heading into November.
Feeder price down
  • The fall calf run is in full swing, and the volume is pressuring feeder and calf markets.
  • The feeder steer average was down $1.13, and heifers fell $1.05.
  • It was the first time since November 2012 that the Alberta weekly auction exceeded 100,000 head.
  • Logistics continue to be an issue. Buyers are pricing in the additional risk to the market if trucks cannot be sourced for immediate pickup.
  • Steer marketings are outpacing heifer marketings.
  • Many commercial auctions in Alberta and Saskatchewan reported that 60-70 percent of their total offerings were steers.
  • The wide steer-heifer price spread, particularly on calves, helps explain the small heifer offering.
  • Stronger corn prices are lifting barley values.
  • Wheat will start entering feedlot rations if barley continues to rise.
  • Weekly feeder exports to Oct. 18 totalled 9,779 head, up 80 percent over last year.
  • Volume should be high again this week but might be peaking.
  • The weaker Canadian dollar supports feeder prices, but prices are anticipated to be steady to weaker this week.
Bred cows ranged $1,700-$2,700.

Beef rises

  • U.S. Choice cutouts traded $3.92 per cwt. higher at $253.35, and Select rose $5.87 to $239.41.
  • Packers increased asking prices after paying more for cattle, but buyers remain cautious on procurement.
  • Canadian cut-out values for the week ending Oct. 10 saw record prices with AAA at $272.93 per cwt. and AA at $262.33.
  • Prices were up $8-$11 from the previous week, the largest weekly increase since January.
  • Chucks and rounds moved sharply higher with the support of strong trim prices.

  • The AAA-Choice spread narrowed to -$1.10 per cwt., while AA traded at a $1.88 per cwt. premium over Select.
This cattle market information is selected from the weekly report from CanFax, a division of the Canadian Cattlemen’s Association.

Canadian Cattle Prices:
Prices have been converted to U.S. $/CWT.  Grades changed to approximate U.S. equivalents
Exchange Rate: Canadian dollar equivalent to $0.8767 U.S dollars
Prices for the week ending October 31st:

Fast Food Outlets Look to Chicken & Pork for Profit:
Higher Beef Prices Eating Into Fast Food Profits

Wendy's says higher beef costs are eating into its profit. The hamburger chain on Thursday reported a lower-than-expect profit for its third quarter, noting that beef costs were "much higher than our initial projections." It also said it expects the "record high" costs to continue. A day earlier, Burger King's biggest U.S. franchisees, Carrols Restaurant Group, said its beef cost were up 32 percent from the year-ago quarter.

“It’s a nightmare,” said Andy Wiederhorn, chief executive of Beverly Hills, Calif.-based burger chain Fatburger North America Inc. “The forecasts for beef have been consistently wrong and price increases significantly higher” than expected earlier in the year.

Fatburger, which has about 150 restaurants in 29 countries, has raised some burger prices this year, generally by 25 to 50 cents, in an effort to keep the closely held company’s profit margins stable.

McDonald's and Chipotle have also said they faced higher beef prices in the quarter and that they expect the pressure to continue.

During an earnings call last month, Chipotle Chief Financial Officer John Hartung chalked up the cost increase to "strong demand and tight supply." He said the elevated costs are expected to continue as livestock producers "rebuild their herds after two years of drought conditions."

Fast-food companies can deal with higher ingredient costs in a variety of ways, without necessarily passing on all the costs to customers. Arby's CEO Paul Brown, for instance, has said the company can promote other items, such as chicken sandwiches. Wendy's also promoted its pulled pork sandwiches in the most recent quarter, although the company didn't cite beef costs as the reason for doing so.


Market Hanging in There:
Despite lackluster trading this first week of November in both cash and futures, most active Dec live cattle futures are barely lower on the week, having bounced off the bottom of the trading range yet again this morning on the electronic opening before mounting another modest rally. The remaining live cattle contracts and all feeder cattle contracts are currently higher on the week with feeders leading and trading above last week’s highs.

Fundamentals a Mixed Bag

The immediate fundamental news continues to be mixed. There is very limited buying interest from packers in the country, with only one major visibly willing to purchase negotiated cattle this week. There was one buy made by this packer yesterday in Nebraska at $168 on a couple of thousand head. Bids in the same state are $165 today. Lack of competition stands out as the bear story here. The real question is how long will packers be able to stay out of the market between now and Thanksgiving?

USDA cutout values have slipped on the week, down $2.83 and $2.16 on choice and select respectively from a week ago, although the rib primal is up $12.77 from a week ago. Weaker prices overall have stimulated movement and boxed volume is better this week by over 100 FAB loads. This plus holiday rib buying kicking in full force are the positives.

Will Winter Weather Wake Up Shorts?

A close over $166.05 in Dec LC could be interpreted as modestly positive after making a new low for the move. And a forecasted blast of sharply below normal cold air to hit cattle country by Monday and to prevail all week could provide just enough stimulus to convince shorts to move aside before the close. There’s even a possibility of 2 to 8 inches of snow from Sioux Falls, SD east, yet futures carry no weather premium.

As daily trading ranges get smaller and smaller in lead Dec, expectations for a decided breakout -one way or another- become bigger and bigger. It’s just that the clues traders have available for their consideration are greatly left to interpretation leaving clarity in short supply.

This Week’s Production; Cuts for Next Week?

Expectations are for a 560,000 head kill, up 7k from last week but still dramatically below last year and 17k below 2 weeks ago. There’s already talk about hours being cut for next week and kill dropping back down towards 550,000, but that’s pretty much expected.

Wait and See

There are a lot “knowns” priced in the market and not much more to do but stay tuned for decisive market action or more chop.

The Beef


Photo of the Week:
  • Red Angus Cross Bred Heifers... Northwest AR*
  • .

    Shootin' the Bull:
    In my opinion, the cattle market is taking a breath from the persistent buying seen previously.  Whether just a pause, or a top, producers and purveyor's alike are now stuck trying to figure out the next most probable move.  Most perceive that supply won't increase much more than at the rate it is running until closer towards the middle of the first quarter. Holiday shopping and a change in protein for the seasons may help to quell some the demand for hamburger meat. Futures have remained range bound for another week.  Due to the extent of time and width of range, I would anticipate the break out to be significant in which ever direction it breaks.  I perceive it crucial to protect the current price with put options.  The price paid for replacement inventory to be finished in the February through April time frame, coupled with feed costs not having moved as low as was anticipated, leaves little room for fats to be lower. 

    The fury behind the bid for feeders appears to be softening.  I perceive that the forward contracts that had to be met have been and renegotiation of future contracts underway.  This is anticipated to keep the back end soft against the front end.  The positive basis continues to urge producers to bring inventory to market.  Waiting for a better price or the few additional pounds gained are not perceived worth the risk of a potential price decline.  Corn is anticipated to continue to trade in a narrower range.

    Lastly, note that long term interest rates bottomed towards the end of October.  They have since been rising steadily and are anticipated to continue to do so.  If higher interest rates negatively impact your feeding operation, I will be glad to assist in showing you ways to potentially reduce risk of adverse fluctuation. 

    Christopher B. Swift is a commodity broker and consultant with Swift Trading Company in Nashville, TN. Mr. Swift authors the daily commentaries "mid day cattle comment" and "Shootin' the Bull" commentary found on his website @

    An investment in futures contracts is speculative, involves a high degree of risk and is suitable only for persons who can assume the risk of loss in excess of their margin deposits.  You should carefully consider whether futures trading is appropriate for you in light of your investment experience, trading objectives, financial resources and other relevant circumstances. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.


    The Saga of Bart -- Trials & Tribulations of a Cattle Buyer
    As usual, Bart was running late.  He was speeding down a country road, and when he came to an intersection with a STOP sign, he slowed down to check for traffic and then accelerated through the intersection.  Unfortunately, the time-saving technique was witnessed by a deputy sheriff who pulled Bart over. 

    After checking Bart's license, registration, and proof of insurance, the deputy said, "Sir, I'm going to issue you a citation for failure to stop." 

    Exasperated, Bart snarled, "Look here, Officer -- We're the only ones around for miles.  I slowed down enough to see no traffic was coming.  You need to use some common sense." 

    Without a word, the officer whacked Bart's head three times in quick succession with his night stick and then said, "Sir, let me test your common sense -- Should I slow down or stop?"


    Submit a"Bart Joke"  If we use it, you'll receive a $25.00 Gift Certificate to The Cattle Range Mercantile.

    Solid US Export Figures for Beef & Pork:
    September saw strong exports for US beef and pork while lamb also registered double-digit increases.

    With September being another strong month for red meat export value, both US beef and US pork exports broke the $5-billion dollar mark for the first three quarters of the year, according to statistics released by USDA and compiled by the US Meat Export Federation (USMEF).

    September beef exports increased six per cent from a year ago in volume to 100,068 metric tons (mt), and soared 25 per cent in value to $631.9 million. For January through September, exports were up three per cent in volume (890,276mt) and 15 per cent in value ($5.18 billion).

    Pork export value was up seven per cent in September to $513 million, despite a three per cent decline in volume (162,125mt). Exports through the first nine months of the year maintained a record pace in both volume (1.64 million mt) and value ($5.05 billion), increases of five per cent and 14 per cent, respectively, from a year ago.

    USMEF President and CEO Philip Seng, said: “These are impressive results, especially given the headwinds we faced in September – including a very strong US dollar, a significant decline in beef production and our first full month of dealing with Russia’s retaliatory import ban. It was just three years ago that US pork and beef exports eclipsed the $5-billion mark for the first time in an entire calendar year, so it’s very gratifying to see our industry reach these mileposts by the end of the third quarter.”

    Beef exports surge despite lower slaughter numbers

    With herd rebuilding gaining traction in the US beef industry, fed slaughter numbers have trended lower. September export value reached $313.67 per head of fed slaughter – down from the record set in August but 26 per cent higher than a year ago.

    For January through September, per-head export value was $283.29 – up nearly $40 from the same period last year. Exports equated to 14 per cent of total beef production and 11 per cent for muscle cuts only – up from 13 per cent and 10 per cent, respectively, last year.

    Leading market Japan was the pacesetter for September beef exports, with volume climbing 36 per cent from a year ago to 23,195mt and value up 55 per cent to $155.7 million. For January through September, exports to Japan were steady in volume (184,293mt) and seven per cent higher in value ($1.17 billion).


    Margin between the Choice Boxed Beef Cutout & Feeder Steers:
    5 Year Average: $44.97 -- This Week: $18.11

    Out of Kilter:
    A good way to determine if something is, “going on” in a market is by noticing when market relationships are out of kilter. Cattle and grains typically have a positive correlation. They tend to move in tandem. Moderately increase the price of corn and the cattle will follow suit. The opposite is also true as the cost of feed declines, so does the cost of production. However, when this relationship breaks down, its because one market can't keep pace or pass on the costs of the other. 

    That is what occurred in the spring of 2012 with cattle and corn. The price of feed exceeded the livestock market's ability to pass on the costs.  Over the 2013 summer months, the gap was erased and corn went "Out of Kilter" last fall.  A correction started in January but ran out of steam in view of surging cattle prices and plummeting corn prices.

    Normally, the value of 25 bushels of corn is approximately equal to the price per cwt. for feeder steers.

    5 Year Moving Average:

    Crude/Cattle Correlation:
    The chart below shows a fairly consistent correlation between the price for a barrel of crude oil and the per cwt. price for slaughter cattle.  Since it is unlikely the price of cattle affects the price of oil on the world market, it might be assumed the price of crude oil affects the price of cattle, but that is unlikely as well.  It is more likely that economic factors affecting demand for crude oil have a similar effect on demand for beef.

    Accordingly, in the absence of geo/political events disrupting or distorting oil supply, since price trends occur slightly sooner in the crude oil market, crude oil has been a good indicator of the direction of near term cattle prices. However, with increased supplies of crude oil and decreased supplies of slaughter cattle, an "Out of Kilter" situation between the two commodities has developed.

    5 Year Moving Average:

    FDA Approves Secondary Feeding Lable for Zilmax:
    Through a commitment to cattle, its customers and the industry, Merck Animal Health announced the Food and Drug Administration approved of a second feeding method for the beta agonist Zilmax and has made significant progress on its Five-Step Plan to Ensuring Responsible Beef.

    The newly approved label allows for a new method of feeding Zilmax to cattle through a single feeding instead of the previously approved continuous feeding method. Merck Technical Services Nutritionist David Yates, PhD, says it provides a targeted, lower dose of Zilmax for the cattle. Called “component feeding,” Yates says it will be the first in-class component feeding approval for a beta agonist.

    Currently, the label prescribes feeding Zilmax at 6.8 grams per ton in a 90 percent dry ration for the last 20 days on feed to provide 60 to 90 milligrams Zilmax per head per day. Yates says the continuous feeding method could result in cattle eating more than 90 mg’s due to the increases in slaughter weights of cattle and the resultant greater consumption of these cattle.   The newly-approved component feeding label, however, will allow for a set amount of feed to contain a set amount of product.

    “It’s a different way to feed but it’s a single feeding so from a feedlot perspective, it’s very, very efficient,” says Yates. “One feeding with that product and then you don’t feed that product the rest of the day.”

    Yates says Merck worked proactively with FDA on the continuous feeding label to prevent animals from consuming more than 90 mg Zilmax per day, which he said relates to a pen consumption of 26.5 pounds. If a pen of cattle is consuming greater than 26.5 pounds prior to initiation of the feeding or is expected to have that level of intake during the last 23 days on feed, Yates says the pen would not qualify to be fed Zilmax under the continuous feeding label.

    “Cattle, based on size and consumption, may or may not qualify for both. All cattle will be able to be fed with the component label but these larger cattle with larger intakes cannot use continuous feeding method,” explains Yates. “Whether you’re feeding five pounds in a single feeding or 10 pounds, you’ve put the right amount in the feed so they get 60 mg per head per day in that size of feeding.”

    Continuous feeding of Zilmax consistently resulted in an addition 33 pounds of carcass weight on steers. Yates says growth levels under the component feeding label will “be in the same ballpark but may be a little less.”


    Slaughter Cows & Bulls:
    Slaughter cows and bulls steady to firm. 

    USDA's Cutter cow carcass cut-out value Friday morning was 234.18 -- Down $0.04 from last Friday.

                   %Lean     Weight      Colorado          Oklahoma        Alabama 
    Breakers  75-80%   1100-1600  111.00-115.00  112.00-116.00  112.00-113.00
    Boners     80-85%   1000-1450  110.00-115.00  112.50-119.50  109.00-114.00
    Lean        85-90%   1000-1300  106.00-110.00  104.00-111.00   99.00-104.00
    Bulls        88-92%   1300-2500  132.00-136.00  130.00-134.50  127.00-133.00

    Negotiated Sale of Packer Cows & Bulls:

                            Confirmed  Week Ago  Year Ago   Week to Date  Week Ago  Year Ago
    NATIONAL            6,510     6,394            8,346           36,160         35,788      44,534
    S CENTRAL          1,568     1,611            2,153            9,378           9,101      10,783
    N CENTRAL            298        384               491            2,367           1,952        2,693
    EAST                   2,182     2,261            1,961           10,695           7,618      10,174
    MIDWEST            1,096     1,000            1,804            5,834            5,479        8,409


    Weekly Hay Reports:"Click" on links for detailed report
    Weekly Feedstuffs Market Review:
    The USDA Market News Service reports feed ingredient prices for the week ending November 5, were mixed.
    • Soybean Meal was mixed 10.00 lower to 10.90 higher.  Cottonseed Meal was steady to 5.00 lower.  Canola Meal was mixed 0.60 lower to 20.00 higher.  Linseed Meal was 30.00 higher in a limited test.  Sunflower Meal was 15.00 to 20.00 higher. 
    • Whole Cottonseed was mixed 40.00 lower to 10.00 higher.
    • Crude Soybean Oil was mixed 22 lower to 29 points higher.  Crude Corn Oil was steady.  Ruminant Meat and Bone Meal was mixed 50.00 lower to 10.00 higher.  Ruminant Blood Meal was mixed 50.00 lower to 95.00 higher, mostly 15.00 to 50.00 lower.  Feather Meal was steady to 40.00 lower.  Menhaden Fishmeal was 100.00 higher. 
    • Corn Hominy was steady to 20.00 lower, mostly steady to 5.00 lower.  Corn Gluten Feed was steady to 10.00 higher.  Corn Gluten Meal was steady to 55.00 higher, mostly steady to 20.00 higher. 
    • Distillers Dried Grains were mixed 12.00 lower to 18.00 higher, mostly 2.00 to 8.00 higher. 
    • Wheat Middlings were mixed 20.00 lower to 16.00 higher.

    Est. Weekly Meat Production Under Federal Inspection:
    Total red meat production under Federal inspection for the week ending Saturday, November 08, 2014 was estimated at 946.3 million lbs. according to the U.S.Department of Agriculture's Marketing Service. This was 2.0 percent higher than a week ago and 3.2 percent lower than a year ago.  Cumulative meat production for the year to date was 4 percent lower compared to the previous year.

    Bullish/Bearish Consensus:
    The theory behind the "Bullish/Bearish Consensus" indicator is when the public reaches a consensus, they are usually wrong:
    • They get too bullish after prices have risen, and too bearish after they have already fallen.
    Because of this tendency, there are often extremes in opinion right before major changes in trend:
    • When the public reaches a bullish extreme, i.e., a great majority thinks prices will keep rising, then prices often decline instead. 
    • And when they become too bearish, then prices tend to rise.
    So when Public Opinion moves above the red dotted line in the chart, it means that compared to other readings over the past year, you're seeing excessive optimism.  You also want to look at the absolute level of Opinion, too - if it's at 90%, then there's no question we're seeing an historic level of bullish opinion.  Watch for readings above 80% (or especially 90%) to spot those dangerous times when the public is overly enthusiastic about a commodity.

    Conversely, when Public Opinion moves below the green dotted line, then the public is excessively pessimistic about the commodity's prospects for further gains compared to their opinion over the past year.  Looking for absolute readings under 20% (or especially 10%) often indicates an upturn in the market.


    Bullish/Bearish Consensus - Cattle
    Last Updated: November 4th

    Bullish/Bearish Consensus - Corn
    Last Updated: November 4th

    National Economic News:
    Stocks build on recent rally, reach new highs: The large-cap benchmarks managed to build on their strong rally over the previous two weeks and reach record highs by Friday. The S&P MidCap 400 Index also gained but remained below its peak earlier in the year. The technology-heavy Nasdaq Composite Index and the small-cap Russell 2000 Index were roughly flat. Energy stocks performed poorly early in the week but rallied later alongside oil prices.

    U.S. economic data boost sentiment: Important U.S. economic data released during the week appeared to boost sentiment. Investors received good news about the U.S. labor market on Wednesday, when payroll processing firm ADP announced its tally showing healthy private jobs growth in October. The hopeful signs were bolstered Thursday, when the government announced that weekly jobless claims had fallen once more, bringing the four-week average to its lowest level in 14 years. Friday's official payrolls report from the Labor Department did not quite meet expectations but confirmed that the U.S. economy was creating jobs at the fastest pace since the late 1990s. Also heartening was a slight rise in the labor force participation rate, as well as increased hiring by state and local governments.

    Investors may look to post-election bounce: The other important news of the week was the U.S. election, which saw the Republicans add a majority in the Senate alongside their majority in the House. The surprisingly strong Republican showing may have helped drive gains at midweek, in part because some previous periods of divided government-as when the Democrats controlled the presidency and the Republicans controlled Congress in the 1990s-have featured strong economic and market growth. Some observers have also noted that markets tend to perform well after mid-term elections-although others would argue that such an acknowledged pattern should, in theory, be arbitraged away by investors seeking to take advantage of it.

    Hopes remained for further ECB stimulus: U.S. markets also continued to respond to news from overseas during the week. On Thursday, European Central Bank (ECB) President Mario Draghi attempted to dispel rumors that policymakers were divided on the path of future monetary policy, stating that they were unanimous in their commitment to spurring growth on the Continent. European markets surged following his remarks, and U.S. stocks appeared to rise in tandem.

    Earnings continue to impress: Finally, the tone of third-quarter earnings remained favorable and also fostered the week's gains. Analytical firm FactSet made a further upward revision to its tally of earnings growth for the S&P 500, announcing that overall earnings for the group had risen 7.6% compared with a year ago.


    • U.S. manufacturing companies expanded at a faster rate in October as new orders rose to the second highest level in five years, a survey of executives found. The Institute for Supply Management said its manufacturing index jumped to 59% from 56.6% in the prior month.
    • The share of homes sold to first-time buyers dropped to 33% in 2014 -- the slimmest portion in 27 years -- down five percentage points from 2013, the National Association of Realtors reported Monday. First-time buyers have been playing a weak role in the housing market's rebound, making it tougher for other families to move into a new place. Historically, first-time buyers' share of home sales is closer to 40%. Rising housing costs and strict mortgage standards are making it tough for young families and other first-time buyers to jump into the market, analysts say.

    "Click Here" to view a Slide Show of Drought Monitor maps for the last 12 weeks

    Looking Ahead:
    • During November 6-10, wet weather is forecast for the eastern third of the Nation, Pacific Northwest, and parts of the southern Great Plains. Rainfall totals are likely to exceed 4.0 inches across Texas as the moisture is likely to have a tropical source. Lake enhanced precipitation is also likely near the Great Lakes as a low-pressure system is forecast to move from the Great Lakes to the Canadian Maritime Provinces during the next 3 days. During the early to middle portions of next week, a cold front is forecast to traverse the contiguous 48 states, ushering in drier and cooler conditions.
    • For the ensuing 5-day period, November 11-15, odds favor below normal temperatures east of the Rockies, with above normal temperatures west of the Continental Divide. Below median precipitation is favored for much of the contiguous 48 states, except near the Great Lakes, New England, and South Texas. Above median rains are favored for most of Alaska, except the interior basin, north of the Alaska range.


    Damage to the Custom Cattle Feeding Model

    The days are long gone when a commercial feedyard opened the doors and ranchers and farmers sent in cattle for custom feeding. The once dominant business model is a thing of the past. Running a feedyard like a hotel filling up every night with customers and maintaining a healthy margin for the service is not a model that can be expected to work in the current environment. Risk management for custom feedlots of the past involved deciding how much to mark up the feed. Selling feed to a feedyard full of customer cattle was a no brainer.

    Today's model is much more complex requiring feedlot owners to take ownership positions in the cattle on hand and increasingly manage the risk associated with cattle ownership. Most feedyards today own a significant portion of the cattle on feed in their facilities. This has introduced varying strategies for managing the ownership and risk associated with gambling on cattle prices. The day of protecting the ownership risk with a fully hedged position is gone -- due primarily to excess feeding capacity and short feeder supplies.

    New opportunities to deal with occupancy and risk have developed. Almost all the feedyards in Arizona and California feed dairy calves as do scattered yards in the plains. These cattle go on feed at 300# and sell at 1350# and are on feed more than a year. This reduces turnover and provides a very organized model of incoming and outgoing cattle for year round feeding.

    A popular change with most feedyards is extending the finishing weight of cattle. Cattle targeted for 1250 or 1300# are now finishing at 1400-1450# allowing in some cases an extra $50 in margin for the cattle owner, assuming steady cattle prices, and a smaller turnover of cattle for the feedyard. The increase in carcass weights of close to 25#/head over last year, has replaced almost half of the lost tonnage from decreased numbers of cattle on feed. Heading into the winter and faced with weather risk and recently higher corn cost, this value proposition will change. Making cattle heavier and selling them cheaper in the future is not a sound strategy.

    The need for cattle ownership has forced a pared back occupancy level at many feedyards. There are a number of feedyards across the plains operating at 50% of capacity. In order to prevent financial losses, some of those operations are increasing the mark up on the feed -- making the cattle performance non-competitive. This model will not work for the feedyard in the long run or the customer feeding the cattle in the short term,

    Signs of rebuilding of the nation's cattle herd are everywhere. Improved pasture conditions are assisting a more rapid build up. Cow slaughter is down 15% while breeder heifer retention is up. Help is on the way for increasing the supplies of cattle necessary to support a thriving beef industry.

    Ag Center Cattle Report


    Feedyard Closeouts: Profit/(Loss)
    • Typical closeout for steers sold this week & hedged when placed on feed: ($133.66)
    • Typical closeoudot for un-hedged steers sold this week: $216.53
    • Projected closeout based on the futures & estimated Cost of Gain for steers placed on feed this week: ($58.05)

    Slaughter Cattle:
    Friday negotiated cash trade was limited in the Texas Panhandle with moderate trade and demand in Kansas. In the Southern Plains compared to last week, live sales sold mostly 1.00 lower from 166.00-167.00 with the bulk of at 167.00. In Nebraska and the Western Cornbelt trade is slow on light to moderate demand. In Nebraska few early sales have sold from 167.00-168.00. However, not enough sales for an adequate market test. Last week dressed sales sold from 262.00-265.00 with live sales at 168.00. In the Western Cornbelt compared to last week, dressed sales sold mostly 1.00-3.00 lower at 262.00 with live sales mostly .50-1.00 lower from 165.00-167.00 with the bulk at 166.00. In Colorado trade was inactive on light demand. Last week on a light test, live sales sold at 168.00-169.50.
    Livestock Slaughter under Federal Inspection:
                                               CATTLE   CALVES      HOGS       SHEEP
    Friday 11/07/2014        (est)    108,000      2,000         413,000        5,000
    Week ago (est)                        99,000      2,000         409,000        7,000
    Year ago (act)                        109,000      3,000         435,000        6,000
    Week to date (est)                  553,000    10,000      2,134,000      39,000
    Same Period Last Week (est)  538,000    10,000      2,121,000      43,000
    Same Period Last Year (act)    586,000    15,000      2,170,000      43,000

    Saturday 11/08/2014      (est)    11,000          0             98,000         0
    Week ago (est)                         15,000         0             72,000         0
    Year ago (act)                          26,000          0           117,000         0
    Week to date (est)                  564,000     10,000     2,232,000       39,000
    Same Period Last Week (est)  553,000     10,000     2,193,000        43,000
    Same Period Last Year* (act)   611,000     14,000     2,286,000       43,000
    2014 Year to Date               25,646,000   490,000   89,873,000   1,804,000
    2013 *Year to Date              27,650,000   641,000   94,828,000   1,809,000
    Percent change                      -7.2%        -23.6%       -5.2%          -0.3%

    Negotiated prices paid for Slaughter Steers and Heifers:

    Live basis:            Steers                              Heifers
    Over 80% Choice    164.00-167.00 avg 166.15   165.00-167.00 avg 166.01
    65 - 80% Choice     164.00-168.00 avg 166.81   166.00-168.00 avg 166.86
    35 - 65% Choice     166.00-167.00 avg 166.84   166.00-167.00 avg 166.94
    0 - 35% Choice             -                                 166.00-166.00 avg 166.00
    Total all grades    164.00-168.00 avg 166.68   165.00-168.00 avg 166.81

    Dressed basis
    Over 80% Choice    260.00-263.00 avg 262.30    262.00-263.00 avg 262.20
    65 - 80% Choice     260.00-262.00 avg 261.90         - 
    35 - 65% Choice     255.00-262.00 avg 260.37         - 
    0 - 35% Choice             -                                       - 
    Total all grades    255.00-263.00 avg 261.90    262.00-263.00 avg 262.20



    65% of Corn Crop Harvested:

    National Grain Summary:
    Compared to last week, grain and soybean bids closed mixed.  Corn and soybeans were lower on harvest pressure and favorable weather across the corn-belt.  However, soybeans saw some support from good export demand.  Grain harvest is coming along very well with soybeans listed at 85 percent completed and corn 65 percent earlier in the week.  Wheat was lower due to the higher dollar and slow exports.  Weekly export sales of corn were bearish coming in at 18.8 mb (478,200 mt), with all for the 2014-2015 marketing year.  Soybean export sales were bullish listed at 59.3 mb (1,613,100 mt) with 59.2 mb (1,609,900 mt) for the 2014-2015 marketing year.  Wheat sales came in bearish at a total of 9.8 mb (265,800 mt), with all for the 2014-2015 marketing year. Wheat was mostly 6-53 cents lower.  Corn traded mixed from 19 cents lower to 7 cents higher.  Sorghum was 26 cents lower to 13 cents higher.  Soybeans were 28 cents lower to 23 cents higher.

    Corn Futures Summary: Corn futures declined Friday. The corn market has recently rallied in concert with beans, but Thursday’s weak export data seemingly undercut yellow grain prices. Fine harvest weather and a massive crop are also obstacles for bulls. Monday’s looming USDA Crop Production and WASDE reports probably spurred long-liquidation as well. December corn futures slumped 3.75 cents to $3.675/bushel Friday, while May lost 3.25 to $3.885.

    Soybean Futures Summary: The soy complex posted a big late-week comeback. Spot bean and meal quotes reportedly remained firm Friday, with talk of underlying demand strength again quite prominent. Long-liquidation apparently depressed prices in early trading, but beans staged an impressive comeback before the close. January soybean futures bounced 8.75 cents to $10.3675/bushel in late Friday action, while December soyoil sagged 0.13 cents to 32.40 cents/pound, and December meal skidded $1.3 to $390.4/ton.

    Wheat Futures Summary: The wheat markets suffered from poor export prospects. Late wheat export news has consistently disappointed the domestic industry, due in part to the early-autumn rally. That apparently rendered U.S. grain too expensive for many international customers. Having the U.S. dollar rally to a four-year high hasn’t helped, so futures prices remained under consistent pressure this week. December CBOT wheat closed 5.75 cents lower at $5.145/bushel Friday, while December KC wheat dove 9.75 cents to $5.6925/bushel, and December MWE wheat dropped 7.75 to $5.4675.


    Five Year Moving Average - Corn & Wheat

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