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Weekly Market Summary
For the week ending December 2, 2016
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The Cattle Range Market Trendlines:
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Market indicators gained modest ground all week except on Friday when Live & Feeder Cattle Futures dropped precipitously, partially due to selling pressure as speculators with long positions exited the market.  

Meatpackers have paid sharply higher prices for cattle in the cash markets for three straight weeks, largely due to seasonal demand, which normally subsides after the holidays.

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  • 10 Day Market Trendline
  • Change from Previous Day: -1.69%
     Change from 10 Days Ago: +5.44%
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    The Trendlines are indicators of overall cattle/beef market strength and are based on daily market factors.  Each daily factor is the aggregate weighted total of the Gain/(Loss) for 12 market indicators compared to the previous trading day. The angle indicates direction & velocity of the trend.
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  • 30 Day Market Trendline
  • Change from 30 Days Ago: +7.64%
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    • Click Here.to receive the WMS on Saturday mornings or have it sent to friends & associates.
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    Regular Contents: 
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  • Weekly Market Overview.
  • National Feeder & Stocker Cattle Weekly Summary.
  • Stocker & Feeder Steers.
  • Stocker & Feeder Cattle Weekly Receipts.
  • 5 Year Moving Avg. - Stocker, Feeder, & Slaughter Steers.
  • Selected Auction Reports.
  • Direct Sales of Feeder & Stocker Cattle.
  • Representative Sales of Cow & Pairs.
  • Canadian Cattle.
  • USDA National Retail Beef Report.
  • Photo of the Week.
  • U.S. Dollar - 6 Month Chart.
  • Choice Boxed Beef Cutout, Slaughter, & Feeder Steers.
  • Feeder Steers/Corn Correlation.
  • Slaughter Cows & Bulls.
  • Est. Weekly Meat Production Under Federal Inspection.
  • Weekly Hay Reports.
  • Weekly Feedstuffs Market Review.
  • Bullish/Bearish Consensus: Cattle & Corn.
  • Stock Markets & Economic News.
  • Weather Outlook.
  • Feedyard Closeouts: Profit/(Loss).
  • Slaughter Cattle.
  • National Grain Summary.
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    Of Possible Interest:
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    Weekly Market Overview:
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    On-Line Store
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    National Feeder & Stocker Cattle Weekly Summary:
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    RECEIPTS:  Auctions   Direct    Video/Internet     Total
    This Week      275,900     40,100          22,400          338,400 
    Last Week        95,900     27,500          22,700          146,100 
    Last Year        227,900     16,000          23,000          266,900 

    Compared to last week, steers and heifers traded 2.00 to 6.00 higher with most steer calves under 600 lbs up to 10.00 higher.  Several mid and late week auctions were called sharply higher and while they were in fact much higher, many were looking back two weeks due to last week’s Thanksgiving holiday.  Those sale barns had some catching up to do with last week’s early auctions, many of which had held specials before the holiday break.  Demand was very good for all classes of cattle this week, but still exceptionally good for light cattle suitable for wheat.  Winter weather curtailed receipts in parts of the Dakotas but elsewhere across the country the supply was heavy.  The volume that was lagging in the early fall is being caught up now. 

    The cash feeder market has re-energized, with several weeks of steady gains being convincing enough for owners to finally bring their stock to town.  In some parts of the country, the supply was so heavy that by mid-week competition for available trucks was just as intense as the rivalry ringside.  Weaned calves continue to make up a larger percentage of the offering each week and in most places, the competition to own anything that could be placed in an extended winter grazing program is fierce.  Buyers seem to have a renewed confidence in the market, evident by their willingness to chase some cattle to prices that haven’t been seen in months. 

    Colder weather moved into the Midwest mid-week which will help harden and “green up” fleshier cattle.  Fed cattle traded as much as 3.00 higher Wednesday, 114.00-115.50 live and northern dressed sales at 175.00.  Futures prices are now lagging cash by quite a few dollars, as the market moves in a more fundamental direction with cash cattle leading the board and not the other way around.  Cash trade has tacked on 10.00 in just three weeks and fats are as close to break evens as they’ve been in quite some time.  Big kills over an extended period has cleaned up the front end, giving cattle feeders a little leverage they’d needed. 

    It is rumored though that some pockets of heavy cattle are still standing around in parts of Nebraska and Iowa, areas where packer needs aren’t as urgent and show lists aren’t always cleaned up.  Packers will push to keep kills large and are clearly willing to pay up a bit, giving up a bit of margin even, as they have fewer formula cattle available in the short term.  Optimism is bountiful as the entire cattle complex has recovered remarkably from early November lows.  Cattlemen are fully aware of the fickle nature of their market and while there’s no assurance this six week rally will hold it has brought a little relief to an industry that badly needed it. 

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    Stocker Steers:
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    Feeder Steers:
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    Stocker & Feeder Cattle Weekly Receipts:
    Weekly sales of Stocker Calves & Feeder Cattle sold via auctions, direct country sales, and video/Internet sales as reported by the UDSA Market News
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    Five Year Moving Average - Stocker, Feeder, & Slaughter Steers:
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    Cattle Futures: Cattle futures posted losses in excess of $2 in most contracts today, which locked in losses for the week. For the week, December live cattle futures ended $2.52 1/2 lower, while the February contract was $3.32 1/2 lower. Cattle futures are signaling the corrective rebound has run its course and a short-term technical top is in place. That could entice more chart-based selling. If futures face followthrough selling early next week, it's likely to pull the cash market lower.
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    Selected Auction Reports:
    "Click" on individual.auction links.for complete report
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    Farmers & Ranchers Livestock Commission Co. - Salina KS
    Receipts:  3960    Last Week: No Sale    Year Ago:  3942
    Compared to last week: (no sale the week of Thanksgiving): Steers 500-1100 lbs 1.00-4.00 higher; 500 lbs and under higher undertone noted. Heifers 300-1000 lbs steady with lower undertone noted.

    Tadlock Stockyards - Forest MS...
    Receipts     This week    1,777     Last Week     0
    Compared to last week slaughter cows trended 3.00 to 6.00 Higher. Slaughter bulls trended 3.00 to 9.00 Higher. Feeder steers trended 10.00 to 20.00 Higher. Feeder heifers trended 7.00 to 14.00 Higher. Feeder consisted of 55 percent steers and 45 percent heifers.

    Athens Livestock Auction - Athens GA...
    Receipts:  794        Last Week: N/S     Year Ago:  863
    No trends available due to markets being closed previous week for holiday. Slaughter cows percent 11 percent; slaughter bulls 1 percent; and feeders 88 percent. In the feeder supply, steers made up approximately 7 percent of the run; heifers 29 percent; bulls 51 percent and replacement cows 13 percent.

    Green Forest Livestock Auction - Green Forest AR...
    Receipts:  2773          Last week:  NS               Last year:  953
    Compared to two weeks ago: Feeders mostly 2.00-8.00 higher instances 10.00-11.00 higher than two weeks ago. Slaughter cows steady to 1.00 higher. Slaughter bulls steady.

    Cattleman's Livestock Auction - Dalhart, TX
    Cattle and Calves: 3429     Two Weeks ago: 2949      Year Ago:  1214
    Compared to two weeks ago:  Steer and heifer calves 3.00-5.00 higher with supply including several offerings of pre-conditioned kinds.  Yearling and feedlot ready steers and heifers over 650 lbs firm to 3.00 higher.  Slaughter cows and bulls steady to 1.00 higher. Bulk of supply Medium and Large 1-2 350-950 lb feeder steers and heifers.

    Tulia Livestock Auction - Tulia TX
    Receipts:  2257    Two Weeks Ago:  2578    Year Ago:  818
    Compared to two weeks ago:  Yearling steers and heifers sold steady to 4.00 higher.  Calves sold 6.00 to 10.00 higher. Trade was active on good demand.  Freezing temperatures and a chance of moisture expected in the area over the weekend prompting producers to bring their cattle to market.

    El Reno Cattle Narrative - El Reno OK
    Receipts:  10,264    Last Reported(11/16/2016):    11,073    Year ago:  5,955
    Compared to two weeks ago, Feeder steers sold 3.00 to 6.00 higher, feeder heifers mostly firm to 3.00 higher.  Steer and heifer calves traded 6.00 to 10.00 higher with most demand being seen on weaned light weight calves suited for wheat  pasture.

    Clovis Livestock Auction - Clovis NM
    Receipts:  3474             Two Weeks Ago: 4479            Year Ago: 2463
    Compared to two weeks ago:  Feeder steers and heifers under 500 lbs 5.00-9.00 higher. 600-700 lbs 5.00-6.00 higher; over 700 lbs steady to 1.00 lower.  Slaughter cows 2.00 higher.  Bulls steady.  Trade active, demand good.  Bulk supply Medium and Large 1-2 300-
    800 lb feeder steers and heifers.

    Pratt Livestock Feeder Cattle Auction - Pratt, KS
    Receipts:  3557    Two Weeks Ago:  3702    Year Ago:  2223
    Compared to two weeks ago: Feeder steers 700-900 lbs steady to 2.00 higher; 900-1000 lbs 3.00-8.00 higher; Feeder heifers 650-1000 lbs firm to 5.00 higher. Steer and heifer calves 8.00-15.00 higher. Trade active and demand good.

    Toppenish, WA Livestock Auction - Toppenish WA
    Receipts:  1900    Last Week:  Holiday    Year Ago:  1260
    Compared to two weeks ago at the same market, stocker and feeder cattle 2.00-7.00 higher. Trade active with good demand from both local and internet buyers. Slaughter cows and bulls 2.00-4.00 higher. Trade active with good demand.

    Tri-State Livestock Auction Market - McCook NE
    Receipts:  1500    Last Week:  1050    Year Ago:  575
    Not enough to show a comparison to last week, due to weight classes. Demand was good on all weights of cattle offered. Steers accounted for 58 percent and heifers 42 percent of the offering today.

    Sioux Falls Regional Livestock - Worthing SD
    Receipts:  2677    Last Week:  1940    Year Ago:  2977
    Compared to last week:  Steer and heifer calves 5.00 to 10.00 higher. Yearling steers best comparison 850-900 lbs 4.00 higher, other weights too lightly tested; yearling heifers lightly tested.  Demand good to very good for both calves and yearlings, as wet weather brought many farmer-feeders to town for the large offering of high quality calves.

    Mid-South Livestock - Unionville TN...
    Receipts: 1187       Last week: 514         Last year: 437
    Compared to last week, Feeder Steers/Bulls 3.00-8.00 higher; Feeder Heifers 3.00-9.00 higher; Slaughter Cows steady to 4.00 higher; Slaughter Bulls steady to 3.00 higher.

    Florence Livestock Auction - Florence AL...
    Receipts:  1205    Last Week:  1336    Year Ago:  1064
    Compared to a week ago: Slaughter cows and bulls sold steady. All feeder classes sold 4.00 to 6.00 higher. Demand on feeders good. Replacement cows and pairs sold 50.00 lower. Slaughter cows 6 percent, bulls 1 percent, replacement cows and pairs 6 percent,

    Blue Grass South Livestock Market - Stanford KY...
    Receipts:  1359    Last Week:  578    Year Ago:  245
    Compared to last Monday:Feeder steers and heifers 2.00-4.00 higher,Good demand for feeder classes.Slaughter cows 2.00-4.00 higher,Slaughter bulls steady,Good demand for slaughter classes.

    Oklahoma National Stockyards - Oklahoma City OK
    Receipts:  7,946     Week ago:  6,020    Year ago:  2,951
    Compared to last week:  All classes of feeder steers and heifers are trading 1.00-4.00 higher.  Steer and heifer calves mostly steady throughout the sale.  Demand moderate to good especially for long weaned calves ready for wheat pasture.

    Joplin Regional Stockyards - Carthage MO
    Receipts:  5,977     Last Reported:     Year ago:  4,203
     ***CLOSE*** No recent Value Added sale for a price comparison, compared to Monday's sale, steers under 650 lbs 5.00 to 10.00 higher and heifers under 700 lbs 2.00 to 7.00 higher , steers over 650 lbs steady to 2.00 higher, and heifers over 700 lbs steady.

    Valentine Livestock Auction Market - Valentine NE
    Receipts:  3650 Last week: 3580  Last year: 0
    Compared with two weeks ago 450 to 600 lbs steers traded 6.00 to 13.00 higher.  Not enough comparable offerings for heifers a trend will not be given.  Demand was good with colder weather in the area.

    Huss Platte Valley Auction - Kearney NE
    Receipts:  4951    Two Weeks Ago:  3505    Year Ago:  5495
    Compared to two weeks ago, steers sold 2.00 to 7.00 higher. Heifers less than 550 lbs sold 6.00 to 15.00 higher; 550 to 700 lbs sold 2.00 to 3.00 higher and over 700 lbs sold 5.00 to 8.00 higher. Most of the advancement was on calves that were longtime weaned.

    Mitchell Livestock Wtd Avg Report - Mitchell SD
    Receipts:  5117    Two Weeks Ago:  3672    Year Ago:  4962
    Compared to two weeks ago:  Steers calves under 600 lbs were lightly tested last sale with higher undertones noted, 600-650 lbs 6.00 to 8.00 higher, 650-750 lbs 2.00 to 5.00 higher.  Yearling steers were of different weights this week, with steady to firm undertones noted.

    Winter Livestock - La Junta CO...
    Receipts:  2909    Last Week:  2082    Year Ago:  1165
    Compared with last Tuesday: steer calves under 500 lbs were very lightly tested last week, but traded sharply higher on comparable trades.  500 to 600 lb calves traded 15.00 to 17.00 higher, 600 to 700 lb calves traded 2.00 to 6.00 higher and over 700 lbs were too lightly tested for an adequate market trend although noting a firmer undertone.  Heifer calves under 500 lbs were lightly tested last week, by traded sharply higher on a comparable trades.

    Cullman Stockyard - Cullman AL...
    Receipts:  1169        Year Ago:  935
    Compared to two weeks ago: Slaughter cows sold steady, slaughter bulls sold steady. Feeder bulls and steers sold 2.00 to 4.00 higher. Feeder heifers sold 2.00 to 3.00 higher. Replacement cows and pairs sold mostly steady.

    Russell Wtd Avg Feeder Cattle Auction - Russell IA
    Receipts:  3497    Last Week:  3730    Year Ago:  1156
    (Corrected report) Compared to the sale last week: Feeder strs under 600 lbs. mostly 3.00-7.00 higher, feeder strs over 600 lbs. mostly 1.00-3.00 lower and feeder hfrs under 600 lbs. mostly 5.00-9.00 higher,

    Denison Wtd Avg Feeder Cattle Auction - Denison IA
    Receipts:  1792
    No trend today. The receipts included 58 percent steers and 42 percent heifers. Cattle weighing over 600 lbs was 71 percent.

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    Direct Sales of Feeder & Stocker Cattle:
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    WY, Western NE & Western Dakotas Direct Feeder Cattle Wtd Avg (Fri)
    Receipts: 962        Week Ago: 460        Year Ago: 368 
    Compared to last week steers and heifers sold 2.00 to 4.00 higher. Demand was moderate to good. Packers once again felt the pressure to procure slaughter steers and heifers early in the week.

    AZ-CA-NV Weekly Feeder Cattle Review (Fri)
    Confirmed: 0 
    Compared to, last week, Trade inactive, demand light.  Buyers and sellers are at a standoff.  Trade should resume next week after video sale.  Heifers totaled 0% of supply.

    Colorado Direct Feeder Cattle Report (Fri)
    Receipts: 1,916        Last Week: 0           Last Year: 950 
    Compared to last week:  Bulk of the cattle traded on a delivered basis, however a firm undertone was noted.  Slaughter cattle prices made a sharp advance this week helping to boost demand for feeders.

    IA-South MN Direct Feeder Cattle Weekly (Mon)
    Receipts:  345     Last Week:  0     Last Year:  260
    Compared to last week:  Feeder steers and heifers not established Due to last week’s limited receipts.  Prices based on net weights FOB after a 3 percent shrink or equivalent and 5-10 cent slide on calves and 4-6 cent slide on yearlings from base weights.

    Kansas Direct Feeder Cattle Summary (Fri)
    Receipts:  2545    Last Week:  1194    Year Ago:  3045
    Compared with last week: steers and heifers steady to firm in a very limited test. Sales confirmed on 1885 steers, 660 heifers and no calves for a total of 2545 head compared with 1194 last week and 3045 last year.

    Montana Direct Feeder Cattle Wtd Avg (Fri)
    Receipts: 0      Last Week: 0           Last Year: 0 
    Compared to last week: No trend available for feeder steers and heifers due to limited comparable Current FOB trades.  Unless otherwise stated prices are FOB weigh point with a 2-3 percent shrink or equivalent and with a 8-12 cent slide on calves and 4-8 cent slide on yearlings from base weights.

    New Mexico Feeder Cattle Report (Mon)
    Receipts:  3200    Last Week:  900    Year Ago:  250
    Compared to last week:  Not enough comparable sales of feeder steers or heifers for a market trend; however, a higher undertone was noted.  Supply consisted of 73 percent steers and 27 percent heifers.  Approximately 94 percent of the offering weighed over 600 lbs.

    Northwest Wtd Avg Direct Feeder Cattle Report (Fri)
    Receipts:  2300    Last Week:  Holiday    Year Ago:  3750
    Compared to two weeks ago, stocker and feeder cattle firm in a light test. Trade slow with good demand especially as local feedlots decided to own some inventory. The feeder supply included 72 percent steers and 28 percent heifers.

    Oklahoma Direct Feeder Cattle (Fri)
    Receipts: 1,600        Last Week 2,471        Last Year 1,507 
    Compared to last week:  No trend available for feeder steers and heifers due to limited Current FOB trades.  Wheat pasture looks pretty good in central Oklahoma and this has farmers actively looking for stocker cattle.

    Texas Direct Feeder Cattle (Fri)
    Confirmed: 27,500     Last Week: 22,600    Last Year: 4,000
    Compared to last week current FOB feeder steers and heifers, 1.00 to 6.00 higher on the post-holiday week as sales activity improved after Thanksgiving. Recent increases in the finished cattle trade improved optimism, CME risk protection, and feeder cattle prices.

    Extensive U.S. & Canadian Auction Results are available on The Cattle Range

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    Representative Sales of Cow & Pairs:
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    Reported by.USDA Market News for the week ending December 2nd
    • Video Auction:
      • Bred Stock: Medium and Large 1 West Current Delivery Heifers 975-1100 lbs 6-7 months bred 1450.00-1725.00; 4-6 year old 1150-1200 lbs 7-8 months bred 1700.00-1725.00 per head.  Pairs: Medium and Large 1 West Current Delivery 3-5 year old 1200/125 lbs 1850.00 per pair. 
    • Oklahoma City, OK:
      • Replacement Cows: Medium and Large 1-2  2-4 yr old 975-1575 lbs 1-7 months bred 750.00-1275.00; 2-8 yr old 950-1350 lbs 2-7 months bred black 1325.00-1660.00; 7-10 yr old 1025-1575 lbs 1-7 months bred 800.00-1075.00 per head. 
      • Pairs:  Medium and Large 1-2  3-9 yr old 825-1750 lb cow w/100-200 lb calf 900.00-1200.00; pkg 8 yr old 1750 lb cow w/200 lb calf 1525.00 per pair. 
    • Woodward, OK:
      • Replacement Cows:  Medium and Large 1-2 pkg Heifers 1075 lbs 5-6 months bred black 1485.00; Heifers 900-1050 lbs 3-6 months bred black 1135.00-1150.00; 3-6 yr old 1200-1300 lbs 6-7 months black 1550.00-1575.00; 6-10+ yr old 1100-1475 lbs 4-8 months bred black 700.00-1250.00; 5-10+ yr old 1100-1600 lbs 4-7 months bred 770.00-1050.00 per head. 
    • El Reno, OK:
      • Replacement Cows: Medium and Large 1-2  3-5 yr old 1275-1300 lbs 5-8 months bred black 1275.00-1375.00; 1-6 yr old 1000-1375 lbs 2-8 months bred 800.00-1000.00; 7-10 yr old 1225-1475 lbs 3-7 months bred 775.00-1275.00; 4-10 yr old 1000-1300 lbs 3-6 months bred 700.00-820.00 per head. 
      • Pairs:  Medium and Large 1-2  5-10 yr old 1450-1575 lb cow w/75-200 lb calf 1300.00-1400.00 per pair. 
    • McAlester, OK:
      • Replacement Cows:  Medium and Large 1-2  1-4 yr old 1050-1125 lbs 4-8 months bred 1250.00-1400.00; 1-10 yrs old 925-1300 lbs 4-8 months bred 910.00-1200.00; 5-10 yr old 1225-1525 lbs 6-8 months bred 840.00-1175.00 per head. 
      • Pairs:  Medium and Large 1-2  1-10 yr old 800-1100 lb cows w/100-200 lb calf 810.00-1100.00; 5-6 yr old 1000-1150 lb cow w/75-200 lb calf 1150.00-1500.00 per pair.
    • Roswell, NM:
      • Replacement Cows: Medium and Large 1-2 Young 1015-1479 lb cows 3-8 months bred 950.00-1660.00, per head; middle aged 1058-1495 lb cows 3-8 months bred 800.00-1235.00, per head; aged 1120-1335 lb cows 3-8 months bred 700.00-950.00, per head.  First Calf Heifers:  755-967 lb cows 3-8 months bred 600.00-1300.00, per head. 
      • Cow/Calf Pairs:  Medium and Large 1-2:  Young 855-1380 lb cows w/125-265 lb calves 1235.00-1425.00, per pair; middle aged 750-1380 lb cows w/150-275 calves 1100.00-1200.00, per pair; aged 700-930 lb cows w/150-225 lb calves 625.00-700.00, per pair.
    • Springfield, MO:
      • Bred Cows:  Medium and Large 1-2  4 yrs to short and solid mouth 3rd stage 1065-1335 lbs 1100.00-1360.00; 2-7 yrs 2nd stage 1035-1320 lbs 960.00-1325.00, 1st stage 1015-1170 lbs 925.00-1075.00; short and solid mouth to aged most 2nd few 3rd stage 1125-1345 lbs 700.00-935.00. Large 1-2  4 yrs to short and solid mouth 3rd stage 1385-1440 lbs 1200.00-1425.00; 7 yrs to short and solid mouth 2nd and 3rd stage 1425-1745 lbs 810.00-1075.00; broken mouth 2nd stage 1450 lb indiv. 800.00. Medium and Large 2  7 yrs 1st stage 1080-1230 lbs 700.00-710.00. Medium 1-2  3 yrs to short and solid mouth 2nd and 3rd stage 875-1045 lbs 775.00-975.00; short and solid mouth to aged 2nd stage 990-1030 lbs 600.00-650.00 per head. 
      • Cow/Calf Pairs:  Medium and Large 1-2  7 yrs to short and solid mouth 1185-1290 lb cows w/300-375 lb calves 1100.00-1365.00; broken mouth 1180-1220 lb cows w/285-375 lb calves and a few rebred 1010.00-1075.00. Medium and Large 2  5 yr 1220 lb cow w/130 lb calf 1300.00. Medium 1-2  5 yr 855lb cow w/300 lb calf and rebred 2nd stage 1350.00; broken mouth 870 lb cow w/350 lb calf 850.00 per pair. 
    • West Plains, MO:
      • Bred Cows:  Medium and Large 1-2  2-6 yr old 985-1510 lb cows in the 2nd-3rd stage 1000.00-1200.00 per head; 7 yr-short-solid mouth 1058-1565 lb cows in the 2nd-3rd stage 875.00-1150.00 per head.  Medium and Large 2 2-7 yr old 890-1370 lb cows in the 1st-3rd stage 700.00-1000.00 per head; Short-solid to broken mouth 955-1610 lb cows in the 2nd-3rd stage 600.00-825.00 per head. 
      • Cow-Calf Pairs:  Medium and Large 1-2  Few 2-7 yr old 1005-1265 lb cows with 100-200 lb calves 1100.00-1300.00 per pair; Short-solid to broken mouth 1140-1250 lb cows with 100 lb calves 950.00-1075.00 per pair.  3-n-1 pkg 9 pairs 3 yr old 995 lb cows in 1st stage with 300 lb calves 1975.00 per pair. 
    • Joplin, MO:
      • Bred Cows:  Medium and Large 1  3 yr 3rd stage 1225 lb indiv. 1575.00.  Medium and Large 1-2  3-7 yrs 2nd and 3rd stage 1085-1365 lbs 1100.00-1350.00, 1st stage 2-3 yrs 900-1080 lbs 975.00-1050.00; short and solid mouth to aged 2nd and 3rd stage 1095-1365 lbs 665.00-985.00. Large 1-2  5-7 yrs 2nd and 3rd stage couple 1400-1470 lbs 1090.00-1250.00; 7 yrs to short and solid mouth 2nd and 3rd stage 1380-1560 lbs 800.00-1075.00; broken mouth to aged 2nd and 3rd stage 1405-1555 lbs 765.00-940.00.  Medium 1-2  2-7 yrs 2nd and 3rd stage 875-1050 lbs 800.00-1050.00, 1st stage pkg. 875 lbs 925.00; broken mouth 3rd stage 955 lb indiv. 580.00 per head. 
      • Cow/Calf Pairs:  Medium and Large 1-2  3-5 yrs 1000-1285 lb cows w/babies to 165 lb calves 1300.00-1450.00; short and solid mouth to aged 1090-1250 lb cows w/babies to 350 lb calves 1125.00-1150.00. Medium 1-2  4-5 yrs 850-1050 lb cows w/180-275 calves 925.00-1250.00. short and solid mouth pkg. 1025 lb cows w/160-170 lb calves some rebred 1050.00 per pair. 
    • Bowling Green, MO:
      • Bred Cows: Medium and Large 1  3-7 yrs 1050-1400 lbs mostly blk 2nd-3rd stage 1575.00-1825.00, several pkgs Blk 3rd stage 1900.00-2010.00; short solid 2nd-3rd stage 1350-1500 lbs 1250.00-1400.00.  Medium and Large 1-2  3-7 yrs 850-1450 lbs 1st-3rd stage 1225.00-1550.00, 7 yrs to short solid 1000-1400 lbs 2nd-3rd stage 1125.00-1300.00.  Medium and Large 2  middle aged to aged cows 1000-1250 lbs 1st-3rd stage 860.00-1100.00 per head. 
      • Cow/Calf Pairs:  Medium and Large 1  few Blk 5 yrs 1300-1400 lbs w/150-250 lbs calves 120.00-2270.00, short solid to aged cows 1250-1700 lbs stout blk cows w/150-300 lb calves 1500.00-1675.00.  Medium and Large 1-2  4-7 yrs 1250-1600 lbs 1550.00-2000.00; short solid-aged cows 1000-1350 lbs w/150-200 lb calves 1125.00-1470.00 per pair.
    • Billings, MT:
      • Bred cows: 3-4 yrs old Medium and large 1 calving before May 15th 1103-1259 lbs 1,310.00-1,335.00, calving after May 15th 1166 lbs 1,125,00 per head.  3-6 yrs old Medium and large 1 calving after May 15th 1243 lbs 1,175.00 per head.  Middle age (Solid mouth) Medium and large 1 calving before May 15th 1446-1618 lbs 935.00-950.00 per head.  Aged (Broken mouth) Medium and large 1 calving before May 15th 1285-1475 lbs 750.00-850.00 per head. 
    • Arkansas:
      • Replacement Cows: Medium and Large 1-2  2-7 year old 850-1250 lbs second & third stage bred 950.00-1050.00/hd, first stage/open 70.00-80.00, 7-10 year old second & third stage bred 725.00-825.00/hd.
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    Canadian Cattle:
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    Alberta Beef Producers: Alberta direct cattle sales Thursday saw light trade develop with prices steady to a touch higher compared to Wednesday. This week live sales have been reported on either side of 150.00 while dressed sales are ranging from 248.00-252.00 delivered. Cash to futures basis levels did strengthen and remain stronger than the five-year historical average. Given higher cash prices and stronger basis levels some producers did sell more cattle than what they had intended on this week.
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    Canadian Cattle Prices:
    Prices have been converted to U.S. $/CWT. Grades changed to approximate U.S. equivalents
    Exchange Rate: Canadian dollar equivalent to $0.7406 U.S. dollars
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    Prices for the week ending November 25th:
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    Positive Outlook for Beef & Pork Exports
    CME Group
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    USDA/FAS released on Thursday its weekly update on US beef and pork exports and the data continues to paint a very positive picture for both proteins.  Keep in mind that the weekly report only covers sales of beef and pork muscle cuts while the monthly statistics include all fresh/frozen meat exports plus they will also included exports of cooked and  processed items.  The weekly export numbers will always be quite a bit lower than the monthly trade but the benefit is that they  are much more current than the monthly statistics that often have a 5  week lag. 

    The challenge often is that weekly numbers can be volatile and add to the overall noise in the marketplace.  Also, many of the forecasts that USDA and private analysts put together are on a quarterly basis and so it is hard to put the weekly numbers in the proper context.  With that in mind, let’s look at some of the details from today’s numbers and what the  implications are for the month of November. 

    Beef:  Exports of beef muscle cuts in the past two weeks have averaged 16,808 MT, the highest two week average at any point this year or last year for that matter. Beef exports in the last four reported weeks have averaged 15,750 MT, 28% higher than the same four week period a year ago.  Extremely strong demand from a number of Asian markets continues to drive exports of US beef this fall.  And it is quite impressive that the robust export pace so far has not been impacted much by the strong US dollar  (remember a strong US dollar raises the effective price world buyers have to pay for US  products). Exports to South Korea in the last four reported weeks averaged  4,279 MT, 80% higher than a year ago.  Exports to Japan averaged 3,894  MT, +34% while exports to Taiwan  averaged 1,999 MT/wk, +75%.  There is one Asian market where US beef exports have been struggling and that is Hong Kong, with sales there in the last four weeks down 17% from last  year.  It is not a coincidence that the markets where we have gained ground are also markets that normally buy from Australia but do not allow Brazilian beef.  With Australian slaughter down in double digits from a year ago, Korean and Japanese buyers have had to bid more aggressively on US  product.  Lower prices for US beef in October also helped considerably to increase the pace of shipments to these markets. Exports to Mexico and Canada were up +6% and +23%, respectively, accounting for about 20% of overall shipments.  Asia is by far the major destination for US beef, however.  At this point we are projecting US fresh/frozen monthly exports in November at +21% compared to a year ago and a significant improvement over October levels. 

    Pork:  US pork exports also have recovered nicely in the last few weeks.  Low prices for a number of pork items in October likely set the stage for a major rebound in November.   Mexico has become the top market for US pork recently and exports to that market in the last four weeks averaged  9,705  MT,  8% higher than a year ago.  There is  speculation that Mexican buyers have accelerated their purchases due  to the expected change in the US administration in January.  However,  any changes to NAFTA will likely take time so it is curious that this could  be the motivation for the jump in exports.  The rise in exports to Mexico helps explain the firm market for hams so far this fall despite very large slaughter.  Exports to China have been quite low so  far but if they are buying carcasses  those numbers would not show up in the weekly update and we will have to wait for the monthly statistics.  At this point we are projecting November fresh/frozen pork exports at +16% Y/Y.

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    Record-Large Meat & Poultry Production in 2017
    CattleFax
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    Record-large meat and poultry production combined with recent feedlot currentness issues are adding to the pressure on today’s cattle market, said CattleFax Chief Executive Officer Randy Blach. His comments came during yesterday’s Beef Industry University session at the Kansas Livestock Association Convention in Wichita, sponsored by the Farm Credit Associations of Kansas.

    Blach estimates supplies will continue to be large as an additional 800,000 to 900,000 fed cattle are expected to be harvested in 2017. He encouraged producers to begin reducing beef tonnage on the market.

    “One of the best ways to combat these increasing numbers is to get weights under control, and that’s something you can do as producers,” he told KLA members and guests.

    U.S. beef exports are expected to increase 5% in 2017, which Blach said will be another important factor in helping to offset larger supplies.

    Blach thinks the industry has made it through the worst of the equity drain. He believes positive margins at the feedyard level would benefit others in the supply chain.

    “For those cow-calf and stocker operators, you need to see the cattle feeder get profitable,” he said. “He gets profitable, and you’ll start to see some stability come back into your business.”

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    USDA National Retail Beef Report:
    Advertised Prices for Beef at Major Retail Supermarket Outlets
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    This week in Beef Retail, the Feature rate saw a 14.4 percent increase, the Special Rate charted a 7.3 percent increase and the Activity Index posted a 42.8 percent increase. All indexes posted significant gains in response to the industry returning to a normal work week after the Thanksgiving holiday. The Chuck, Round, Loin, Brisket, and Ground beef items saw more ad space while cuts originating from the rib saw less ad space. Cattle slaughter under federal inspection posted a 11.8 percent increase in response to the past holiday.
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    Fed Cattle Market Heats Up
    Cassie Fish... cassandrafish.com
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    Wednesday's Fed Cattle Exchange on-line auction played leap frog, equaling and then bettering last week’s country trade top of $113 with a $114.25 trade. Texas, where numbers of market-ready fed cattle are likely the tightest, led the market then Kansas bettered it.  In the country, $115 surfaced in those same states as the market heated up. 

    Packer demand for fed cattle supplies to fuel big kills again this week and next are the driving force propelling the market. It’s clear that fewer formula cattle, the best retail beef features in years and profitable packers attempting to ratchet up capacity utilization are all factors in the stronger fed cattle market. Bigger kills than expected for longer than expected have resulted in more leverage for cattle feeders. The north, which is still discount continues to have pockets of big cattle and in isolated areas, some sloppy pens, leaving that region a couple of bucks back from the south and west.

    It’s fascinating to look at the beef carcass presently, cut by cut and a great reminder that the pursuit of a particular cut can lift all boats for a while. The most popular holiday cut now, the 112A boneless ribeye has outperformed other cuts all year and is currently keeping pace with 2014 despite much bigger production and the highest number of choice and prime cattle as a percentage in modern history.

    The last time cash cattle traded as high as today, the weekly choice cutout averaged $200.34, $10 above current levels, illustrating the contraction in packer margins and their willingness to fill retail and food service orders this month at a smaller profit margin than enjoyed earlier this year.

    This chart also illustrates the seasonal vulnerability of the market post-rib rally and could partially explain why futures are not easily making new highs for the move today.

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    Photo of the Week:
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  • Reg. Angus Bred Heifers... Western NE*
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    10,000 Cattle to be Killed After Canadian TB Outbreak
    The Canadian Press
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    OTTAWA -- Federal officials say at least 10,000 cattle are going to slaughter as a result of a bovine tuberculosis outbreak in western Canada.

    Dr. Harpeet Kochhar, chief veterinary officer with the Canadian Food Inspection Agency, said the animals are from some of the ranches that are under quarantine in southeastern Alberta.

    "Roughly, if I was going to make an estimate of the number, it would be in the range of around 10,000 probably," he said Monday.

    The agency said these animals are considered "high risk" for contracting or transmitting the infectious disease, even though only six cattle have tested positive for bovine TB since the first case was confirmed in September.

    The agency last week declared six properties among those considered as high risk for transmission.

    Kochhar said the CFIA has added 12 more farms to the expanding list, bringing the total to 18.

    So far, quarantine orders have been issued at more than 40 cattle operations in southeast Alberta and southwest Saskatchewan, affecting more than 22,000 animals.

    He warned the number could increase again.

    "As the investigation proceeds we will find that there are more trace outs. We may find another animal which comes back positive. This number will continue to change and evolve."

    Kochhar said only slaughtered animals that test negative for bovine TB will be deemed acceptable for human consumption.

    Farmers losing their animals as part of the slaughter are being compensated under CFIA guidelines.

    The federal government has promised aid to ranchers who are continuing to feed cattle quarantined to their properties.

    The group Alberta Beef Producers said the requirements for a feedlot option to accommodate calves from quarantined farms that are not equipped for winter feeding have been approved by the industry and the CFIA.

    The group, which represents about 19,000 producers in Alberta, said it is working to identify feedlots that would be willing to handle these cattle.

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    U.S. Dollar - 6 Month Chart:
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    Over the last 5 years, an average of around 10% of U.S. beef production has been exported, making exports an extremely important factor affecting beef and cattle prices.  A strong dollar depresses export demand.
  • U.S. Dollar Index
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    Choice Boxed Beef Cutout, Slaughter, & Feeder Steers:
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    The average value of hide and offal for the five days ending Fri, Dec 02, 2016 was estimated at 11.77 per cwt., down 0.04 from last week and  up 0.83 from last year.
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    EPA Increases Biofuel Mandate for 2017
    AgriPulse
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    The Environmental Protection Agency gave a lift to the renewable fuels industry by finalizing biofuel usage mandates for 2017 higher than originally proposed. 

    The agency is requiring19.28 billion gallons of total renewable fuel to be blended with conventional fuel under the renewable volume obligation (RVO). That includes 15 billion gallons of conventional corn ethanol, a 200-million gallon increase from EPA's May proposal and the same level set as the annual target in the 2007 energy law. The May proposal called for total usage of 18.8 billion gallons with the potential for 14.8 billion gallons of corn ethanol. 

    EPA's final rule, released November 23rd, also requires usage of 2 billion gallons of biodiesel, up from 1.9 billion this year, and 311 million gallons of cellulosic biofuels. There is a total requirement for 4.28 billion gallons in advanced biofuels, which includes biodiesel, cellulosic biofuels and other biofuels that have 50-percent lower carbon emissions than conventional fuels, including sugarcane ethanol produced in Brazil.

    The final RVO for advanced biofuel is 280 million gallons higher than what the agency proposed in May.  In addition, the EPA also set an RVO for biodiesel in 2018 of 2.1 billion gallons. The other mandates for 2018 will be determined later. 

    This announcement is the final RVO determination under the Obama administration, but it could spark a new debate about the RFS as Donald Trump moves into the White House next year.

    The president-elect signaled support for the RFS during the presidential campaign, but the adviser leading the transition at EPA, Myron Ebell, has been critical of the mandates.

    The chairman of the House Science, Space and Technology Committee, Lamar Smith of Texas, today called on Trump to work with Congress to reform the RFS, which is under the jurisdiction of the Energy and Commerce Committee. “More unrealistic mandates won't benefit the environment or lead to innovation in biofuels technology,” Smith said.

    The American Petroleum Institute criticized EPA's final rule as a “step backward.”

    “We are disappointed that EPA has taken a step backwards with this final rule,” said Frank Macchiarola, API's downstream group director. “The RFS mandate is a bad deal for the American consumer. Today's announcement only serves to reinforce the need for Congress to repeal or significantly reform the RFS. Democrats and Republicans agree this program is a failure.”

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    Feeder Steers/Corn Correlation:
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    Over the years, the value of 25 bushels of corn has been approximately equal to the price per cwt. for feeder steers.
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    Slaughter Cows & Bulls:
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    Slaughter cows and bulls 1.00-3.00 higher.

    Cutter Cow Carcass Cut-Out Value Friday was 154.04 - Down 3.20 from two Friday’s ago. 

                       Weight          Colorado          Oklahoma        Alabama 
    Breakers   1100-1600    60.00-62.00    56.00-61.00    45.00-50.00
    Boners       1000-1450   59.75-64.50     56.00-60.00    48.00-53.00
    Lean          1000-1300    56.00-59.00     55.00-58.00    42.00-47.00
    Bulls           1300-2500    71.00-75.00    76.00-80.00    70.00-74.00

                         # Head  Week Ago  Year Ago      YTD      Year Ago
    National        9,518      7,999          8,104        40,235     36,546
    S Central      2,342      2,114          1,609        10,802       8,034
    N Central         567          727             933           3,451      4,650
    East              2,568       2,387          2,599          9,245       9,606
    West             2,035       1,355          1,190          7,866       7,237
    Midwest        2,006       1,416          1,773          8,871      7,019


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    Est. Weekly Meat Production Under Federal Inspection:
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    Total red meat production under Federal inspection for the week ending Saturday, December 03, 2016 was estimated at 1058.6 million lbs. according to the U.S.Department of Agriculture's Marketing Service. This was 15.0 percent higher than a week ago and 6.8 percent higher than a year ago.  Cumulative meat production for the year to date was 3.3 percent higher compared to the previous year.
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    Weekly Hay Reports: "Click" on links for detailed report
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    Weekly Feedstuffs Market Review:
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    The USDA Market News Service reports feed ingredient prices for the week ending November 30, 2016 were mixed. 
    • Soybean Meal was mixed, 5.20 lower to 8.10 higher, mostly 3.20 to 5.10 lower. Cottonseed Meal was mixed, 5.00 lower to 10.00 higher.  Canola Meal was 3.70 to 8.10 higher. Linseed Meal was steady. Sunflower Meal was steady to 5.00 higher. 
    • Whole Cottonseed was steady.
    • Crude Soybean Oil was 6 to 88 to 188 points higher. Crude Corn Oil was 100 points higher. 
    • Ruminant Meat and Bone Meal was mixed 20.00 lower to 31.00 higher, mostly steady to 10.00 lower. Ruminant Blood Meal was 15.00 to 75.00 higher, mostly 15.00 to 25.00 higher. Feather Meal was steady to 10.00 higher, mostly steady. Menhaden Fishmeal was steady. 
    • Corn Hominy was steady. Gluten Feed was mixed 10.00 lower to 5.00 higher, mostly steady. Corn Gluten Meal was steady to 25.00 lower. 
    • Distillers Dried Grain was mixed 10.00 lower to 5.00 higher, mostly steady to 10.00 lower. 
    • Wheat Middling's were mixed, 3.00 lower to 2.00 higher, mostly steady to 3.00 lower. Wheat millrun was mixed, steady in Oregon.
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    Proposed Tax Regulation Threatens Multigenerational Cattle Operations
    NCBA
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    The Internal Revenue Service hosted a public hearing on Thursday on a Department of Treasury proposed rule that would eliminate or greatly reduce available valuation discounts for family-related entities. Kevin Kester, National Cattlemen’s Beef Association vice president, said the regulation would effectively discourage families from continuing to operate or grow their businesses and passing them on to future generations.

    Many cattle operations are family-owned small businesses, facing the same concerns as other small-businesses – making payroll, complying with numerous federal and state regulations, and paying bills, loans, and taxes. However, cattle producers face a number of unique challenges specific to agriculture.

    “Ranching is a debt-intensive business, making the U.S. livestock industry especially vulnerable to the estate tax,” said Kester. “Beef producers largely operate an asset-rich, cash-poor business model: a cattleman’s biggest asset is his land. In the event of the death of a principal family member, illiquid assets are often sold in order to meet the costs associated with the estate tax. As a result, many families are unable to keep their estates intact.”

    For more than two decades, livestock producers have utilized legitimate valuation discounts as a means of maintaining family ownership. These discounts, which accurately reflect the actual market value of minority ownerships in closely-held businesses, reduce the tax burden at death allowing agricultural operations to maintain family ownership from one generation of producers to the next.

    “Should the discounts be eliminated, a significant number of farmers and ranchers will face an even greater tax burden during the difficult task of transferring minority interests to the next generation,” said Kester. “Having dealt with the death tax on multiple occasions, I can assure you that it’s not easy to settle the estate of a loved one while coping with the loss of that loved one. To add insult to injury, the proposed rule will upend succession plans, halt planned expansion and growth, and require a majority of livestock operations to liquidate assets in order to simply survive from one generation to the next.”

    The proposed regulations under Section 2704 will have a profoundly negative impact on the business climate for farmers and ranchers, ultimately dis-incentivizing a new generation of cattle producers from carrying on the family business. For that reason, NCBA calls for the IRS to formally withdraw the proposed rule.

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    Bullish/Bearish Consensus:
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    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.

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    Bullish/Bearish Consensus: Cattle
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    Bullish/Bearish Consensus: Corn
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    Stock Markets & Economic News:
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    Stocks broke a string of three consecutive weekly gains and ended modestly lower. The narrowly focused Dow Jones Industrial Average outperformed the broader market, helped by strong performance from “blue chip” bank, energy, and health care stocks. Conversely, the technology-heavy Nasdaq Composite Index underperformed considerably, as investors shunned some prominent, fast-growing stocks whose future earnings have become less attractive in the face of higher interest rates. Biotechnology stocks performed poorly overall, and semiconductor shares sold off sharply late in the week. The small-cap Russell 2000 Index was also particularly weak.

    The week on a cautious note amid muted trading volumes, as investors awaited some key upcoming events, such as the Italian referendum (see below). On Wednesday, investors got news of one of those key developments, when OPEC agreed to production cuts in order to boost oil prices. The fact that oil producers had managed to come to an agreement surprised many and sent oil prices up nearly 9% for the day -- and the stocks of oil exploration and production firms up almost 11%. Trading volumes also spiked Wednesday, fed in part by repositioning by institutional investors at month-end.

    • The economy grew at the fastest pace in over two years in the third quarter as consumers and government stepped up their spending and exports surged.
    • Gross domestic product expanded at a 3.2% annual rate in the Commerce Department’s second reading, released Tuesday. That is the strongest pace since the second quarter of 2014. It beat the consensus estimate of a 3.1% growth rate among economists surveyed by MarketWatch.
    • Consumer spending rose 2.8% in the quarter, stronger than the original estimate of 2.1%. The consumer sector accounts for two-thirds of the economy, and that has been bolstering economic growth for several quarters.
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    "Click Here" to view a Slide Show of Drought Monitor maps for the last 12 weeks
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    Looking Ahead:
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    For November 30-December 5, a series of fronts and low pressure systems are forecast to drop an additional 1-2 inches of precipitation across the South from Texas to Virginia, and parts of the Northeast, with locally 3+ inches from Texas to Mississippi. One to 3 inches is progged for parts of the coastal Northwest and Northern Rockies. A tenth to half of an inch is expected across the Midwest, extreme northern Plains, and much of the central and northern portions of the West. No precipitation is forecast for southern California or much of the Southwest to central Plains. Temperatures should average warmer than normal in the East and cooler than normal in the West. 

    For December 6-14, odds favor wetter-than-normal conditions for the northern tier States and drier than normal for the Southwest to southern Plains, with the Southeast transitioning from wet to dry. Temperatures are expected to be colder than normal in the West to Plains. The East Coast will transition from warmer than normal to cooler than normal as an upper-level trough migrates east through the period. Odds favor cooler- and drier-than-normal weather over Alaska.

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    Fed Cattle: Coming Out of the Woods
    Ag Center Cattle Report
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    A year and three quarters of consecutive weeks of losses on cattle is a long time. Maybe you knew when to jump into the futures market and take positions to mitigate the losses, or maybe you have a large oil and gas income, or maybe you are a hobby feeder, but for those whose life's blood is producing cattle, it has been hard times. At times the losses have been large, up to $500/head, other times not so bad, but still losses.  During this entire period, new purchases have been made with lower breakevens but the market has fallen faster than declining breakevens.

    This past week prices in Nebraska reached $113.50. Most current breakeven fall in the mid range of $113-$117 with outliers in both directions. No one more than a cattle feeder realizes the temporal nature of price. There is no assurance the recent rally will continue or even hold. Prices may fall back into the tank next week or next year. No matter the future direction of prices, the recent rally has brought a feeling of relief to those placing their money at risk feeding cattle. It also carries a feeling of wariness about the future and risk taking in general.

    As is always the case following prolonged periods of losses, the temptation is to forward price or hedge some inventory to guard against future declines. There is always conflicting and sometimes confusing information leading cattle owners in different directions and one thing is clear -- there are no clear pathways and few knowledgeable experts to guide the way. Your guess is about as good as the next person's guess.

    The large sales volumes of the past two week's illustrate a couple of important points. Processors are making good margins handling beef as are the retailers and restaurateurs.  This pulls beef through the pipeline rather than having to push it through. Those same slaughter volumes are likely to remain although we face poorer beef demand after the holidays. Healthy margins will create a reason for more beef features.

    The future is not free from negative bearish influences. The dollar index is at a multi-year high and this is not good for exports and encourages increasing imports of beef. The smaller placements reported by USDA in October are not expected to be the first of many declines but merely a slowdown caused by losses in all the live sectors of the business. A larger herd remains in the pastures and they will be destined to come to the feedlot so larger supplies are in front of us.

    Most indications reflect the fact that the national herd is not continuing to expand. Cow slaughter is higher. Heifers held for replacements cows is declining as more of the heifers are sent to the feedyard. This leaves the market to find a price level that is sustainable into the future, allowing all sectors a profit margin. Each period in time has differences from those in the past. It is a mistake to compare this period to one five years ago even though there are similarities, the differences make each cattle cycle unique. We must find our own way in the confusion that is the marketplace.

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    Feedyard Closeouts: Profit/(Loss)
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    Slaughter Cattle:
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    Friday trading has been limited on very light demand in the Southern Plains, Nebraska and Western Cornbelt. In Colorado trading has been at a standstill. Not enough sales in any region for a full market trend. The last reported market in the Southern Plains and Colorado was on Wednesday with live sales at 115.00 and 115.00-115.50, respectively. In Nebraska live sales sold on Wednesday mostly at 115.50 and dressed sales sold on Thursday at 175.00. In the Western Cornbelt the last reported market was on Thursday with live sales from 110.00-112.00 and dressed sales at 175.00.

    Livestock Slaughter under Federal Inspection:
                                          CATTLE     CALVES     HOGS           SHEEP
    Friday  (est)                    113,000       2,000           431,000         7,000
    Week ago (est)              114,000       2,000           436,000         7,000
    Year ago (act)                109,000       2,000           433,000         7,000
    Week to date (est)         575,000    10,000        2,183,000       41,000
    Last Week (est)              463,000      8,000       1,766,000        31,000
    Last Year (act)                539,000      9,000        2,182,000       40,000

    Saturday (est)                   41,000         0                 357,000         0
    Week ago (est)                 88,000         0                 386,000         0
    Year ago (act)                   17,000         0                 241,000         0
    Week to date (est)         616,000     10,000        2,540,000       41,000
    Last Week (est)             551,000        8,000        2,152,000       31,000
    Last Year* (act)              556,000        9,000       2,423,000        40,000
    2016 Year to Date    27,812,000   433,000   108,183,000  1,843,000
    2015 *Year to Date  26,326,000   408,000   106,312,000   1,842,000
    Percent change              5.6%            6.2%              1.8%            0.0%

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    National Grain Summary:
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    Compared to last week, grain and soybean bids traded mixed.  Corn was pressured by lack of demand and sufficient supplies.  All eyes are on the South American crop as conditions look favorable which also weighed in the market.  Weekly export sales and shipments for wheat totaled 18.0 and 8.8 mb, respectively.  This is neutral news for wheat.  Weekly exports for corn totaled 39 mb, with shipments at 31.8 mb.  This may be viewed as neutral for corn.  Export sales and shipments for soybeans totaled 53.4 and 87.6 mb, respectively.  This may be viewed as bullish, as both numbers were above the amount needed to keep on pace with demand projections.
    Corn Futures Summary: Corn futures closed mostly 4 to 5 3/4 cents higher today amid corrective buying. Despite today's gains, March corn futures ended 11 cents lower for the week. Barring fresh, supportive news the upside will be limited to corrective buying in the corn market next week. But traders may be willing to cover short positions as they prepare for USDA's Supply & Demand Report next Friday. With no corn crop update this month, attention will be on the demand side of the balance sheet.
    Soybean Futures Summary: Soybean futures closed mixed, ranging from 2 1/4 cents lower in the January contract to 1 1/2 cents higher in the November 2017 contract. January futures lost about 18 1/2 cents on the week. Traders will take a cautious approach to start next week as they assess the impact of the strong dollar on export demand. USDA's inspections update will give an early read as well any export sales announcements or lack of announcements from USDA. Traders will turn their attention to USDA's Supply & Demand Report due Friday.
    Wheat Futures Summary: Winter wheat futures enjoyed a corrective bounce to wrap up the week. SRW wheat ended 6 1/4 to 16 cents higher for the day. HRW wheat finished around 6 cents higher. And HRS wheat ended narrowly mixed. Winter wheat markets posted sharp losses for the week, while spring wheat futures posted solid gains. With the winter wheat crop heading into dormancy with solid condition ratings, crop concerns are minimal. Traders will be more focused on USDA's Supply & Demand update on Friday, which will likely remind of hefty supplies of feed wheat.
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    Five Year Moving Average - Corn & Wheat:
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    Your Suggestions:
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