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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 March 13th:
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  • Bullish: Although not an epidemic, "Green Grass Fever" helped drive prices for the non-slaughter classes of cattle higher for the week.
  • Bearish: Prices for slaughter cattle are stagnant and the Choice Boxed Beef Cut-Out Value lost more ground this week, actually closing $0.75 per cwt. lower than the Select Cut-Out.
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The Cattle Range 10-Day Market Trend:
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An indicator of overall cattle/beef market strength. The angle indicates direction & velocity of the trend.
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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.
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National Feeder & Stocker Cattle Weekly Summary:
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RECEIPTS:   Auctions   Direct   Video/Internet   Total
This Week     231,500     40,500          6,100        278,100 
Last Week     157,200     50,800        37,900        245,900 
Last Year      254,000     46,600         50,000        350,600
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Compared to last week, yearlings traded mostly firm to 5.00 higher, with instances 6.00-10.00 higher throughout the Midwest and Northern Plains.  Weather has interrupted trading over the last couple of weeks mainly through the Southwest and Southeast as the movement of stocker cattle and calves has been hampered in these regions.  Many markets quoted a sharply higher undertone on feeders, with instances 10.00-15.00 higher on calves in most cases compared to two weeks ago or compared with light receipts from a week ago; but definitely a sharply higher market.  It is currently prime time for the stocker market during the narrow window between the end of wintry weather and the beginning of warmer weather and green grass in the major cattle production areas.  Over the weekend weather patterns turned spring-like across much of the country and it seemed this week that “grass fever” could be infectious for the rest of the month. 

Feeder Cattle futures last week exhibited a change in behavior and maybe even starting to embrace a new attitude with an impressive rally since last week.  There is no way to say for sure if there is a little more upside or a lot for cattle futures but we are seeing Feeder Cattle futures trading at levels not seen since the first week of January.  Last week’s feedlot trade saw the Bull return and prevail over the Bear as success of higher feedlot sales of tight fed supplies spurred short bought packers to spend more money on available fed cattle.  Hopefully the concerns that grappled the cattle futures in December, January and February has dissipated. Cattle futures have seen open interest drop dramatically, but over the last couple of weeks have seen open interest start increasing and seen funds start to come in on the long side. 

Buyers aggressively this week purchased cattle for summer grazing and seemingly started to throw caution to the wind as they try to fill orders early enough to get their stockers assembled and straightened out before turn-out dates and before offerings completely dry up.  On Wednesday at the Hub City Livestock Market in Aberdeen, SD sold near 100 head of fancy steers averaging 637 lbs top the market at 274.50.  At the St. Joseph Stockyards in St. Joseph, MO on Wednesday sold near 275 head of steers averaging 725 lbs for weighted average price 236.62, with over 80 head of steers in thin condition averaging 713 lbs averaging 246.87.  The beef cut-out value this week has seen strength in Select cuts compared to the Choice product with Select closing within 5 cents of Choice on Friday at 244.07 compared to 244.12 on Choice.  Auction volume included 67 percent over 600 lbs and 39 percent heifers. 

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Stocker Steers:
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Feeder Steers:
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Five Year Moving Average - Stocker Steers, Feeder Steers, & Slaughter Steers:
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Cattle Futures: Flat cash trading spurred CME cattle selling. Cash cattle prices rose last week and Chicago traders anticipated another gain this week. Thus, early afternoon news of Kansas trading at unchanged levels sparked a fresh burst of selling. Worries about embargoed chicken swamping the domestic markets, as well as Friday’s financial market action exaggerated the following decline. April cattle futures dropped 1.52 cents to 154.27 cents/pound in late Friday trading, while August cattle declined 1.00 cent to 143.62 cents/pound. Meanwhile, April feeder cattle futures plunged 1.67 cents to 211.22 cents/pound, and August feeders plummeted 1.47 to 211.20.
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Selected Auction Reports:
"Click" on individual auction links for complete report
Oklahoma National Stockyards - Oklahoma City OK
Estimated receipts: 10,149     Last Monday: 1,211   Year Ago Monday: 9,666
Due to limited receipts last week no trend available; however, all classes of feeder cattle and calves are selling with a sharply higher undertone.

El Reno Cattle Narrative - El Reno OK
Receipts:  11074    Last Week:  5306    Year Ago:  9909
Compared to last week:  Feeder steers sold 3.00-5.00 higher.  Feeder heifers 2.00-4.00 higher.  Steer and heifer calves no trend established due to limited comparable sales, however a significantly higher undertone was noted.

Joplin Regional Stockyards Feeder Cattle Wtd Avg - Carthage MO
Receipts:  10,282    Week Ago:  1058    Year Ago:  7304
Compared to a very light test last week, steer calves under 500 lbs andheifer calves under 600 lbs 10.00 to 15.00 higher, 500 weight steers 5.00 to 10.00 higher, steers and heifers over 600 lbs steady to 5.00 higher.

Cattleman's Livestock Auction - Dalhart, TX
Cattle and Calves: 2987          Week ago: 852           Year Ago:
Compared to week ago:  With the recent moisture across the trade area buyers showed strong interest in summer grazing cattle.  Feeders steers and heifers under 600 lbs were firm to 4.00 higher; steers over 600 lbs firm to 2.00 higher and heifers over 600 lbs firm.  Receipts were mostly gaunt with a few also thin.  Slaughter cows steady to weak on higher dressing kinds; average dressing kinds 1.00-2.00 lower.

Tulia Livestock Auction - Tulia TX
Receipts:  4589    Last Week:  851    Year Ago:  3011
Compared to last week's light test:  Feeder steers and heifers were steady to 4.00 higher.  Calves were not well tested in previous week.  Slaughter cows and bulls sold 2.00 to 4.00 higher.

Russell Wtd Avg Feeder Cattle Auction - Russell IA
Receipts:  3902    2 weeks ago:  3161
Compared to the sale 2 weeks ago: Feeder strs mostly 6.00-12.00 higher and feeder hfrs under 750 lbs. mostly 9.00- 20.00 higher, feeder hfrs over 750 lbs. mostly steady.

Tri-State Livestock Auction Market - McCook NE
Receipts:  1900    Last Week:  1200    Year Ago:  2400
Compared to last week, steers and heifers were steady – 10.00 higher on comparable weights.

Huss Platte Valley Auction - Kearney NE
Receipts:  3318    Last Week:  3121    Year Ago:  3420
Compared to last week steers and heifers over 600 lbs sold steady to 5.00 higher.

Clovis Livestock Auction - Clovis NM
Receipts:  2619                   Week Ago:  1105                   Year Ago:  2167
Compared to last week:  Feeder steers and heifers under 600 lbs 4.00-10.00 higher, instances 20.00 higher on 500-600 lbs heifers.  Over 600 lbs 3.00-5.00 higher.  A wide price range on those under 600 lbs on very active trade with prices increasing throughout the day.  Slaughter cows steady to strong.  No accurate comparison on bulls due to limited receipts last week.

Toppenish, WA Livestock Auction - Toppenish WA
Receipts:  2200    Last Week:  1500    Year Ago:  1600
Compared to last Thursday at the same market, not enough stocker or feeder steers last week for accurate trends, however a higher undertone was noted due in part to increased receipts and buyer attendance. Stocker and feeder heifers 3.00-4.00 higher. Trade very active with very good demand. Slaughter cows 5.00-6.00 lower, due in part to lack luster beef demand ahead of the Easter holiday.  Slaughter bulls 5.00-6.00 higher.

Farmers & Ranchers Livestock Commission Co. - Salina KS
Receipts:  4898    Last Week:  3056    Year Ago:  5347
Compared to last week: Steers 700-1100 lbs 5.00-10.00 higher, 700 lbs and under steady undertones in a limited supply. Heifers 600-800 lbs 3.00-5.00 higher, 800-1050 lbs steady to 1.00 lower, 600 lbs and under steady undertones in a limited supply.

Sioux Falls Regional Livestock wtd Avg Report - Worthing SD
Receipts:  4885    Last Week:  2563    Year Ago:  4789
Compared to last week:  Feeder steers under 550 lbs too lightly tested to compare, 550-600 lbs uneven in a narrow comparison, 600-700 lbssteady, 700-750 lbs 1.00 to 3.00 higher, 750-900 lbs mostly 3.00 to 6.00higher with couple instances of 10.00 higher on 800-850 lbs, 900-950 lbssteady to 2.00 higher.  Feeder heifers 550-750 lbs steady, 750-950 lbs steady to 5.00 higher.

Mitchell Livestock Wtd Avg Report - Mitchell SD
Receipts:   7318    Last Week:  4141    Year Ago:  6737
Compared to last week:  Feeder steers under 600 lbs lightly tested,600-750 lbs steady, 750-800 lbs steady to 4.00 lower, 800-850 lbs unevenly steady, 850-1000 lbs steady to 3.00 lower.  Feeder heifersunder 650 lbs lightly tested, 650-700 lbs 3.00 to 8.00 higher in a narrow comparison, 700-750 lbs steady to 3.00 lower, 750-850 lbs mostly steady to 2.00 higher with instances to 5.00 higher, 850-950 lbs steady.

Weekly Auction Summaries:
Tennessee Weekly Auction Summary
Receipts on 9 TN Auctions 5,681,  9 Last Week 5,500,  12 Last Year 9,900
Trends:  According to the Federal-State Market News Service, compared to the same sales last week, slaughter cows 1.00 to 4.00 higher.  Slaughter bulls steady to 1.00 higher. Steers/bulls 2.00 to 7.00 higher. Heifers 1.00 to 6.00 higher.

Mississippi Weekly Livestock Summary
Cattle Receipts:    3,904       Last Week:      3,093       Last Year:    5,452
Compared to last week, slaughter cows sold 1.00 to 3.00 higher and bulls sold 2.00 to 5.00 higher. Feeder steers and heifers sold steady.

Alabama Auctions Weekly Summary
Alabama livestock auctions for the week ending March 14, 2015.
Total estimated receipts this week 8,870, last week 8,002 and 12,004 last year. Compared to one week ago: Slaughter cows and bulls sold steady to 1.00 higher. Replacement cows and pairs sold mostly steady. All feeder classes sold 4.00 to 9.00 higher.

Georgia Cattle Auctions Weekly Review
Cattle receipts at 25 markets 8,813 compared to 7,944 last week and 10,158 year ago.
Compared to one week earlier, slaughter cows and bulls mostly steady, feeder steers, bulls and heifers unevenly  steady, steer calves steady to 3.00 higher, bull calves 2.00 to 4.00 higher, heifer calves 1.00 to 4.00 higher, replacement cows unevenly steady.

Colorado Auction Feeder Cattle Summary
Receipts:  1,429     Last Week:  905     Last Year:  2,817
Compared to last week: Not enough comparable sales on Feeder cattle for a market trend.

Direct Sales of Feeder & Stocker Cattle:
"Click" on individual links for complete report
AZ-CA-NV Weekly Feeder Cattle Review (Fri)
Confirmed: 0
Compared to last week, trade inactive.

Colorado Direct Feeder Cattle Report (Fri)
Receipts:  1,429     Last Week:  905     Last Year:  2,817
Compared to last week: Not enough comparable sales on Feeder cattle for a market trend.

Eastern Cornbelt Direct Feeder Cattle Summary (Fri)
Reported sales this week: 69   Last Week: 400    Last year: 0
Compared to last week:  No comparison available for feeder steers and heifers. 

Georgia Direct Cattle Summary (Fri)
Confirmed sales on 1,260 head;

Kansas Direct Feeder Cattle Summary (Fri)
Receipts:  2356    Last Week:  4050    Year Ago:  19285
Compared with last week: Steers and heifers firm to 2.00 higher in very limited test; Sales confirmed on 1277 steer, 1079 heifers and no calves for a total of 2358 compared with 4050 last week and 19,285 head last year.

Montana Direct Feeder Cattle Wtd Avg (Fri)
Receipts:  130     Last Week: 0     Year Ago:  155
Compared to last week:  No recent comparable sales on feeder heifers.  No feeder steers reported. 

New Mexico Feeder Cattle Report (Mon)
Receipts:  1000    Last Week:  1400    Year Ago:  1170
Compared to last week:  Feeder steers sold 1.00 to 2.00 higher.  No heifer sales last week for a market test. 

Northwest Wtd Avg Direct Feeder Cattle Report (Fri)
Receipts:  2100    Last Week:  3200    Year Ago:  3000
Compared to last Friday, feeder cattle 5.00-7.00 higher in a light test. Trade remains slow with good demand as a stronger futures market during the week helped the market.

Oklahoma Direct Feeder Cattle (Fri)
Receipts:  6389    Last Week:  4815    Last Year:  6070
Compared to last week:  Feeder steers and heifers traded 3.00 to 5.00 higher.

South Dakota Direct Feeder Cattle Summary (Fri)
Receipts: 485    Last Week:  0      Last Year:  2,138
Compared to last week:  No recent comparable sales on feeder heifers for a market trend.

Texas Direct Feeder Cattle (Fri)
Confirmed:  28,900     Last Week: 29,100      Last Year: 16,700
Compared to last week current FOB feeder steers and heifers were 3.00-7.00 Higher regaining last week’s decline. 

WY, Western NE & Western Dakotas Direct Feeder Cattle Wtd Avg (Fri)
Receipts: 1112          Week Ago: 3827          Year Ago: 1935
Compared to last week comparable steers weighing 750-850 lbs sold mostly 6.00-8.00 higher. 

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Representative Sales of Cow & Pairs:
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  • Billings, MT
    • Bred Cows:  Medium and Large 1-2  Heifers 1000-1300 lbs 8 months 2350.00-2600.00, 825-965 lbs 6-7 months 1600.00-1900.00; Young 935-1360 lbs 8 months 2325.00-2500.00, a few 2725.00, 1230-1385 lbs 6-7 months 2350.00-2550.00, 980-1330 lbs 3-5 months 1950.00-2200.00; Middle Aged 1420-1525 lbs 6-7 months 2500.00-2525.00, 1295-1580 lbs 3-5 months 1900.00-2025.00; Aged 1215-1345 lbs 8 months 2000.00-2300.00, 1135-1540 lbs 6-7 months 1900.00-2100.00, 1195-1540 lbs 3-5 months 1650.00-1800.00, broken mouth 1245-1405 lbs 8 months 1700.00-1800.00, broken mouth 1390-1545 lbs 6-7 months 1800.00-2025.00. 
    • Pairs:  Medium and Large 1-2 Heifers 1025 lbs w/55 lb calves 2650.00; Young 1150 lbs w/50 lb calves 2700.00; Aged 1435-1495 lbs w/60-70 lb calves 2550.00, broken mouth 1380-1555 lbs w/45-55 lb calves 2300.00-2400.00.
  • Bassett, NE
    • Bred Cows:  Medium and Large 1-2 Young spring bred 1025-1095 lbs 2550.00.00-2610.00, 1100-1170 lbs 2675.00-2810.00, 1240-1320 lbs 2660.00-2925.00; Middle Aged (6-8 years old) 1160 lbs 2525.00, 1215 lbs 2700.00, 1350-1385 lbs 2450.00-2600.00, 1410 lbs 2700.00, Short Solid 1245-1475 lbs 2175.00-2400.00.  Broken Mouth 1170-1450 lbs 2000.00-2130.00.
  • Joplin, MO
    • Bred Cows:  Medium and Large 1-2  2-7 yrs 1000-1350 lbs 2-7 yrs 2nd-3rd 1780.00-2250.00, several blks 3rd stage 2300.00-2425.00, 1st stage 1190-1320 lbs 1550.00-1650.00; broken mouth to aged 2nd and 3rd stage 1120-1305 lbs 1370.00-1580.00.  Large 1-2  5-7 yrs 2nd and 3rd stage 1390-1645 lbs 1825.00-2200.00, 1st stage 1495-1525 lbs 1915.00-2050.00; broken mouth 2nd and 3rd stage 1360-1520 lbs 1665.00-1720.00.  Medium and Large 2  3-7 yrs 2nd and 3rd stage 900-1315 lbs 1445.00-1725.00.  Medium 1-2  3 yrs to short and solid mouth 2nd and 3rd stage 900-1045 lbs 1550.00-1825.00, broken mouth 3rd stage 985-1010 lbs 1160.00-1240.00. 
  • West Plains, MO
    • Bred Cows:  Medium and Large 1-2  2-7 yrs 850-1550 lbs 2nd to 3rd stage 1950.00-2500.00, consignment 57 hd 2 yrs 980 lbs bred heifers 3rd stage 2650.00; 7 yrs to short-solid mouth 1248-1490 lbs 2nd to 3rd stage 1900.00-2300.00.  Medium and Large 2  2-7 yrs 910-1605 lbs 1st to 3rd stage 1400.00-2000.00; short-solid to broken mouth 965-1435 lbs 1st-3rd stage 1500.00-1850.00. 
    • Pairs:  Medium and Large 1-2  4-6 yrs 960-1165 lbs w/100-300 lb calves 2300.00-2900.00; Short-solid mouth 975-1067 lbs w/75-200 lb calves 1800.00-2200.00. 
  • Springfield, MO
    • Bred Cows:  Medium and Large 1-2  3 yrs to short solid 1050-1450 lbs 2nd-3rd stage 1700.00-1950.00, 1st stage 1130-1350 lbs 1600.00-1800.00; short solid mouth to aged 2nd and 3rd stage 1155-1345 lbs 1400.00-1685.00.  Large 1-2  4-6 yrs 3rd stage 1430-1630 lbs 1800.00-2000.00.  Medium and Large 2  2-7 yrs 2nd stage 1060-1155 lbs 1500.00-1700.00.  Medium 1-2  2-7 yrs 2nd and 3rd stage 845-1035 lbs 1525.00-1725.00, 1st stage 995-1035 lbs 1500.00-1710.00; broken mouth 2nd and 3rd stage 840-1040 lbs 1175.00-1450.00.
  • Woodward, OK
    • Bred Cows:  Medium and Large 1-2  3-7  yrs 950-1250 lbs 2-7 months 2300.00-2500.00; 6-10 yrs 1000-1350 lbs 2-7 months 1650.00-2075.00. 
    • Pairs:  Medium and Large 1-2  2-4  yrs 800-1000 lbs w/80-125 lb calves 2350.00-2450.00; 5-9 yrs 1150-1275 lbs w/125-250 lbs 2810.00-3100.00; 8-10 yrs 1250-1325 lbs w/200-300 lb calves 2425.00-2600.00. 
  • El Reno, OK
    • Bred Cows:  Medium and Large 1-2  Medium and Large 1-2 Heifers 1000 lbs 6-8 months 1850.00-2000.00; 2-4 yrs 1050-1200 lbs 4-7 months 2200.00-2600.00; 5-9 yrs 1100-1150 lbs 6-7 months 2000.00-2100.00; 7-10 yrs 1100-1350 lbs 5-7 months 1750.00-1950.00. 
    • Pairs:  Medium and Large 1-2  2-5 yrs 1050-1100 lbs w/100-150 lb calves 2500.00-3200.00; 5-10 yrs 1200-1300 lbs w/75-175 lb calves 1950.00-2150.00; 7-10 yrs 1175-1200 lbs w/50-125 lb calves 1650.00-1900.00. 
  • Oklahoma City, OK
    • Bred Cows:  Medium and Large 1-2 Heifers 1375 lbs 6 months 2300.00; 2-7 yrs 900-1200 lbs 4-7 months 2025.00-2200.00; 7-10 yrs 1000-1450 lbs 5-7 months 1550.00-1700.00. 
    • Pairs:  Medium and Large 1-2  3-6 yrs 1050-1300 lbs w/100-200 lb calves 2725.00-3125.00; 4-6 yrs 1000-1300 lbs w/50-125 lb calves 1950.00-2550.00. 
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Bred Cows & Heifers in 2nd & 3rd Stages of Pregnancy:
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Canadian Cattle:
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Alberta Beef Producers:  Alberta direct cattle sales so far this week have seen light trade develop with dressed bids and sales anywhere from 4.00-9.00 higher than the previous week. Light volumes of western Canadian fed cattle have traded South with prices at a premium over local deals. There have been some cattle passed or pulled off this week's list as producers are indicating cattle can use the extra days on feed.
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Canadian Weekly Cattle Report:

Fed market strong

  • American buyers aggressively bought Canadian cattle last week, helping keep fed prices near record highs.
  • Fed steers averaged $190.64 per hundredweight, and heifers averaged $191.55, Canfax said.
  • A large number of fed heifers were offered. Most were exported south at a premium to local trade.
  • Alberta dressed trade was reported at $316-$317 per cwt. delivered.
  • April live cattle futures continued to trade at a discount to the U.S. cash market.
  • The Alberta cash-to-futures basis strengthened sharply to -72 cents per cwt.
  • Weekly western Canadian fed slaughter to Feb. 28 rose 20 percent to 33,600 head.
  • Feedlot managers said live weights are rising thanks to the mild weather. Steer carcasses in the week to Feb. 28 rose 13 pounds to 882 lb.
  • Weekly fed exports to Feb. 21 rose seven percent to 4,516 head.
  • March show list volumes appear to be lower than marketing projections, which indicates that some fed cattle have been sold early.
  • A traditional spring rally is possible.
  • Local packers have a good supply for now, but lift times are expected to tighten. American buyer interest should continue this week, keeping prices steady.
  • Light cash trade developed in the United States at the end of the week at US$160-$162, up $2 over the previous week.
  • A handful of dressed sales were reported in the northern U.S. at around $257, up $2-$3 .
Cows strengthen
  • Strong hamburger demand and the weak Canadian dollar are supporting cull cow and bull prices.
  • D1, D2 cows set new records, ranging C$124-$158 to average $140.04, up $2 from the previous week and $50 higher than last year at this time.
  • D3 cows ranged $105-$135 to average $119.
  • Rail grade prices were $268-$273.
  • Canadian cow slaughter is running nine percent below last year, and exports are 30 percent behind.
  • The seasonal trend is for cow prices to continue rising to new records.
Feeders strong
  • The market tone generally improved last week after a slow start, resulting in weekly average prices being steady but uneven.
  • A good volume of small and single lots sold.
  • There was tremendous strength for quality grass cattle.
  • The premium for lighter cattle over heavier animals widened.
  • Quality breeding-type heifers also enjoyed a premium.
  • Heifer supplies should remain tight as many have been exported to the U.S.
  • Feeder exports to the third week of February total 66,000, up about 11,000 from the same period last year.
  • Some feedlots are aggressively looking for bunk replacements.
  • Live cattle prices will have to rally to meet profit targets.
  • Bred cows ranged $2,100 to $3,600
Beef higher
  • Harsh winter weather in much of the eastern U.S. hurt beef demand.
  • The Canadian consumer price beef index in January was a record high, up .1 point from December.
  • The pork index rose one point and poultry rose 3.7 points.
This cattle market information is selected from the weekly report from CanFax, a division of the Canadian Cattlemen’s Association.
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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 $0.7866 U.S. dollars
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Prices for the week ending March 6th:
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Port Congestion, Economic Headwinds Slow January Meat Exports:
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January exports of U.S. beef, pork and lamb were down sharply from a year ago, according to data released by USDA and compiled by USMEF. Shipping delays caused by the West Coast labor dispute combined with a number of economic factors to drive export volumes for beef and pork to four-year lows. However, USMEF President and CEO Philip Seng noted that the situations facing U.S. beef and pork are quite different. Global beef supplies are extremely tight again this year, while pork supplies are increasing and competition in major pork export markets continues to intensify.

“We expected January to be a difficult month, so these results are not especially surprising,” Seng said, “but I see the January slowdown as a wakeup call for the U.S. industry in terms of the fiercely competitive situation we face in key markets. Conditions are now improving in the West Coast ports, but the damage caused by that impasse is still not finished, and it is clear that competitors capitalized on our inability to move product in a timely fashion. We need to win back the confidence of the valuable Asian customer base we spent many years building.”

While port congestion was certainly a major factor in the sluggish January results, Seng noted that a number of other headwinds also had an impact.

“The currencies of several of our major destinations have weakened substantially against the U.S. dollar – not only in Asia, but also in the Western Hemisphere,” he said. “And unfortunately the currencies of our major competitors – Australia, the European Union, Brazil and Canada, to name a few – are also in a weakened state. We saw this building throughout the latter half of 2014, and the price disadvantage is increasingly difficult to overcome.”

January was the first month in which beef tariff reductions were in effect under the Japan-Australia Economic Partnership Agreement (JAEPA), with further reductions coming in April. Though an agreement has not yet been reached, Japan recently completed the ninth round of its economic partnership talks with the EU and is expected eventually to sign an agreement that will reduce tariffs on European pork. South Korea’s new trade agreements with Australia and Canada have also narrowed the tariff rate advantage the United States holds over imports from these two countries.

Bright spots for U.S. beef include Mexico, Taiwan, Caribbean

January beef exports of 79,899 mt were down 18 percent with value of $503.57 million, down 2 percent. Exports to leading market Mexico were not impacted by the port congestion, and smaller muscle cut volumes were offset by growth in variety meats, putting total volume (20,213 mt) even with last year while value increased 12 percent to $105.1 million. But exports to Japan totaled 13,810 metric tons (mt), down 12 percent and the smallest since the eligible cattle age limit was increased from 21 months to 30 months in February 2013. Export value to Japan was $91.5 million, down 1 percent. Chilled exports to Japan (4,314 mt, -39 percent) were hit particularly hard by the West Coast port congestion, as shelf-life concerns made buyers reluctant to place chilled orders. But U.S. beef also faces a tariff disadvantage under the JAEPA of 6 percentage points on chilled beef and 8 percentage points on frozen. This will widen to 7 and 10 percentage points respectively in April, and the gap will continue to grow as long as U.S. beef is subject to Japan’s full 38.5 percent duty. Australia’s exports to Japan increased 6 percent in the first two months of the year.

Exports to South Korea and Hong Kong, which were coming off big performances in 2014, were also the lowest in nearly two years. Export volume to Korea was down 28 percent to 7,073 mt, while value declined 17 percent to $57.5 million. For Hong Kong, value fell by one-third to 8,627 mt and volume was down 14 percent to $69.8 million. Taiwan was the only major Asian destination to hold up well through the port crisis, as January export volume to Taiwan was slightly higher year-over-year (2,134 mt, +1 percent) and value increased 37 percent to $23.4 million.

Exports to the Dominican Republic tripled in volume to 463 mt and increased 130 percent in value to $3.2 million, while results for the whole Caribbean region were up 13 percent in volume (1,764 mt) and 23 percent in value ($12.1 million). Led by strong variety meat volumes, exports to Peru increased 50 percent (1,115 mt) with value up 19 percent ($2.17 million).

Beef export value averaged $271 per head of fed slaughter, up $20.26 from last year, reflecting the decrease in slaughter numbers and high U.S. prices. January exports equaled 9 percent of total beef muscle cut production and just under 12 percent when including variety meats (down from 10 percent and 13 percent, respectively, in January 2014.)

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U.S. Beef Trade: 2014 Value of Exports & Imports Up:
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On a dollar value basis, the U.S. beef industry is a net exporter; that is exports exceed imports. Although 2014 was no exception, the net value between cattle and beef exports and imports slipped on an annual basis. In 2012 and 2013 the net export value was around $2 billion dollars, but in 2014 it shrunk to about $1 billion. The value of exports set a new high, but imported beef and cattle also jumped up.

The U.S. exports live cattle, beef and veal, hides and skins, variety meats, and tallow and grease. The total dollar value of all U.S. cattle and beef 2014 exports reached $9.2 billion, a 10% increase year-over-year. Within the export categories, beef and veal made up 68% of total export value and was also the category that experienced the largest year-over-year gain in value, up 16%. Variety meats came in second, with a 15% increase in value, and accounted for 9% of total export value.

On the import side, the same categories are traded. The total dollar value of all U.S. cattle and beef imports in 2014 grew by 47% year-over-year to sit at $8.2 billion. The largest growth was seen in beef and veal at 52%, and live cattle at up 40%. These categories account for 65% and 30% of total import value, respectively.

The large increase in cattle and beef imports shrunk the annual U.S. net export value to $990 million, the smallest net since 2009. 
 

Livestock Marketing Information Center

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2015 -- Beef Cows: State Rankings & Change
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"Click Here" to view a breakdown by state:
  • Change from 2014
  • State ranking by the number of head
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Photo of the Week:
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  • Reg. Angus, Red Angus, & SimAngus Bulls... E. Central KS*
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    Daylight Savings Time MIght Be Beneficial to the Cattle Industry:
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    According to the Washington Post, “The grill and charcoal industries, which successfully campaigned to extend DST from six to seven months in 1986, say they gain $200 million in sales with an extra month of daylight saving.”

    It would be a safe assumption that some of this extra grilling includes grilling steak.

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    Seven Days of Sideways:
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    CME cattle futures have been caught in a trading range for the last seven trading days, between cash prices that won’t budge and an overbought technical condition. The outcome of this week’s cash trade is still unknown and there’s not much new news to inform. The real story is the market action itself, with limited follow-through on breaks, even as many traders expect the beginning of the next big sell-off.

    A positive sign lurking quietly in the background has been open interest taking its time but finally building as the market has found its legs the past couple of weeks and OI is now about 16k off its lows made earlier this quarter.

    Select Cuts Stout

    The story in the beef cutout this week has been the strength in select cuts relative to the choice with the select round, loin and brisket primals all premium to their choice counterparts. With just over 75% of the fed cattle grading choice+prime (a record) and the non-fed kill down 14% YOY in USDA’s most recent data, the marketplace continues to seek lean domestic product from limited production.

    It is true the choice-select spread is typically narrow this time of year and usually, in another week or so, begins to seasonally widen.

    Weights Come Down; Bids Scarce

    Fed steer and heifer weights dropped seasonally, as reported by the USDA yesterday, though are still 11 pounds above a year ago, softening the beef shortage only modestly.

    But packing plants run on a per head, not per pound basis and beef packing companies are balking at paying up for cash cattle this week, so far refusing to break ranks and begin any kind of competitive bidding. At least right now it looks like it may be another Friday evening of fed cattle trade text messages.

    Any Accomplishments?

    Apr LC has made a new high for the move this week and trading around unchanged on the week. The 10-day MVA has crossed above the 50-day MVA, which hasn’t happened since early January. Apr FC has put in a similar positive performance while deferred fats have been lackluster at best.

    It seems like a long time until today’s close and perhaps the sell-off expected by many will start to gain some momentum, which in turn will aid the packer in his quest to buy cattle at no better than steady. The only thing for certain is that cattle futures no longer give ground in March as easily as they did the last three months.

    The Beef

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    Margin between the Choice Boxed Beef Cutout & Feeder Steers:
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    5 Year Average: $44.16 -- This Week: $30.63
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    Out of Kilter:
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    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.

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    5 Year Moving Average:
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    Crude/Cattle Correlation:
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    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.

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    5 Year Moving Average:
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    PPC: Pork, Poultry, & Currency
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    January beef prices in retail stores reached $6 -- a first and all time high. Whether the implication is good and that consumers are prepared to pay up for beef or bad and it presages a future move to more plentiful and cheaper chicken and pork? Time will tell, but one thing is certain, the short supplies of beef will not see an end in the next few months. Prices may decline but not because of an oversupply in spite of the claim by some that cattle are backing up in the nation’s feedyards.

    The challenges facing the beef market are three -- Pork, Poultry, and Currency. Each in their own way poses a threat to both beef’s dominance and the center of the plate and to the market share of beef in the total meat marketplace.

    Pork is at the top of the list as the other red meat. Pork production most recently was running 36% over prior year. The pig virus PEDv that threatened production and tonnage is barely mentioned today. Pork has come out of the woodwork and prices have plummeted. Grocers have taken this opportunity to devote their attention to special pork features for one simple reason -- the margins are there.  It is common to see pork specials on sale across the country and many of those sales come at beef’s expense.

    Poultry production is running 5% above last year and turkey increases even larger. Chicken is the most responsive meat to time sensitive demand cycles. Broiler chickens have been bred specifically for fast growth and weight gain to supply the food market. These chickens will reach a target of five pounds in an average of 45 days.

    This past week the dollar reached another record high as traders jumped on the dollar following the unemployment drop. Interest rates quickly moved higher as speculation about the Fed raising rates as early as June circulated. The continual rise of the dollar threatens beef exports and encourages beef imports. The latest January reporting period found beef and pork exports down 20% from prior year.

    In a sad commentary on the U.S. beef industry, a high Chinese official last week commented on the fact that much more U.S. beef would be used in China if the animals were source verified meaning each animal had an identification tag. The United States remains one of the technologically deprived countries among beef producing countries in its reluctance to mandate a national ID program. The investment would be returned many times over in exports with additional benefits from benchmarking, cattle on feed information, and heath traceback.

    Overcoming these three obstacles will be difficult but not impossible. The industry will need to cope with the volatile markets that will be common during the price retreat from recent highs. The good news is that lower beef prices will start to be felt in the supermarkets this spring. The trend line from January forward should be down for retail prices.  Beef producers will want to reclaim their prominent role as the meat leader and preferred meat of choice. 

    Ag Center Cattle Report

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    Slaughter Cows & Bulls:
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    Slaughter cows and bulls sold steady to 2.00 higher.

    USDA's Cutter cow carcass cut-out value Friday at noon was 231.58 -- Up 1.81 from last Friday.

                   %Lean    Weight       Colorado           Oklahoma        Alabama 
    Breakers 75-80%   1100-1600   116.00-119.00   115.00-122.00  116.00-120.00
    Boners    80-85%   1000-1450   115.00-118.00   116.00-124.00  116.00-121.00
    Lean       85-90%   1000-1300   109.50-112.00   111.00-118.00  109.00-114.00
    Bulls       88-92%   1300-2500   133.00-139.00   142.00-150.00  139.00-145.00

                          Confirmed  Week Ago    Year Ago   Week to Date    Week Ago    Year Ago
    NATIONAL          7,061     6,307               6,126         34,120            33,514         32,125
    S CENTRAL       1,990     2,290                1,530           9,838             9,212           7,309
    N CENTRAL          519       644                   435           2,755             3,676           2,321
    EAST                 2,036     1,313                1,495          9,164              8,136          7,956
    WEST                1,246       899                 1,215          6,943              7,222          6,902
    MIDWEST          1,270     1,161                1,451           5,420             5,268           7,637


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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 March 10, were mixed compared to last Tuesday. 
    • Soybean Meal was 0.80 to 60.20 lower, mostly 4.40 to 15.00 lower.  Cottonseed Meal was mixed 5.00 lower to 5.00 higher.   Canola Meal was mixed from 12.80 lower to 2.90 higher.  Linseed Meal was steady to 5.00 lower.  Sunflower Meal was steady to 5.00 lower. 
    • Whole Cottonseed was steady to 35.00 lower.
    • Crude Soybean Oil was 159 to 224 lower.  Crude Corn Oil was steady. 
    • Ruminant Meat and Bone Meal was mixed 15.00 lower to 10.00 higher, mostly steady.  Ruminant Blood Meal was steady to 50.00 higher.  Feather Meal was steady to 55.00 higher, mostly 20.00 to 35.00 higher. Menhaden Fishmeal was steady. 
    • Corn Hominy was steady to 5.00 lower.  Gluten Feed was mixed from 25.00 lower to 5.00 higher. Corn Gluten Meal was mixed from 30.00 lower to 5.00 higher. 
    • Distillers Dried Grains were 5.00 lower to 20.00 higher, mostly steady. 
    • Wheat middlings were steady to 10.00 higher.  Wheat millrun offers were mixed 38.00 lower to 10.00 higher.

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    Check Cattle with Drones:
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    Drones could temperature check your cattle. Personnel with UAV producer PrecisionHawk claim they can take the temperature of cattle in pastures. 

    Thermal sensors on a drone may see one animal with a green tint, while another would look purple. A rancher would then have an idea if an animal is running a fever or in heat. 

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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, March 14, 2015 was estimated at 910.3 million lbs. according to the U.S.Department of Agriculture's Marketing Service. This was 1.1 percent lower than a week ago and 2.0 percent higher than a year ago.  Cumulative meat production for the year to date was 0.4 percent lower compared to the previous year.
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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
    Last Updated: March 10th
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    Bullish/Bearish Consensus - Corn
    Last Updated: March 10th
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    Economic News:
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    Stocks endure third weekly loss but remain near all-time highs:  Stocks ended lower after a volatile week of trading. The large-cap benchmarks endured a third consecutive week of losses, although they remained within a few percentage points of the all-time highs they established at the start of the previous week. The smaller-cap indexes fared better and even posted modest gains for the week. Small-cap stocks typically have less exposure to currency fluctuations, which many observers suggested as a large factor in the week's selling.

    Investors worry about U.S. dollar strength: With the fourth-quarter earnings season largely completed, it seemed clear that broader economic concerns were playing an important role in driving the market's significant fluctuations during the week. The ongoing strength in the U.S. dollar appeared to weigh on sentiment as the greenback reached its highest level against a basket of other currencies in over a decade. The euro was a source of particular concern, as the beginning of a new bond buying stimulus program by the European Central Bank drove the currency still lower. U.S. corporations are experiencing a decline in the value of profits earned in Europe, while also seeing the costs of goods produced in the U.S. rise. Bad news for U.S. corporations is good news for their European competitors, however, and most major European exchanges closed higher for the week.

    Weak retail sales may prove temporary: Investors also seemed to be paying close attention to economic data that might cause Federal Reserve policymakers to signal an upcoming change in monetary policy following their meeting next week, even if the central bank is unlikely to announce any immediate increase in short-term interest rates. The week's economic figures provided mixed signals in this regard, although none was as significant as the healthy monthly payrolls gain that drove the sell-off on March 6. On Thursday, stocks rallied after the government reported a surprising decline in retail sales in February, which some interpreted as a signal that might stay the Fed's hand. The retail sales pullback was sharply at odds with recent solid gains in labor income and that the harsh winter weather may have played a role, as it did last year. 

    Consumers less confident despite wage and job gains:  Investors appeared to concentrate on the downside of weak economic data on Friday. Stocks opened mixed but then declined after the University of Michigan and Reuters reported that their gauge of consumer sentiment had declined to its lowest level since November. Confidence levels remained generally elevated, however, and some speculated that the poor weather, renewed market volatility, and a recent rise in gas prices might have temporarily weighed on consumer attitudes.

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    • Sales at U.S. retailers slumped in February for the third month in a row, a sign that Americans more likely pocketed the money they saved from a plunge in gasoline prices that took place from July through January. Most stores fared poorly in February, though particularly bad weather almost certainly contributed. Retail sales fell by a seasonally adjusted 0.6% last month after a 0.8% drop in January and a 0.9% decline in December. Sales fell even though gasoline stations posted their first increase since last May. 
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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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    • Through March 17, two low-pressure systems are forecast to impact the contiguous 48 states during the next 5 days. One is forecast to move across the northern tier while another is forecast to bring significant rains (more than 3.0 inches) to the Gulf Coast and Lower Mississippi Valley. These two systems are forecast to phase over the northeast, with precipitation spreading from west to east across that region. Some flow into the front range of the Rockies, with upper-level support is likely to bring some spring snows to southwest Colorado.
    • For the ensuing 5 days (Mar 17 -21), below median precipitation is favored along the west coast, and from the Great Lakes to the Southeast, while an upper-level trough supports above median precipitation over the Southwest, most of the Rockies, and portions of the southern and central Great Plains. Western and Southern Alaska are expected to experience an active weather pattern with above median precipitation.
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    U.S.-Canadian Beef Herds Move in Opposite Directions:
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    On March 5, 2015, Statistics Canada released its Livestock Estimates, January 1, 2015, report which detailed cattle, hog and sheep inventories in Canada. That same day USDA-NASS released the United States and Canadian Cattle and Sheep and the United States and Canadian Hogs reports.

    The Jan. 1 U.S. cattle inventory numbers were also previously released by NASS on Jan. 30 in the Cattle report. Those numbers have been discussed in previous In The Cattle Market columns. In summary, all cattle and calves in the U.S. on Jan. 1 were up 1.4% from 2014. Beef cows were up 2%, heifers kept for beef cow replacement were up 4%, calves and feeder cattle outside of feedlots were up 0.5%, cattle on feed were up 0.6%, and the 2014 calf crop was up 0.5%.

    There were 11.915 million cattle and calves in Canada on Jan. 1, 2015, down 2.5% from 2014. That is the lowest level since 1993. The total cattle herd in Canada peaked at 14.925 million head in 2005.  Beef cows at 3.824 million head were down 2%, continuing a downward trend that started in 2006. Canada’s beef cow herd is less than the 4.18 million head that were in Texas on Jan. 1. On a provincial basis, Alberta has the most beef cows at 1.546 million, followed by Saskatchewan at 1.136 million, Manitoba at 445.2 thousand, British Columbia at 188.7 thousand and all other provinces at 508.8 thousand head. Beef heifers held for breeding in Canada were down 1.5% from 539,100 head in 2014 to 531,100 in 2015.

    On a comparative basis, total cattle numbers in the U.S. were up 1.4% compared to a 2.5% decrease in Canada. Beef cows increased 2% in the U.S. and declined 2% in Canada, beef replacement heifers increased 4% in the U.S. and declined 1.5% in Canada, cattle on feed in the U.S. increased 0.6% but decreased 8.7% in Alberta and Saskatchewan, and the 2014 U.S. calf crop increased 0.5% compared to a 1.8% increase in Canada.

    U.S. cattle slaughter declined 7.1% in 2014 while Canadian cattle slaughter increased 3.3%. Cattle prices were record high in both countries in 2014. But the increasing value of the U.S. dollar was one reason why 2014 beef imports from Canada increased 11.9 percent and U.S. beef exports to Canada declined 22%. Cattle imports from Canada in 2014 also increased about 19% and cattle exports to Canada also increased 4.4%.

    Cattle prices are higher in the U.S. than in Canada. On a U.S. dollar basis for the week ending February 27, 500-600 lb. feeder steer prices at auctions in Manitoba averaged $247.42/cwt. compared to North Dakota auctions across the border at $275.63. Steers weighing 700-800 lbs. in Manitoba averaged $200.29/cwt. compared to $216.12 in North Dakota. Alberta Direct, mostly Select, slaughter steer prices averaged $153.22 compared to the U.S. 5-area direct slaughter steer average price of $158.44.

    Tim Petry, North Dakota State University 

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    Feedyard Closeouts: Profit/(Loss)
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    • Typical closeout for steers sold this week & hedged when placed on feed: ($41.50)
    • Typical closeout for un-hedged steers sold this week: ($192.34)
    • Projected closeout based on the futures & estimated Cost of Gain for steers placed on feed this week: ($121.74)
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    Slaughter Cattle:
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    Friday trading in Kansas was limited on light demand. Compared to the bulk of last week, live sales have sold steady at 161.00. Friday in the Texas Panhandle, Northern Plains and the Western Cornbelt trading has been inactive on very light demand in the Southern. Not enough sales for a market trend in these feeding regions. Last week in Nebraska live sales sold from 162.00-162.50 and the bulk of dressed sales sold at 258.00. In the Western Cornbelt live sales sold from 160.00-162.00 and dressed sales sold from 256.00-258.00. In the Texas Panhandle live sales sold from 159.00-160.00. In Colorado live sales sold from 161.00-162.50. Both regions had a light test of sales.
     
    Livestock Slaughter under Federal Inspection:
                                                 CATTLE   CALVES   HOGS     SHEEP
    Friday 03/13/2015        (est)      96,000     2,000      421,000       7,000
    Week ago (est)                       102,000     2,000      410,000       7,000
    Year ago (act)                        109,000     3,000       362,000       6,000
    Week to date (est)                  521,000    10,000   2,147,000     38,000
    Same Period Last Week (est)  534,000    10,000   2,118,000     39,000
    Same Period Last Year (act)    565,000    13,000   2,004,000     40,000

    Saturday 03/14/2015      (est)      3,000         0           80,000       1,000
    Week ago (est)                          3,000         0          104,000       1,000
    Year ago (act)                            9,000         0           19,000         0
    Week to date (est)                  524,000    10,000    2,227,000     39,000
    Same Period Last Week (est)  537,000    10,000    2,222,000     40,000
    Same Period Last Year* (act)  574,000    12,000     2,024,000     40,000
    2015 Year to Date                5,572,000    95,000   23,165,000   379,000
    2014 *Year to Date              5,966,000   139,000   22,483,000   402,000
    Percent change                  -6.6%        -31.5%       3.0%         -5.8%

    Negotiated prices paid for Slaughter Steers and Heifers:

    Live basis             Steers                               Heifers
    Over 80% Choice    161.00-163.50 avg 161.64   160.50-162.00 avg 160.84
    65 - 80% Choice     160.00-161.00 avg 160.70   162.00-162.00 avg 162.00
    35 - 65% Choice     160.00-161.00 avg 160.85   160.00-161.00 avg 160.57
    0 - 35% Choice             -                                       -
    Total all grades    160.00-163.50 avg 161.02   160.00-162.00 avg 161.04

    Dressed basis
    Over 80% Choice    259.50-259.50 avg 259.50   259.00-259.00 avg 259.00
    65 - 80% Choice     256.00-256.00 avg 256.00   256.00-257.00 avg 256.27
    35 - 65% Choice           -                                       -
    0 - 35% Choice             -                                       -
    Total all grades    256.00-259.50 avg 256.38   256.00-259.00 avg 256.94

     

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    National Grain Summary:
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    Compared to last week, grain and soybean bids were mixed.  Corn saw some pressure from the higher U.S. dollar.  However, good demand is also boosting prices.  Wheat saw support from the USDA report and weather concerns in some areas of the winter wheat areas as the crop is coming out of dormancy.  The higher outside markets also lend support to the grains.  Field work is finally emerging in some areas of the corn-belt as temperatures have warmed up in the last week.  Harvest in South America continues due to favorable weather.  Brazils harvest was at 41 percent complete with record yields reported.  The USDA released the monthly supply and demand report listing corn 1.78 billion bushels, which was less than was expected.  Global ending stocks were lower than expected at 185.28 mmt.  Soybean estimates were unchanged in March, at 385 million bushels.  World ending stocks increased more than expected at 89.53 mmt.  Wheat ending stocks came in at 691 million bushels with world ending stocks at 197.71 mmt.  Weekly export sales for corn totaled 20.3 mb (514,400 mt), with 16.5 mb (418,000 mt) for the 2014-2015 marketing year.  Export sales for soybeans were listed at 7.3 mb (198,700 mt) with 6.2 mb (167,900 mt) for the 2014-2015 marketing year. Wheat exports came in at 18.1 mb (493,200 mt), with 16.4 mb (445,200 mt) for the 2014-2015 marketing year.  Wheat was mostly 4-35 cents higher.  Corn was 2 cents lower to 9 cents higher.  Sorghum was 3-4 cents lower.  Soybeans were 5-10 cents higher.
    Corn Futures Summary: Financial market action depressed commodities again Friday. Fresh concerns about the stability of European Monetary Union sent the dollar higher again this morning, while big energy losses triggered sizeable stock market losses. Those developments also seem to hold negative economic portents, which probably exaggerated selling across the commodity sector. Corn certainly wasn’t immune. May corn futures fell 8.0 cents to $3.805/bushel in late Friday trading, while December lost 7.0 to $4.0475.
    Soybean Futures Summary: Talk of surging South American supplies added to Friday’s soy losses. In contrast to overnight grain strength, talk of Brazilian harvest progress weighed on soybeans and meal overnight. Thus, it wasn’t terribly surprising to see them lead the crop markets lower as the financial markets triggered commodity selling. Oil proved surprisingly firm Thursday night, but couldn’t avoid the bearish spillover. May soybean futures dove 16.5 cents to $9.74/bushel at Friday’s CBOT settlement, while May soyoil dropped 0.38 cents to 30.49 cents/pound, and May meal sank $4.6 to $327.0/ton.
    Wheat Futures Summary: The wheat markets couldn’t sustain weather driven gains. Talk of potential weather problems for the U.S. winter wheat crops boosted those markets Thursday night. However, bulls couldn’t sustain those gains in the face of the broad stock and commodity decline experienced Friday. May CBOT wheat ended Friday having slumped 5.25 cents to $5.02/bushel, while May KC wheat dipped 7.25 cents to $5.3925/bushel, and May MWE wheat slipped 2.0 to $5.675.
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    Five Year Moving Average - Corn & Wheat
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    Your Suggestions:
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