Daily Market Summary for Friday, February 24th:

TCR's Weekly Current & Projected Feedyard Closeout

Slaughter Cattle: Friday in Kansas and Colorado trading has been limited on light demand. In both regions a few live purchases traded at 125.00. In the Texas Panhandle, Nebraska and the Western Cornbelt trading has been inactive on very light demand. Not enough purchases for a full market trend in any region. Wednesday was the last fully reported market in all major feeding regions. In the Southern Plains and Colorado live purchases traded from 124.00-125.00. In Nebraska live purchases traded from 124.00-125.00 and dressed purchases at 196.00. In the Western Cornbelt live purchases traded from 123.00-125.00 and dressed at 196.00.

Negotiated Sales: Confirmed: 4,756        Week Ago: 101,694         Year Ago: 11,932

Negotiated Prices - Slaughter Steers & Heifers:
Live Basis              Steers                                         Heifers
Dressed Basis
Not enough purchases for a full market trend.

Formula Purchases: Net - Dressed
Head count priced today: 13,700
Weighted avg weight:            878
Weighted avg net price:   189.29

Alberta Beef Producers Daily Report:  Alberta direct cattle sales this week saw packers lower bids from Wednesday to Thursday. Early week dressed sales were reported up to 272.00 delivered which did buy a couple lots of cattle. By Thursday bids were being reported at 268.00 delivered. Buyers were indicating cattle that they bought this would be lifted in two weeks. Even though basis levels did weaken this week, stronger prices week over week did encourage producers to market cattle.

Livestock Slaughter under Federal Inspection:
                                 Cattle       Calves    Hogs        Sheep
Friday  (est)             106,000     2,000       399,000        7,000
Week ago (est)       107,000     2,000        436,000       7,000
Year ago (act)         102,000     2,000        433,000       7,000
Week to date (est) 551,000    10,000   2,161,000      37,000
Last Week (est)      543,000    10,000   2,146,000     36,000
Last Year (act)        531,000      8,000   2,108,000      39,000

Saturday  (est)          24,000         0            119,000         0
Week ago (est)         29,000         0           217,000        1,000
Year ago (act)           10,000         0           101,000         0
Week to date (est) 575,000   10,000     2,280,000     37,000
Last Week (est)      572,000   10,000    2,363,000      37,000
Last Year* (act)      541,000      8,000    2,209,000      39,000
2017 YTD            4,626,000    82,000  18,502,000   292,000
2016 *YTD           4,467,000   75,000  18,624,000   296,000
Percent change        3.6%          9.2%      -0.7%          -1.2%

Boxed Beef:  Boxed beef cutout values sharply higher on moderate to fairly good demand and moderate offerings. Select and Choice round cuts steady to firm while rib, chuck, and loin cuts firm to higher. Beef trimmings unevenly steady on light demand and offerings.  

Cutout Values...             Choice        Select
Current Cutout Values:     198.96         195.48
Change from prior day:      +2.77           +2.65
Choice/Select spread:         3.48

Cattle Futures Summary: Unavailable

February Live Cattle Futures: 123.75...+0.68

April Live Cattle Futures: 114.95...-1.57

June Live Cattle Futures: 104.85...-1.92

March Feeder Cattle Futures: 121.70...-3.45

April Feeder Cattle Futures: 121.55...-3.95

May Feeder Cattle Futures: 121.07...-3.58

CME Feeder Cattle Index: 127.20...-0.21

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Hog Futures Summary:  Unavailable

April Lean Hog Futures: 68.02...+1.45

National Grain Market Summary: Compared to last week, grains and soybean bids were mostly lower with wheat being mixed.  The clock is ticking on South America’s approaching harvest, however, the May corn futures contract continues in a gradual uptrend.   May soybeans short-term trend has turned lower as they are under bearish pressure.  The uptrend remains for May Chicago wheat.  The annual two-day Ag Outlook Forum kicked off early Thursday with a 2017 corn planting estimate of 90.0 million acres and an average price estimate of $3.50 a bushel.  Prices showed no reaction when the numbers were released as it was no surprise that the planting estimate may be a little low.  Soybeans had a planting estimate of 88.0 ma with an average cash soybean price estimate of $9.60 a bushel. This price was neutral with a bearish planting estimate.  Wheat’s planting estimate made a record low at 46.0 ma with wheat price estimates averaging $4.30 a bushel.  The price estimate appears optimistic this early in the season and will depend on a fifth consecutive year of good weather around the globe.  The International Grain Council updated its world production figures Thursday putting it at a record level.  World grain production is forecasted at 2.1 billion metric tons which is 5% more than a year ago. Corn production was mostly unchanged at 1.05 billion metric tons as was wheat at 752 million metric tons.  Soybeans were predicted at 336 million metric tons which would be a 2 million ton increase.  Weekly export sales for wheat was listed at 26.0 mb (707,800 mt) with 16.6 mb (451,300 mt) for the 2016-2017 marketing year. Export sales for corn came in at 39.7 mb (1,007,600 mt) with 29.3 mb (743,100) for the 2016-2017 marketing year.  Soybeans were at 16.2 mb (442,200 mt) with 15.2 mb (413,500) for the 2016-2017 marketing year. Weekly export sales for sorghum were at 3.4 mb (86,000 mt) for the 2016-2017 marketing year.  Wheat was 9 cents lower to 17 cents higher.  Corn was mostly 8 to 15 cents lower.  Sorghum was 4 cents higher to 15 cents lower.  Soybeans were 32 cents lower.

Kansas City Corn: 3.45...-0.02

Kansas City Soybeans: 9.66...+0.02

Kansas City Wheat: 4.09...-0.04

Corn Futures Summary: Unavailable

March Corn Futures: 3.6400...-0.0150

Soybean Futures Summary: Unavailable

March Soybean Futures: 10.1350...+0.0200

Wheat Futures Summary: Unavailable

March Wheat Futures: 4.3125...-0.0675

Nearby Crude Oil Futures Contract: 53.99...-0.46

Dow Jones Industrial Average: 20,821.76...+11.44

NASDAQ: 5,845.31...+9.80

U.S. Dollar Index: 101.15...+0.15

National Feeder & Stocker Cattle Summary
RECEIPTS:    Auctions     Direct    Video/Internet     Total
This Week     235,200     57,700         1,400          294,300 
Last Week     257,000     35,200        26,000        318,200 
Last Year       232,300     51,500             700         284,500  

Compared to last week, steers and heifers traded mostly steady to 4.00 higher with instances 6.00 to 10.00 higher in areas where the calves are headed south for grazing.  Active trading this week in the major marketing areas as the feeder cattle market continues to rally and following the fed cattle trading arena.  Demand remains good for calves and stocker cattle weighing 500-700 lbs with the best demand for those that are long time weaned and good weighing conditions.  There have been some big feeders coming off wheat earlier than the typical March 15 date due to the dryness in Oklahoma (especially western Oklahoma) and the unappetizing toughness of the wheat plant itself.  Cattle have been gaining well on wheat and now with the focus turning to grain production, some good rains have come at opportune times and have covered most of the major wheat areas in Oklahoma.  

Auctions in Nebraska on Friday this week came to a screeching halt as a result of a blizzard sweeping across the Northern Plains.  Reports of measuring snowfall in feet from eastern Wyoming and throughout the northern third of Nebraska is commonplace and after three consecutive days of temperatures in the 70's in the middle of Nebraska.  Pen conditions in northern tiered feedlots will be fodder for speculation in the coming week as that moisture creates tag on the hide.  Packers did spend more money this week on procurement as live sales sold 4.00 to 5.00 higher at 124.00-125.00 and dressed sales were 6.00 higher at 196.00 in Nebraska.  There are still plenty of ranchers willing to pay up for top quality replacement heifers and as a pretty shrewd rancher would say "It takes the same amount of money to feed a good one as a mediocre one".  Last Friday in Ft. Pierre, SD a load of 695 lb top notch heifers sold at 171.00 while two loads weighing 707 lb heifers rung the bell at 167.00 and last but certainly not least, a load of 769 lb heifers sold at 169.00/cwt or near $1300 per head.  

Cattle on Feed Report was released Friday afternoon with February 1st at 101 percent; Placements at 111 percent and Marketings at 110 percent all coming in close to industry analyst estimates.  On Thursday, the Cold Storage Report was released with the largest January cold storage inventory on record for total beef supplies. Total red meat and poultry supplies reported at 2.222 billion lbs or 5 percent lower than last year, with pork attributing the most decline.  Beef stocks in cold storage was estimated at 537.5 million lbs, 1 percent higher than last year.  Pork stocks came in at 526.7 million lbs 11 percent lower than a year ago while chicken inventories for January came in at 774.9 million lbs, 6 percent less than last year.  Cold storage is generally not a market mover but can give analysts another segment to refer to. Auction volume this week included 61 percent weighing over 600 lbs and 42 percent heifers.

Thursday Auction Reports...
"Click" on individual auction links for complete report
*Denotes Auction not reported by the USDA & linked to Auction's website

Apache Livestock Auction - Apache OK...
Receipts:  2038    Last Week:  845    Year Ago:  2122
Compared to last week:  Feeder steers and heifers steady to 1.00 higher on a limited comparison.  Steer and heifer calves, not enough cattle for a market test, with a higher undertone noted. Supply included 78 percent over 600 lbs and 37 percent heifers.

Cattleman's Livestock Auction - Dalhart, TX...
Cattle and Calves:  2175     Week ago:  1358      Year Ago:  1390
Compared to last week:  Feeder steer and heifer calves under 600 lbs firm; feeder steers and heifers over 600 lbs 2.00-4.00 higher.  Supply included several load lots of 700-850 lb feeder steers and heifers off winter wheat pastures.

Woodward Wtd Avg Cattle - Woodward OK...
Receipts:  7705    Last Week:  3975    Year Ago:  7800
Compared to last week: Feeder steers steady to 2.00 higher, except 650 lbs. 2.00 lower. Feeder heifers steady to 2.00 higher except 750 lbs. 2.00 lower.

Tulia Livestock Auction - Tulia TX...
Receipts:  3225    Last Week:  594    Year Ago:  1515
Compared to last week:  Feeder steers and heifers sold 1.00 to 5.00 higher.  Trade was active on very good demand.  Offering consisted of mostly yearling steers and heifers weighing 700-900 lbs.

Pratt Livestock Auction - Pratt KS...
Receipts:  4570    Last Week:  3286    Year Ago:  5277
Compared to last week: feeder steers 600-750 lbs 2.00-3.00 lower; 750-900 lbs steady to 3.00 higher. Feeder heifers 600-700 lbs steady to 2.00 lower; 700-800 lbs 1.00-3.00 higher; 800-900 lbs 1.00-3.00 lower.

Farmers & Ranchers Livestock - Salina KS...
Receipts:  3817    Last Week:  4440    Year Ago:  3613
Compared to last week: steers 650-1000 lbs 1.00-4.00 higher; 650 lbs and under higher undertone noted. Heifers 750-900 lbs steady to 2.00 higher; 600-750 lbs 5.00-7.00 lower; 600 lbs and under lower undertone noted. Trade active and demand good.

Cullman Stockyard - Cullman AL...
Receipts:  926    Last Week:  884    Year Ago:  378
Compared to last week: Slaughter cows sold steady, bulls sold 1.00 to 3.00 higher. Feeder bulls and steers sold 2.00 to 3.00 higher. Feeder heifers sold steady.

Columbia Livestock Auction - Columbia TN...
Receipts: 343        Last week: 236         Last year: 388
Compared to last week, Feeder Steers 2.00-6.00 higher; Feeder Bulls Steady to 5.00 higher; Feeder Heifers under 500 lbs. 3.00-8.00 lower, Over 500 lbs. mostly steady to 3.00 higher; Slaughter Cows mostly Steady; Slaughter Bulls mostly steady.

Siloam Spring Livestock Auction -Siloam Spring AR...
Receipts:  1869          Last week:  1117              Last year:  1041
Compared to last week: Feeders under 600lbs 4.00-12.00 higher instances 15.00 higher over 600lbs steady to 5.00 higher. Slaughter cows steady to weak. Slaughter bulls steady.

Decatur Stockyard - Decatur AL...
Receipts:  226    Last Week:  373    Year Ago:  284
Compared to a week ago: Slaughter cows sold 1.00 higher, bulls sold 3.00 higher. All feeder classes sold 2.00 to 3.00 higher. Demand on feeders good. Replacement cows and pairs sold mostly steady.

San Angelo Cattle And Calf Auction - San Angelo TX...
Receipts:  1109    Last Week:  766    Year Ago:  604
Compared to last week feeder steers and heifers 2.00-4.00 higher. Slaughter cows and slaughter bulls 1.00-3.00 higher.  Stock cows and pairs not well tested.

Ava Livestock Auction - Ava MO...
Receipts:  1215    Week Ago:  1206    Year Ago:  1017
Compared to last week, steers and heifers sold steady to 3.00 higher. Slaughter cows 1.00 to 4.00 higher. Supply and demand moderate. Cows and bulls accounted for 20 percent of the total offering.

Smithfield Livestock Auction - Smithfield NC...
Receipts:  676          Last Week:  342        Last Year: 210
Compared to last week, slaughter cattle mostly steady.  Feeder bulls and steers steady with heifers 2.00 to 3.00 higher.  Good demand with active buyer activity.  Moderate offerings with quality of cattle average.

Ozark Livestock Auction - Ozark AR...
Receipts:  769          Last week: 415            Last year: 560
Compared to last week:  Feeder steers sold 2.00-14.00 higher. Feeder heifers sold 1.00-9.00 higher. Slaughter cows sold 1.00-4.00 higher. Slaughter bulls sold 1.00 higher.

Greensboro Livestock Auction - Greensboro GA...
Receipts:  319   Last Week:  232   Year Ago:  202
Compared to one week earlier slaughter cows steady to 3.00 lower, bulls steady to 2.00 higher, all feeder classes steady to 2.00 higher.

Senatobia Livestock Auction - Senatobia MS...
Receipts     This week    454       Last Week    289
Compared to last week slaughter cows trended Steady to 1.00 lower. Slaughter bulls trended Steady to 1.00 lower. Feeder steers trended Steady. Feeder heifers trended Steady to 3.00 lower. Feeder consisted of 65 percent steers and 35 percent heifers.

Toppenish, WA Livestock Auction - Toppenish WA...
Receipts:  1540    Last Week:  2100    Year Ago:  1550
Compared to last Thursday at the same market, stocker and feeder cattle steady in a light test. Trade active with good demand. Slaughter cows 1.00-2.00 lower. Slaughter bulls steady to firm.

New Cambria Livestock Auction -New Cambria MO...
Receipts:  1372    Week Ago: 2235    Year Ago:  1396
Compared to last week, feeder steers weighing 400-750 lbs sold steady to frim with spots 1.00-2.00 higher on the 550-600 lb steers, feeder heifers weighing 500-700 lbs sold steady to firm with 550-650 lbs trading up to 2.00 higher.

Updated daily Monday thru Friday around 4:00 PM CST

Additional reports at "Market Reports" & "Auction Results"

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