Daily Market Summary for Friday, January 20th:

TCR's Weekly Current & Projected Feedyard Closeout

Slaughter Cattle:  Friday negotiated cash trade was mostly inactive on light demand in all feeding regions. The latest established market was on Thursday with live sales in the Texas Panhandle from 122.00-123.00. In Kansas and Colorado live sales sold at 122.00. In Nebraska, live sales sold from 121.00-122.50, bulk at 122.00 with dressed sales at 195.00. In the Western Cornbelt on Thursday, live sales sold 120.00-122.00 with dressed at 195.00.

Negotiated Sales: Confirmed: 2,336        Week Ago: 3,594       Year Ago: 858

Negotiated Prices - Slaughter Steers & Heifers:
Live Basis                  Steers                                         Heifers
Dressed Basis
Trade inactive on light demand in all feeding regions

Formula Purchases: Net - Dressed
Head count priced today: 11,200
Weighted avg weight:            879
Weighted avg net price:   188.21

Alberta Beef Producers Daily Report:  Alberta direct cattle sales so far this week have seen light trade develop with dressed sales marked at 268.00 delivered, initial sales are steady to 2.00 lower than the previous week. Live sales have been reported in the low 160's and are fully steady with last week's weighted average price. Buyers were indicating cattle that they bought this week would be lifted in 1-3 weeks.

Livestock Slaughter under Federal Inspection:
                               Cattle         Calves    Hogs         Sheep
Friday  (est)             112,000     2,000       417,000       7,000
Week ago (est)       114,000     2,000       422,000       7,000
Year ago (act)          108,000     2,000       420,000       6,000
Week to date (est)  521,000   10,000    2,042,000    38,000
Last Week (est)       578,000   10,000    2,150,000    39,000
Last Year (act)         552,000   10,000    2,105,000    35,000

Saturday (est)            48,000         0           282,000         0
Week ago (est)         31,000         0           245,000         0
Year ago (act)           24,000          0          200,000          0
Week to date (est)  569,000   10,000   2,324,000      38,000
Last Week (est)      609,000    10,000   2,395,000      39,000
Last Year* (act)       575,000    10,000   2,305,000      35,000
2017 YTD             1,721,000    30,000   6,806,000   112,000
2016 *YTD           1,748,000    31,000   7,350,000    110,000
Percent change     -1.6%          -4.2%       -7.4%          1.8%

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

Cutout Values...             Choice        Select
Current Cutout Values:     190.42        186.64
Change from prior day:       -1.18           -0.85
Choice/Select spread:         3.78

Cattle Futures Summary: Live cattle futures closed moderately lower in the nearby contracts and mixed in the deferreds today. The front contracts closed well off their lows posted earlier today. The February contract closed $1.72 1/2 higher on the week. Feeder cattle futures rallied off earlier lows and closed more than $1.00 higher in the front two contracts. Weakness in wholesale prices raises the risk a near-term cash high has been posted, as retail buying has eased as it normally does at midmonth.

February Live Cattle Futures: 120.25...-0.77

April Live Cattle Futures: 119.87...-0.90

June Live Cattle Futures: 108.70...-0.47

January Feeder Cattle Futures: 133.10...+1.15

March Feeder Cattle Futures: 131.27...+1.12

April Feeder Cattle Futures: 130.10...+0.63

CME Feeder Cattle Index: 133.28...+1.03
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Hog Futures Summary: February through August lean hog futures ended the day 12 1/2 to 82 1/2 cents lower, with far-deferreds firmer amid spreading. For the week, February hogs remained within the recent consolidation range and ended 47 1/2 cents below last week's closing level. February hogs ended the week at around a $1 discount to the cash index. If packers remain willing to offer steady to higher bids early next week, it should give nearby futures a boost.

February Lean Hog Futures: 65.30...-0.12

National Grain Market Summary: Compared to last week, grain and soybean were higher with wheat trading lower.  Soybeans were the leader of the board finding support from heavy rain and flooding in Argentina.  Additional sources of support came from a weaker U.S. dollar and stronger outside markets.  However, concerns over future global trade added some market pressure.  The NOPA crush report came out this week listing soybean crush for the month of December at 160.2 million bushels.  Wheat was mostly 2-29 cents lower.  Corn was 8-13 cents higher.  Sorghum was 14 cents higher.  Soybeans were 23-28 cents higher.

Kansas City Corn: 3.51...+0.03

Kansas City Soybeans: 10.15...-0.03

Kansas City Wheat: 3.78...+0.01

Corn Futures Summary: Corn futures posted gains of 2 1/4 to 3 1/2 cents through the December contract, which was on the daily and weekly highs. For the week, March corn futures pushed above last fall's high and ended 11 1/4 cents higher. Bulls carry momentum into next week after the breakout above the October highs. That could encourage traders to cover more short positions and potentially add long positions.

March Corn Futures: 3.6975...+0.0350

Soybean Futures Summary: Soybean futures ended the day marginally to 2 3/4 cents lower today on profit-taking but avoided doing any technical chart damage. March soybeans posted a weekly gain of 21 1/2 cents and November soybeans gained 10 3/4 cents. Late-week profit-taking signals the potential for more of the same heading into next week, but a lot will depend on traders' focus.

March Soybean Futures: 10.6750...-0.0275

Wheat Futures Summary: Winter wheat futures saw a boost from the corn market today, with SRW up 2 1/4 to 4 3/4 cents and HRW steady to 3/4 cent higher. Spring wheat ended the day mostly around 2 to 3 cents lower, with the front-month down 8 cents. For the week, March SRW ended with gains of 2 1/4 cent, March HRW posted a week loss of 5 1/4 cent and March HRS ended with a weekly loss of 14 1/2 cents.

March Wheat Futures: 4.2825...+0.0475

Nearby Crude Oil Futures Contract: 52.42...+1.05

Dow Jones Industrial Average: 19,827.18...+94.78

NASDAQ: 5,555.33...+15.25

U.S. Dollar Index: 100.87...-0.26

National Feeder & Stocker Cattle Summary
RECEIPTS:    Auctions     Direct    Video/Internet     Total
This Week     248,400     60,200        83,400          392,000 
Last Week     367,500     53,400        78,800          499,700 
Last Year       223,800     45,200        62,200          331,200  

Compared to last week, steer and heifer calves suitable for summer turnout sold steady to 5.00 higher in the Plains, while those were steady to 3.00 lower in the Southeast.  Steers and heifers over 600 lbs were steady to 3.00 higher.  Demand was reported to be good to very good in many locations nationwide this week in spite of trying weather and conditions through the center part of the country.  Cancellations of regular scheduled sales or severely curtailed receipts were common place in early week action in the Southern and Northern Plains if ice had accumulated any at all.  

Order buyers got back in the saddle mid to late week and paid up with higher prices in a vast majority of auctions.  On Wednesday in Bassett, NE a load of 810 lb steers with all the bells and whistles sold for 141.25 while a load of 630 lb replacement quality heifers rung the bell at 150.00.  Optimism was prevalent this week again as fed cattle continue to surge in the post holiday trading weeks.  This week, fed cattle rose another 3.00 to 4.00 as live trading transpired at 122.00 to 123.00 and dressed sales were 5.00 higher at 195.00.  A pattern has come to light the past couple weeks that after fed cattle trade occurs, there is a sell off on the CME Board.  Market participants are protecting their positions to take advantage of this recent run-up in the market since Thanksgiving.  Along with the handsome prices paid to producers, packers took on some inventory again as over 100K was sold in the 5 Area again this week.  Since the week before Christmas, live sales have gained 7.00 and dressed sales have increased 15.00.  

During that same time frame, Choice Boxed beef has risen from around 197.00 to over 203.00 between the Holidays to close at 190.42 today.  January to December 2016 commercial red meat production was 50.4 billion pounds, up 4 percent from 2015. Accumulated beef  production was up 6 percent from last year and pork was up 2 percent from last year.  For CY2016, average steer weight was reported at 891 lbs, down 1 lb from a year ago; while the average yearly heifer weight is reported at 822 lbs, up 4 pounds from the previous year.  This would suggest that feedlots are keeping their marketings current at the present time and if packers continue to put more dollars in the pocket of the producers, they will continue to push cattle through the pipeline.  After Monday's very short cattle harvest of 69,000 head, packers still harvested 569K for the week.  Had it not been for ice in the Plains on Sunday and Monday, there would be no doubt that harvest would've been over 600K this week.  Auction volume this week included 54 percent weighing over 600 lbs and 41 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:  1250    Last Week:  2932    Year Ago:  1675
Compared to last week: Feeder steers steady to 2.00 higher. Feeder heifers 3.00-5.00 higher. Steer calves 6.00-7.00 higher. Heifer calves 10.00-15.00 higher. Demand much improved with several inches of rain across the area. Supply included 68 percent over 600 lbs and 48 percent heifers.

Cattleman's Livestock Auction - Dalhart, TX...
Cattle and Calves:  1,714     Last Week:  2,283      Year Ago:  1,895
Compared to last week:  Feeder steers and steer calves firm, except 400-550 lb calves 2.00-4.00 higher.  Feeder heifers and heifer calves steady to weak in a light test, except 600-700 lb heifers firm to 2.00 higher.  Slaughter cows 1.00-2.00 higher.  Slaughter bulls not well tested.  Trade and demand moderate to good.

Tulia Livestock Auction - Tulia TX...
Receipts:  939    Last Week:  3350    Year Ago:  1881
Compared to last week:  Feeder steers and heifers sold mostly steady. Trade was moderately active on good demand.

Pratt Livestock Auction - Pratt KS...
Receipts:  1834    Last Week:  2912    Year Ago:  5990
Compared to last week: Feeder Steers 600-800 lbs 2.00-4.00 higher; 850-1000 lbs 8.00-9.00 higher. Feeder Heifers 600-900 lbs firm to 4.00 higher on a light supply of Medium and Large 1. Steer and heifer calves a firm to higher undertone noted on a light test. Trade active
and demand good.

Farmers & Ranchers Livestock - Salina KS...
Receipts:  3088    Last Week:  5733    Year Ago:  805
Compared to last week: Steers 700-1050 lbs 1.00-2.00 higher; 700 lbs and under higher undertone noted. Heifers 600-850 lbs 3.00-7.00 higher; 600 lbs and under higher undertone noted.

Cullman Stockyard - Cullman AL...
Receipts:  1002    Last Week:  1397    Year Ago:  523
Compared to last week: Slaughter cows sold 1.00 to 3.00 higher, bulls sold 1.00 to 3.00 higher. Feeder bulls and steers sold 2.00 to 4.00 higher.

Columbia Livestock Auction - Columbia TN...
Cattle Receipts: 531     Last week: 389     Last year: Not reported
Compared to the same sale last week, Slaughter cows and bulls steady. Steers and bulls under 550 lbs steady to 2.00 higher, over 550 lbs steady. Heifers under 500 lbs steady to 3.00 higher, over 500 lbs steady to 5.00 lower.

Siloam Spring Livestock Auction -Siloam Spring AR...
Cattle Receipts:  1855          Last week: 1878             Last year:  409
Compared to last week: Feeder steers 3.00-10.00 higher with some of the better kind under 600lbs 12.00-15.00 higher. Feeder heifers 300-400lbs 10.00-20.00 higher over 400lbs 3.00-8.00 higher.

Decatur Stockyard - Decatur AL...
Receipts:  578    Last Week:  593    Year Ago:  171
Compared to a week ago: Slaughter cows and bulls sold steady. All feeder classes sold 2.00 to 3.00 lower.

San Angelo Cattle And Calf Auction - San Angelo TX...
Total Receipts:  619    Last Week:  2087    Year Ago:  1055
Compared to last week feeder steers and heifers 1.00-3.00 higher.Slaughter cows and slaughter bulls 1.00-3.00 higher.  Stock cows and pairs not well tested.

Ava Livestock Auction - Ava MO...
Receipts:  1361    Week Ago:  1123    Year Ago:  No Sale
Compared to last week, steers and heifers sold mostly steady to 3.00 higher on limited comparisons. Slaughter cows steady. Supply and demand moderate. Cows and bulls accounted for 07 percent of the total offering. The feeder supply consisted of 52 percent steers and bulls and 48 percent heifers; 46 percent of all the feeder cattle weighed over 600 lbs.

Smithfield Livestock Auction - Smithfield NC...
Cattle Receipts:  627          Last week:  337               Last year:  239
Compared to last week, average dressing slaughter cows and bulls were steady, high dressing cows and bulls were 2.00-4.00 higher. Feeder steers and bulls were 4.00-8.00 lower. Heifers were steady. Demand, buyer activity and offerings were moderate. Quality was average.

Toppenish, WA Livestock Auction - Toppenish WA...
Receipts:  2000    Last Week:  800    Year Ago:  3200
Compared to last Thursday at the same market, not enough stocker or feeder cattle last week for accurate trends as this was the first true test of the market for 2017. Trade active with good demand and good buyer attendance.

Ozark Livestock Auction - Ozark AR...
Cattle Receipts:  560    Last week:  871    Last year: 530
Compared to last week:  Feeder steers sold 3.00-8.00 higher.  Feeder heifers sold 9.00-10.00 higher.  Slaughter cows sold steady to 3.00 higher.  Slaughter bulls sold 2.00-5.00 lower. Supply included 373 feeder calves; 85 feeder yearlings; 20 replacement cows; 66 slaughter cows and 16 slaughter bulls.

Lancaster County Weekly Cattle Summary - Lancaster PA...
           Cattle    Calves
This Week:  2268      1641
Last Week:  2432      1546
Last Year:  2070      1768
This week in Lancaster County, the slaughter steer market continued to improve early in the week but backed off a little to end the week. The Slaughter Holstein market on the other hand found a hurdle it can't get over. When a major packer chooses to quit buying Holstein steers and no one else appears to be picking up the slack it tends to be devastating on that market. Luckily, our numbers for finished Holstein's are down at this time but the trickle down effect has reached the Holstein feeder cattle market causing a sharp drop in those prices. Feeders are questioning how low Holstein calves have to go to still make it profitable to feed them. Slaughter steers ended the week mixed from 4.00 lower to 3.00 higher. Trade was active and demand was good.

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Updated daily Monday thru Friday around 4:00 PM CST

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

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