Summary for Friday, February 24th:
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
Prices - Slaughter Steers & Heifers:
Net - Dressed
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.
under Federal Inspection:
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.
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
Feeder Cattle Index: 127.20...-0.21
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
U.S. Dollar Index: 101.15...+0.15
Feeder & Stocker Cattle Summary
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.
Livestock Auction - Apache OK...
Livestock Auction - Dalhart, TX...
Wtd Avg Cattle - Woodward OK...
Livestock Auction - Tulia TX...
Livestock Auction - Pratt KS...
Ranchers Livestock - Salina KS...
Stockyard - Cullman AL...
Livestock Auction - Columbia TN...
Spring Livestock Auction -Siloam Spring AR...
Stockyard - Decatur AL...
Angelo Cattle And Calf Auction - San Angelo TX...
Livestock Auction - Ava MO...
Livestock Auction - Smithfield NC...
Livestock Auction - Ozark AR...
Livestock Auction - Greensboro GA...
Livestock Auction - Senatobia MS...
WA Livestock Auction - Toppenish WA...
Cambria Livestock Auction -New Cambria MO...
Although all information
is from sources believed to be accurate & timely,