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Daily Market Summary for March 27th
Updated Monday thru Friday around 4:00 PM CT
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Daily Market Summary for March 27th
Slaughter Cattle:
As of 3:00 PM Friday, negotiated cash trade was mostly inactive on good demand in most feeding regions. Not enough purchases in any feeding region for an adequate market test. The latest established market in any feeding region was on Wednesday with live purchases in the Texas Panhandle from 118.00-120.00. In Kansas and Nebraska on Wednesday, live purchases traded from 119.00-120.00. Dressed purchases in Nebraska traded mostly at 190.00, with a few up to 190.50. In the Western Cornbelt on Wednesday, live purchases traded at 120.00 with dressed purchases at 190.00.
Negotiated Sales:
Confirmed: 3,892
Week Ago: 3,529
Year Ago: 6,419
Formula Net
Dressed Steers & Heifers:
Head count priced today: 21,500
Weighted avg. weight: 868 lbs.
Weighted avg. net price: 178.81
Cattle Slaughter under Federal Inspection:
Friday (est) 117,000
Week ago (est) 109,000
Year ago (act) 107,000
Week to Date 601,000
Same Period Last Week 583,000
Same Period Last year 584,000
Previous Day (est)
Steers & Heifers: 96,000
Cows & Bulls: 27,000
Boxed Beef:
Boxed beef cutout values steady to weak on light to moderate demand and moderate to heavy offerings. Select and Choice rib and chuck cuts steady to firm. Choice round cuts steady while Select lower. Choice loin cuts lower while Select firm.
Cutout Values:
Choice: 252.84… -0.73
Select: 242.38… +0.21
Choice/Select Spread: 10.46
Total Load Count: 124
Cutter Cow Cutout:
186.61… +1.53
CME Feeder Cattle Index for March 26th:
130.44… +1.94
Futures…
Live Cattle:
April: 100.95… -4.50
June: 89.42… -4.13
August: 90.45… -4.02
Feeder Cattle:
April: 120.60… -4.50
May: 120.92… -4.50
August: 127.10… -4.50
April Hogs: 58.45… -4.45
April Crude Oil: 21.51… -1.09
May Corn: 3.4600… -0.0275
May Soybeans: 8.8150… +0.0125
May Wheat: 5.7125… +0.0225
Grain Cash Bids:
Kansas City Corn: 3.44… -0.11
Kansas City Soybeans: 8.72… -0.01
Kansas City Wheat: 5.55… -0.02
Financial Markets:
DJIA: 21,621.93… -930.24
S & P 500: 2,541.45… -88.62
NASDAQ: 7,502.38… -295.16
U.S. Dollar Index: 98.40… -0.95
National Feeder & Stocker Cattle Summary
RECEIPTS: Auctions Direct Video/Internet Total
This Week: 87,200 22,000 4,200 113,400
Last Week: 59,000 10,200 16,500 85,700
Year Ago: 258,700 68,700 2,000 329,400
Compared to last week, steers and heifers sold 8.00 to 15.00 higher. Auction prices this week rebounded heartily and recovered most if not all the losses incurred last week. The supply of feeders was light again this week and not near what is considered normal for this time of year. Some ranchers saw an opportunity to market cattle with higher moves (3 of 4 days being limit up moves) in Cattle Futures from Thursday last week to Tuesday of this week. The sales that did occur in the Plains states consisted of several loads of cattle that ranchers really wanted to move a week or two earlier, but had not occurred due to the global volatility of financial markets. Demand for feeders was reportedly good to very good at markets that did have sales and some impressive prices were reported at some locations. On Tuesday at Kingsville (MO) Livestock Auction, two loads of 778 lb steers sold at 158.35, while a load of 812 lb steers sold at 151.00. On Wednesday, a load of 656 lb steers at the St Joseph (MO) Stockyards sold at 164.75. The lofty prices brought on optimism to the market coupled with 118.00 to 120.00 fed cattle trade in the Southern Plains, 7.00 to 8.00 higher than the previous week. Dressed sales in Nebraska were reported at 185.00 to 190.00, 15.00 higher than last week.
Calving season is in full swing now and the Plains states are dealing with muddy conditions after several weather fronts moved through mid to late March. Slaughter cow prices skyrocketed early this week at auctions nationwide. Demand for boneless lean ground beef continued to move higher as cow plants needed product to move through the marketing chain this week to fill ground beef orders place by retailers. With most restaurants nationwide either closed or only filling carry out orders, the grocery stores have had trouble finding enough protein products to fully stock their cases. Consumers are staying in and eating all their meals at home as never before, but the uncertain nature of consumers spending will remain for a while.
On Monday this week, NASS reported total red meat supplies in freezers were up 3 percent from the previous month and up 5 percent from last year. Total pounds of beef in freezers were up 1 percent from the previous month and up 4 percent from last year. Cattle Slaughter under FI estimated at 676K for the week, 23K more than last week and 57K more than a year ago. The total for this week included a large Saturday slaughter of 75K, the largest non-holiday Saturday slaughter in the first quarter. The aggressive slaughter this week is a typical slaughter in the month of June, not March. Boxed-beef prices seem to be getting top heavy and movement of loads are getting back to normal. From last Friday’s close to this Friday morning’s report, Choice cutout was 1.64 lower at 252.11, while Select was 1.44 higher at 241.61; narrowing the Choice-Select spread to 10.50. Auction volume this week included 65 percent weighing over 600 lbs and 43 percent heifers.