This week there was a significant increase in the available supply of cattle in the weight class and condition for commercial feedlots as a huge movement of wheat cattle made their way off Southern Plains fields.  Mid-March is frustrating for wheat backgrounders as they are forced off pastures just as the forage and the cattle are starting to recover from the long hard winter.  West Texas and Oklahoma have enjoyed favorable weather patterns of late as country roads are now readily passable and sellers can move their cattle to market, with nearly 25,000 head this week just between the Oklahoma National Stockyards and OKC West in El Reno.  Further north into the Northern Plains and the Midwest, snowstorms have given way to the rainy season and conditions are totally saturated as even the rocks are starting to turn soft.  This mud bog has arrived just as the spring calving season is hitting full swing and cow/calf producers are struggling to save weak calves born to winter stressed cows.

Fed cattle prices moved higher this week as feedyard managers showed their staying power by holding off until Friday afternoon for price levels that finally have most pens turning a profit.  Direct fed cattle sales were 2.00-3.00 higher from 94.00-95.00 in the southern feedlot areas, while the northern lots traded from 91.00-93.00 with packers not wanting to pay for the mud the cattle carry with them to the scales.  This week’s reported auction volume included 53 percent over 600 lbs and 44 percent heifers.

It is important to remember the return to profitability is not a permanent condition and profitability is fragile. The margins in cattle closing out this coming week are not large and for some may not be positive because of the storms and performance deficiencies. Moreover replacement cattle have jumped higher and cattle feeders may simply be raising their risk profile for the future breakevens.

Packers will not be encouraged by the market action this week. Box prices barely moved while the sharp jump in live cost threatened already skinny margins. The fact packers were willing to jump into the market at sharply higher prices means a couple of things. One, they believe the price rise is here to stay. More importantly for the bulls, it means packers believe shorter supplies will follow. 

Texas was not current on sales. Light volumes of sales, in the past few weeks, have taken a toll. Storms have slowed performance and reduced outweights, but the numbers of cattle on offer is currently large -- NOW. Behind the abundant supplies of March will be shortened supplies in April. Markets anticipate and we are witnessing a forecast for shorter supplies in the weeks ahead.

There also is emerging signs of improvement in the export markets. Improving economies in Asia and a historically weak dollar are adding demand to our beef export markets. With the exception of Mexico, stronger demand is occurring from all of our trade partners. Mexico, our largest buyer of beef, is still in retaliation over the disastrous COOL program. 

The follow through to this week's market action will need to be demonstrated at the meat counters of the nation's grocery stores. If consumers are willing to support beef purchases at higher prices and, if retailers are willing to sponsor beef features, the current rally can be sustainable.

The policeman pulled up beside Bart and said, "Sir, I'm going to have to ask you to get into the car.  There's an ordinance against public drunkenness, but more importantly, you pose a threat to yourself and the public." 

Leaning up against the police car, Bart asked, "Ossifer, are you sure I'm drunk?" 

"Yes sir, I'm positive," replied the officer after looking at the breathalyzer reading. 

"Thank Gawd," slobbered Bart.  "I was afraid I'd become a cripple."

The USDA also reduced its 2010 forecasts for U.S. beef, pork and poultry production and trimmed the 2009 corn harvest by 20 million bushels, to a still-record 13.131 billion bushels. Estimated milk production was raised and prices were reduced.

Snowstorms hit much of the central U.S. during January and February, slowing shipping and forcing animals to eat more to stay warm. “Winter weather has stressed cattle in many parts of the country, which is reflected in lighter carcass weights,” the USDA said. As with cattle, slaughter-ready hog weights were lighter than expected, the USDA said.

Total beef production is projected at 25.747 billion pounds, down from a previous estimate of 25.752 billion pounds and down 1.2 percent from 25.065 million pounds in 2009, the USDA said. Pork production was reduced to 22.45 billion pounds from 22.54 billion pounds. The new 2010 forecast is down 2.4 percent from production of 23.01 billion pounds in 2009. Export forecasts for beef and pork were unchanged from last month, at 2.04 billion pounds and 4.5 billion pounds, respectively.

Dairy producers culled thousands of cows last year in the wake of a milk price crash, but herd contraction appears to be waning, the USDA indicated. Additionally, export demand for some dairy products, such as skim solids, was weaker than expected early this year. “Cow slaughter is relatively low and January milk cow numbers were higher than expected,” the USDA said. The pace of herd reduction “slowed from last month.”

A slide in corn prices in recent months has already provided a boost for livestock producers’ profit outlook, and they may see further benefit amid lower than expected overseas demand, USDA data showed. The USDA cut its forecast for U.S. corn exports during the 2009-10 marketing year, to 1.9 billion bushels from 2 billion bushels, and raised ending stocks, to 1.799 billion bushels from 1.719 billion bushels. Farm prices for corn are expected to average $3.45 to $3.75 per bushel in 2009-10, down from a previously-forecast range of $3.45 to $3.95, the USDA said.

Choice boxed beef price is currently about ten percent higher than this same time one year ago, while fed and feeder cattle prices are nearly 15 percent higher. Boxed beef and fed cattle prices have no doubt been helped by winter weather that has contributed to lighter carcass weights and reduced beef production. Choice boxed beef price appears to have stalled out this last week, unable to crack the $150/cwt. level but the fact that it is holding steady is a good sign given the weather disruptions in major consumer areas. Seasonal pressure on boxed beef prices will build in the next two to four weeks and boxed beef prices may have peaked unless additional demand support materializes. Fed cattle prices may have peaked a bit early, helped by winter weather, and have limited potential to move slightly higher before facing seasonal pressure as we move through April. Fed prices are higher due to stronger boxed beef and by-products values roughly $3/cwt. higher (live basis) than last year.

Feeder prices appear to be getting support on several fronts. Heavy feeder cattle prices are stronger on limited supplies and better feedlot demand as feedlots see some opportunity to price cattle against strong Live cattle futures. Stocker cattle prices could easily increase a bit more into April as generally good moisture conditions across much of the U.S. is contributing to robust summer grazing demand in several regions of the country. 

While feeder, fed and boxed beef prices will all face seasonal price pressure into the summer, the impact may be limited due to limited cattle numbers; continued slow but steady economic recovery; and favorable trade patterns. The greatest threat, especially for feeder cattle, will be evolving corn market conditions. While corn prices have moderated significantly for the time being, concerns are already in place about delayed field work and possible late planting. From this point on the corn market will likely be more volatile as we engage in the annual game of second guessing corn production from now until harvest.

Source: Derrell S. Peel, Oklahoma State University Extension Livestock Marketing Specialist 

• They get too bullish after prices have risen, and too bearish after they have already fallen.

• 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.

Conversely, when Public Opinion moves below the green dotted line, then the public is too 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.

• U.S. consumer sentiment dipped in early March, according to media reports on Friday of the Reuters/University of Michigan index. Amid signs that the labor market is approaching a trough but remains frail, the consumer sentiment index declined to 72.5 in March from 73.6 in February. Economists had been expecting the sentiment index to hit 74 in March.

 
• The number of people applying for unemployment benefits fell by 6,000 in the latest week, the second decline in a row. In the week ended March 6, initial claims fell to a seasonally adjusted 462,000 from a revised 468,000 in the prior week, the Labor Department reported Thursday. Economists were expecting claims to dip to 460,000. The four-week average of initial claims rose by 5,000 to 475,500, the highest rate since November. The number of people continuing to receive regular unemployment checks climbed 37,000 in the week of Feb. 27 to a seasonally adjusted 4.56 million. The number of people receiving extended federal benefits fell 159,000 to 5.53 million, not seasonally adjusted, in the week of Feb. 20. All told, 11.36 million people were collecting some type of unemployment benefits in the week of Feb. 20, not seasonally adjusted.

 
• Led by a big gain in electronics, U.S. retail sales increased a seasonally adjusted 0.3% in February, despite three major snow storms in the East, the Commerce Department estimated Friday. Sales have risen in four of the past five months, and were up 3.9% compared with a year earlier. Most categories of retailers recorded month-over-month increases. Auto and truck sales were an exception, falling 2% compared with January. Excluding autos and trucks, retail sales increased 0.8%. Economists were expecting sales to be unchanged, and for sales excluding autos to rise 0.1%.

 
• Sales of existing home in January fell 7.2 percent to a seasonally adjusted annual rate of 5.05 million, according to a report by the National Association of Realtors. Analysts had expected an increase of 0.9 percent. Lawrence Yun, chief economist for the realtors group, called the report “not encouraging” and said in a statement that it “raises concern about the strength of the recovery.” Worries that the housing market could slip into another downturn resurfaced this week in the wake of several disappointing reports. Applications for mortgages dropped to the lowest level in 13 years last week. Sales of new homes fell to the lowest level since record-keeping began in 1963.

 
• Oil prices fell below $81 on Friday after peaking above $83 following mixed economic reports that kept investor on edge about the outlook for improving energy demand. Benchmark crude for April delivery dipped $1.16 to $80.95 a barrel on the New York Mercantile Exchange. Prices jumped as high as $83.16 earlier, after a surprise increase in February retail sales and a brighter outlook for world energy demand from the International Energy Agency. Crude has risen from $69.59 a barrel on Feb. 5 as economic data pointed to slow but steady U.S. economic growth. This past week oil prices have settled between $81.49 to just over $82.

Pasture fertility plays a role in this problem. Phosphorus fertilization of low P containing soils has been shown to increase Mg content of tall fescue forage. Research has also shown that pastures fertilized with high levels of K and nitrogen (N) can cause a disruption of Mg absorption in grazing livestock. A balanced pasture fertility program based on soil test recommendations should eliminate these issues. 

Grass tetany most often affects cattle in late gestation or early lactation, especially the heaviest milking cows. Older animals are more susceptible to grass tetany than younger animals because they cannot mobilize bone Mg as efficiently as younger animals when dietary supplies are inadequate. Additionally, older animals are generally harder to keep in good body condition which also contributes to this metabolic problem. You should give a little extra care to older, thinner animals this time of year in relation to preventing grass tetany.

Prevention is the best treatment and is most easily accomplished by providing Mg in a free choice, loose mineral supplement. Dry cows should consume 10 grams of Mg per day, while cows nursing calves should consume 20 to 25 grams of Mg daily. Mg supplements are not very palatable and Mg is quickly cleared from the blood, so it is important that animals consume Mg daily. 

In order to provide this amount, a commercial mineral mix containing at least 10 percent Mg is recommended. Other mixes can be made on-farm using a variety of feed and mineral ingredients. Feeding hay containing red clover or alfalfa is also beneficial, because legumes contain about twice as much Mg as grasses.

• Moderate to isolated heavy precipitation is anticipated during March 10 – 15, 2010 for northern California, interior western sections of Washington and Oregon, parts of the northern Intermountain West, central New Mexico, the Big Bend of Texas, the new dry area in the interior Southeast, central and northern Michigan, and northern Wisconsin. Light precipitation should fall on most other current areas of dryness and drought, with little or none expected in southern Texas, the desert Southwest, southern California, western Nevada, Wyoming, and north-central Montana. 

• For the ensuing 5 days (March 16 – 20, 2010), the odds favor wetter than normal conditions in southern Texas, and closer to normal precipitation in Washington, northwestern Oregon, and the southern Big Bend of Texas. All other current areas of dryness and drought should receive below-normal precipitation, including much of Alaska.

• Oklahoma City Stockyards
• Bred Cows: Medium and Large 1-2  2-4 yr old 800-1050 lbs 7-8 months bred avg quality 650.00-725.00; 5-6 yr old 1000-1225 lbs 7-8 months bred avg black 725.00-785.00; 5-6 yr old 900-1050 lbs 4-8 months bred avg quality 550.00-650.00; 7 yr old 1150 lbs 6 months bred avg black 735.00; 7-8 yr old 1000-1200 lbs 5-7 months bred avg quality 550.00-610.00; 9 yr old 1145 lbs 5 months bred avg black 700.00. 
• Pairs:  Medium and Large 1-2  2-4 yr old 950-1100 lb cows w/75-90 lb calves avg black 775.00-890.00; 4 yr old 900 lb cows w/75 lb claves avg quality 635.00; 5 yr old 1175 lb cows w/100 lb calves avg black 910.00. 

• El Reno, Ok
• Bred Cows: Medium and Large 1-2  3 yr old 1200 lbs 8 months bred avg quality 725.00; 3-5 yr old 1100-1200 lbs 4-5 months bred avg black 725.00-800.00; 5 yr old 1300 lbs 8 months bred avg black 830.00; 6 yr old 1300 lbs 7 months bred hi black 960.00; 8-10 yr old 1100-1200 lbs 5-8 months bred avg quality 550.00-600.00. 
• Pairs:  Medium and Large 1-2  3 yr old 1100 lb cows  w/90 lb calves avg black 860.00; 4-5 yr old 1100-1200 lb cows w/70-90 lb calves avg quality 700.00-750.00; 5-7 yr old 1100-1200 lb cows w/80-90 lb calves avg quality 550.00-600.00.

• Joplin, MO
• Bred Cows: Medium and Large 1-2  2 yrs to short and solid mouth 2nd and 3rd stage 1020-1360 lbs 660.00-850.00, 1st stage 1000-1275 lbs 550.00-785.00; few broken mouth to aged 3rd stage 1200-1300 lbs 600.00-675.00.  Large 1-2  4-6 yrs 3rd stage couple 1425-1475 lbs 700.00-860.00.  Medium and Large 2  4-6 yrs 2nd and 3rd stage couple 1065-1175 lbs 425.00-525.00.  Medium 1-2  3 yrs to short and solid mouth 2nd and 3rd stage 1000-1045 lbs 550.00-785.00; broken mouth 3rd stage 1000 lb indiv. 475.00. 
• Pairs:  Medium and Large 1-2  2 yrs to short and solid mouth 1025-1300 lb cows w/babies to 400 lb calves and several rebred most 925.00-1150.00, a better quality cow w/425 lb calf and rebred 1275.00; broken mouth to aged 1125-1275 lb cows w/babies to 235 lb calves 710.00-835.00. Large1-2 broken mouth pkg. 1400 lb cows w/babies to 250 lb calves 900.00.  Medium and Large 2  4 yrs to short and solid mouth 900-1100 lb cows w/babies to 275 lb calves 675.00-900.00; broken mouth 965-1100 lb cows w/140-250 lb calves 600.00-625.00. Medium 1-2  4-6 yrs couple 975-1000 lb cows w/babies to 160 lb calves 775.00-975.00; broken mouth pkg. 890 lb cows w/babies to 165 lb calves 535.00.

• West Plains, MO
• Bred Cows: Medium and Large 1-2  Medium and Large 1-2  2-7 yrs 900-1330 lbs mostly 3rd stage 760.00-830.00 per head, lot 18 head blks 6-7 yrs 1162 lbs 925.00, pkg char-cross 4-7 yrs 1058 lbs thin 710.00, couple lots short-solid mouth blks 1070 lbs 3rd stage 775.00, 2nd stage 1116 lbs 630.00.  Few 3-7 yrs 900-1220 lbs 2nd stage 700.00-775.00.  Few 4-6 yrs 900-1175 lbs 1st stage 650.00-710.00.  Several singles 2-7 yrs 970-1200 lbs 2nd and 3rd stage 620.00-730.00, couple 4-6 yrs 1100 lbs 3rd stage 780.00-790.00.  Short-solids 1025-1290 lbs 2nd and 3rd stage 560.00-650.00, pkg 1035 lbs thin 520.00.  Broken-mouth 950-1200 lbs 2nd and 3rd stage 450.00-560.00, pkg mixed short-solid and broken-mouth 911 lbs thin/poor condition 3rd stage 425.00. 
• Pairs:  Mostly Medium 1-2  few sales 4-6 yrs 890-925 lbs with babies 975.00-1000.00 per pair, pkg 2-7 yrs 825 lbs very thin with babies 775.00.

• Nacogdoches, TX
• Bred Cows: Medium and Large 1-2 young 1060-1230 lb cows 6-8 months bred 885.00-950.00; middle aged 1025-1310 lb cows 7-8 months bred 800.00-975.00, fancy 1090-1150 lb cows 7-8 months bred 1000.00; aged 980-1265 lb cows 6-8 months bred 625.00-700.00; fancy pkg  young to middle aged 1125.00. 
• Pairs: Medium and Large 1-2 young 970-1035 lb cows w/100-240 lb calves 615.00-720.00, fancy 960 lbs cow w/130 lb calf 1025.00; middle aged 955-1435 lb cows w/100-300 lb calves 825.00-990.00, fancy 1005-1360 lb cows w/100-300 lb calves 1100.00-1300.00; aged 1050-1200 lb cows w/120-140 lb calves 540.00-700.00; fancy pkg 1000 lb cows w/120 lb calves 1425.00.

• Milles City, Mt
• Bred Heifers:  Medium and Large 1-2  975-1125 lbs calving Mar-May 1000.00-1035.00.  Medium 1-2  865 lbs thin calving Mar-May 950.00.  Bred Cows:  Medium and Large 1-2  5-6 yrs old 1185 lbs thin calving Mar-May 1100.00; Solid Mouth 1145-1390 lbs calving Mar-May 900.00-985.00; Broken Mouth 1200-1340 lbs calving Mar-May 810.00-865.00.  Medium 1-2:  3-4 yrs old 1040 lbs thin calving Mar-May 1085.00.

• Billings, MT
• Bred Heifers:  Medium and Large 1-2  1007 lbs calving Mar-May non-legible tattoos 910.00.  Bred Cows:  Medium and Large 1-2  3-6 yrs old 1170-1360 lbs calving Mar-May 950.00-1075.00; Solid Mouth 1435-1450 lbs calving Mar-Jun 810.00-835.00; Broken Mouth 1290-1400 lbs calving Mar-Jun 675.00-775.00 per head, 57.00-70.00 CWT.

• Southeast
• Bred Cows: Medium and Large 1-2 Young to Middle Age 850-1250 lbs 6-9 months bred 725.00-825.00, 3-6 months bred 650.00-750.00; Middle Age to Aged 850-1200 lbs 3-9 months bred 475.00-575.00. 
• Pairs:  Medium and Large 1-2 Young to Midlde Aged 800-1200 lb cows w/100-200 lb calves 750.00-850.00, w/200-300 lb calves 1000.00-1100.00,few up to 1350.00.

• Oklahoma City, OK
• Bred Cows:  Medium and Large 1-2  2-3 yrs 1000-1100 lbs 5-7 months 825.00-930.00. Medium and Large 2  2-6 yrs 800-1200 lbs 2-8 months 600.00-825.00, few 5-9 yrs 950-1200 lbs 4-8 months 500.00-620.00. 

• El Reno, OK
• Bred Cows:  Medium and Large 1-2  2-4 yrs 1200-1300 lbs 6-8 months 840.00-920.00; 4-8 yrs 1000-1300 lbs 5-8 months 600.00-720.00.

• Woodward, OK
• Bred Cows:  Medium and Large 1-2  2-8 yrs 1050-1500 lbs 7-8 months 860.00-940.00. 
• Pairs:  Medium and Large 1-2  2-3 yrs 800-975 lbs w/150-225 lb calves 990.00-1080.00, 5-7 yrs 1000-1050 lbs w/125 lb calves Thin  870.00-875.00.

• Joplin, MO
• Bred Cows:  Medium and Large 1-2  2 yrs to short-solid 2nd-3rd stage 950-1365 lbs 620.00-825.00, few 875.00, 1st stage 1065-1295 lbs 575.00-610.00; short-solid to aged 2nd-3rd stage 1090-1330 lbs 500.00-635.00.  Large 1-2  4-6 yrs 2nd-3rd stage 1420-1485 lbs 775.00-975.00, 1st stage pkg. 1450 lbs 700.00.  Medium 1-2  5 yrs to short-solid mouth 3rd stage 985-1050 lbs 475.00-560.00. 
• Pairs:  Medium and Large 1-2  3 yrs to short-solid 1075-1340 lbs w/baby to 200 lb calves 825.00-960.00, pkg w/280 lb calves 1125.00; broken mouth to aged 1095-1265 lbs w/baby 155 lb calves 750.00-825.00.  Large 1-2  5-6 yrs 1425-1475 lbs w/135-155 lb calves 985.00-1075.00.  Medium and Large 2  4-6 yrs 980-1040 lbs w/baby calves 625.00-760.00. 

• Springfield, MO
• Bred Cows:  Medium and Large 1-2  2 yrs to short-solid 2nd-3rd stage 980-1340 lbs 635.00-850.00, 1st stage 1040-1350 lbs 550.00-690.00; short-solid mouth to aged 3rd stage 1080-1340 lbs 470.00-635.00. Large 1-2  2-6 yrs 2nd-3rd stage 1385-1560 lbs 750.00-860.00; short-solid to aged 3rd stage 1355-1380 lbs 600.00-660.00.  Medium and Large 2  2 yrs to short-solid mouth 2nd-3rd stage 1015-1200 lbs 550.00-725.00.  Medium 1-2  2-6 yrs 2nd-3rd stage 925-1020 lbs 560.00-625.00; broken mouth to aged 2nd-3rd stage 970-1010 lbs 425.00-500.00. 
• Pairs:  Medium and Large 1-2  3-6 yrs 1195-1280 lbs w/baby to 195 lb calves 800.00-1000.00; short-solid mouth to aged 1100-1180 lbs w/130-235 lb calves 570.00-735.00.  Large 1-2  6 yrs to short-solid mouth 1455-1525 lbs w/baby calves 875.00-975.00.  Medium and Large 2  3-6 yrs 885-1035 lbs w/140-195 lb calves 810.00-875.00. 

• West Plains, MO
• Bred Cows:  Medium and Large 1-2  2-7 yrs 960-1300 lbs 2nd-3rd stage 700.00-800.00, singles 1020-1240 lbs thin 3rd stage 580.00-660.00, lot first-calf heifers 900 lbs 3rd stage 670.00, pkg mixed 6 yrs toshort-solid mouth 1139 lbs 2nd-3rd stage 725.00, few 7 yrs to short-solid 1050-1200 lbs 3rd stage 550.00-660.00, broken-mouth 850-1100 lbs 3rd stage 450.00-480.00, pkg 1115 lbs 3rd stage 570.00. 
• Pairs:  Medium and Large 1-2 4-7 yrs 950-1200 lbs w/baby to 300 lb calves 930.00-1000.00, couple lots 7 yrs to broken-mouth (mostly short-solids) 1170-1200 lbs w/baby to 300 lbs calves 820.00-860.00.

• Amarillo, TX
• Bred Cows:  Medium and Large 1-2 Young 850-950 lbs 5-7 months 850.00-950.00; middle age to aged 950-1200 lbs 7-8 months 670.00-790.00; aged 900-1200 lbs 5-6 months 530.00-620.00. 

• Crockett, TX
• Bred Cows:  Medium and Large 1-2 young 945-1420 lbs 3-8 months 780.00-890.00; middle aged 905-1600 lbs 4-8 months 640.00-770.00.
• Pairs: Medium and Large 1-2 young 970-1045 lbs w/155-170 lb calves 900.00-930.00; middle aged 1080-1530 lbs w/130-260 lb calves 840.00-940.00.

• Mobridge, SD
• Bred Cows:  Medium and Large 1  2-4 yrs 970-1350 lbs 7-9 months 1075.00-1325.00; 5-6 yrs 1295-1540 lbs 8 months 1060.00-1100.00; 7-8 yrs 1275-1525 lbs 8-9 months 800.00-950.00; Broken mouth 1285-1440 lbs 8-9 months 775.00-865.00.

• Philip, SD
• Bred Cows:  Medium and Large 1  3 yrs 1035-1290 lbs 8-9 months 1285.00-1380.00; 6-7 yrs 1308 lbs 8 months 1060.00; 7-8 yrs 1320-1580 lbs 8-9 months 800.00-890.00; Broken Mouth 1130-1520 lbs 8-9 months 670.00-785.00. 

• St. Onge, SD
• Bred Cows;  Medium and Large 1  heifers 950-1200 lbs 8-9 months 960.00-1100.00; 3-5 yrs 1300-1475 lbs 8-9 months 1115.00-1300.00; short solid 1500-1625 lbs 8-9 months 1000.00-1200.00; Broken Mouth 1350-1550 lbs 8-9 months 735.00-790.00.

• Riverton, WY
• Bred Cows:  Medium and Large 1-2 Heifers Reputation Quality 925-1125 lbs 1000.00-1125.00, several 800-1160 lbs 750.00-985.00, few 625.00-700.00; Young 1000-1340 lbs 975.00-1260.00, several 1090-1480 lbs 825.00-950.00; Middle Aged (Short Solids) 1135-1440 lbs 750.00-850.00; Aged (Short Term) 1260-1430 lbs 700.00-810.00. 

• Torrington, WY
• Bred Cows:  Medium and Large 1 Heifers 925-1000 lbs 1050.00-1220.00, 785-885 lbs 960.00-1060.00; Young 1000-1400 lb 1110.00-1350.00; Middle Aged 1075-1300 lbs 1100.00-1250.00, few lots 900.00-1055.00; Aged short solid 1400-1450 lb 875.00-980.00; Aged short term 1125-1400 lb 730.00-860.00. 
• Pairs: Medium-Large 1 Middle Aged 1100-1200 lbs w/85-375 lb calves 1075.00-1125.00.

• Southeast
• Bred Cows:  Medium and Large 1-2  3-7 yrs 850-1250 lbs 2nd-3rd stage 600.00-800.00; 8-10 yrs 850-1200 lbs 2nd-3rd 450.00-650.00. 
• Pairs: Medium and Large 1-2  3-7 yrs 800-1200 lbs w/100-200 lb calves 750.00-850.00, w/200-300 lbs calves 900.00-1000.00, up to 1100.00.  Small & Medium 1-35-10 yrs 750-950 lbs w/100-200 lb calves 625.00-725.00, down to 530.00.

• Blue Line -- Typical closeout for un-hedged steers sold this week: $47.24
• TCR's projection based on the futures when Placed on Feed: ($27.18)

• Red Line -- Based on the futures, projected closeout for placements this week: ($30.13)

The average live weight of cattle slaughtered in the Texas Panhandle for the week ending 03-06-2010 was 1214 lbs with 38 percent heifers compared to 1220 lbs and 40 percent heifers the previous week and 1265 lbs and 40 percent heifers the same week a year ago.

Box prices leveled out. The benchmark choice box cut was quoted at $149.50 with select at $149. Carcass weights in the latest lagging indicator remain well below prior year, but pens are drying and cattle recovering from the storms in the south. 

Feeder cattle futures fell along with cash bids. Larger movements off wet wheat fields pushed offerings higher and some feedlots want to confirm better cash prices on fed cattle before committing to higher feeder prices. The remaining cattle will be offered for May delivery and will occupy graze-out acres.

This week's USDA supply/demand report was considered bearish for wheat and corn with soybeans considered neutral.  The U.S. wheat ending stocks were raised 1.001 billion bushels which was the largest projection since 1987-1988.  Exports were left the same at the lowest level since 1971.  Soft red ending stocks were up by 4 million bushels to 207 million bushels.  Global ending stocks were also up to 196.7 million tonnes from 195.8 million last month. 

Corn ending stocks were up to 1.799 billion bushels from 1.719 billion last month.  Exports were lowered at 1.9 billion.  The USDA also changed the 2009-2010 average corn yield down to 164.9 bushels per acre from 165.2 in February.  Global ending stocks for 2009-2010 season came in at 140.15 million tonnes versus 134.04 million tonnes in February and 146.40 million tonnes last year.  Global usage was changed slightly higher and world production went up to 803.69 million tonnes.

On the USDA report soybeans ending stocks for 2009-2010 were lowered to 190 million bushels from 210 million bushels in last month.  Exports were changed higher by 20 million bushels and crush was raised by 10 million.  Soybean oil ending stocks were up sharply to 2.637 billion pounds from 2.227 million in February.  Brazil production pegged at 67 million tonnes as compared to 66 million tonnes last month.  Argentina was left unchanged at 53 million tonnes. Global soybean ending stocks for 2009-2010 were up to 60.67 million tonnes from 59.73 million tonnes last month.