Summary for Friday, August 18th:
Slaughter Cattle: Friday, negotiated cash trade was mostly inactive on light demand in all feeding regions. Not enough sales for an adequate market trend in any feeding region. The latest established market in the Southern Plains, was on Thursday with live purchases at 110.00. In Nebraska on Thursday, live purchases traded mostly from 109.00-110.00 with a few up to 110.50 and dressed purchases at 175.00. In Colorado on Thursday, live purchases traded from 110.00-110.50. In the Western Cornbelt on Thursday, live purchases traded from 108.00-110.00, with dressed purchases traded at 175.00.
Negotiated Sales: Confirmed: 3,699 Week Ago: 711 Year Ago: 1,986
Prices - Slaughter Steers & Heifers:
Net - Dressed
Alberta Beef Producers Daily Report: Alberta direct cattle sales so far this week have seen light trade develop with prices steady to higher from early Wednesday into Thursday. Dressed sales have been reported from 236.00-240.00 delivered. Initial sales are steady to 1.00 higher than the previous week. Yesterday live sales were reported at 142.25 which is 1.50 higher than last week's weighted average price.
under Federal Inspection:
Boxed Beef: Boxed beef cutout values lower on light to moderate demand and heavy offerings. Select and Choice rib, chuck, and round cuts steady to weak while loin cuts weak to lower. Beef trimmings not fully established.
Cattle Futures Summary: Live cattle futures settled mixed Friday as nearby contracts were lower and back months higher. Aug lost 3.05% on the week, as cash trade was weaker. Feeder cattle futures were mixed as well with Aug up 2.5 cents and other front months lower. The CME feeder cattle index was 36 cents higher than the previous day at $144.80 for August 17. Wholesale beef prices were lower again in the Friday afternoon report, with choice down $1.34 at $194.29 and select boxes $1.70 lower at $192.50. The CH/SE spread is now at $1.70. Cash sales of $110-$110.50 were reported across most regions yesterday, down $5 from last week. Weekly FI cattle slaughter is estimated at 634,000 head, 7,000 fewer than last week but 32,000 larger than the same week last year. Thursday’s export sales report showed Japan, again the lead buyer at 3,000 MT, as their tariff on frozen beef was increased to 50% on Aug 1. We are assuming that these latest purchases are either fresh beef (not affected by the tariff increase) or to price elastic markets.
August Live Cattle Futures: 106.37...-0.75
October Live Cattle Futures: 105.90...-0.32
December Live Cattle Futures: 107.85...-0.42
August Feeder Cattle Futures: 140.50...+0.03
Sept Feeder Cattle Futures: 140.02...-0.70
October Feeder Cattle Futures: 139.92...-0.55
Feeder Cattle Index: 145.80...+0.36
October Lean Hog Futures: 66.12...-0.80
National Grain Market Summary: Compared to last week, grain bids were lower. The weekly export sales and shipment update released on Thursday for the week ending Thursday, August 10th showed unshipped corn sales at only 137 million bushels. December corn may not be satisfied until it hits a new contract low. A short-term uptrend on November soybean’s daily chart seems to be established. Friday morning shows rain continuing to fall over parts of the United States Midwest soybean growing area. Winter wheat could see light buying interest as the U.S. dollar index is lower. The long-term view of winter wheat supply and demand, according to its future spreads, looks to remain extremely bearish. Last week export sales totaled 23.3 million bushels of wheat, 28.9 million bushels of corn, 49.7 million bushels of soybeans, and 0.7 million bushels of sorghum. Wheat was 6 to 39 cents lower. Corn was 2 to 8 cents lower. Sorghum was 12 to 13 cents lower. Soybeans were 1 to 3 cents lower.
Kansas City Corn: 3.34...+0.02
Kansas City Soybeans: 9.18...+0.05
Kansas City Wheat: 3.64...Unchanged
September Corn Futures: 3.5200...+0.0150
September Soybean Futures: 9.3750...+0.0725
September Wheat Futures: 4.1600...+0.0200
Nearby Crude Oil Futures Contract: 48.51...+1.42
Dow Jones Industrial Average: 21,674.38...-76.35
U.S. Dollar Index: 93.40...-0.22
Feeder & Stocker Cattle Summary
Compared to last week, feeder steers and heifers began the week with trends mostly 5.00 to 10.00 lower. Early-week markets had to play catch-up with the lower markets observed late last week. However, as the week progressed, sales became mixed from 3.00 lower to 5.00 higher. In the Southeast region, feeder markets were 1.00 to 5.00 lower. Trade and demand was moderate, with instances of good demand reported in a few auction barns on yearling cattle as feed yards are in need of cattle to fill pen space. There has been a larger volume of un-weaned and short weaned calves reported, with many seeing heavy discounts. Tuesday’s CME live and feeder cattle futures put optimism into the market, encouraging feeder buyers to purchase cattle at higher prices. However, the confidence faded as the board saw declines thereafter and cash trade for slaughter cattle saw lower prices. Compared to last Friday, August live cattle futures ended the week 3.37 lower at 106.38 and October 1.50 lower at 105.90. Feeder cattle futures for August were 1.27 lower at 140.50 and 2.19 lower at 140.03 for September.
There were still noteworthy sales in the field, with the Sheridan Livestock Auction Co. in Rushville, Nebraska seeing several good strings of yearling steers, with several loads of steers weighing 890 pounds selling at an average price of 150.85. There were also several loads of 918 pound yearling steers coming off of grass that sold at an average price of 145.30. On Monday, Iowa traded live slaughter cattle at 110.00, setting the tone for the week. On Wednesday, direct slaughter cattle trade broke out in Nebraska. Dressed purchases were 8.00 to 10.00 lower from 175.00-177.00. On Thursday, more trade occurred with dressed purchases steady with Wednesday at 175.00. Live sales were 6.00 to 7.00 lower compared to last week from 109.00-110.00, with a few up to 110.50. In Kansas and the Texas Panhandle, trade has been inactive on light demand. In the Southern Plains, live purchases were 5.00 lower at 110.00.
Weather has played a factor throughout many regions this week, with the Northern and Southern Plains seeing heavy rainfall and unseasonable cooler temperatures. This curtailed receipts throughout both regions. In central Nebraska, adverse weather was reported as well, with some areas receiving extensive damage from hail. The Corn Belt may find the rain showers beneficial for their soybeans, as they are in a critical development stage. The soybean crop rating declined 1 point, with 59 percent in the good or excellent category and 79 percent of the crop has pods set. The corn crop rating improved 2 points, now with 62 percent rated in the good or excellent category and only 16 percent dented. Compared to last Friday, Choice boxed-beef closed 5.31 lower at 194.29 and Select boxed-beef closed at 192.50, down 3.62. Today’s Choice-Select spread is at 1.79. Auction volume this week included 55 percent weighing over 600 lbs and 40 percent heifers.
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Although all information
is from sources believed to be accurate & timely,