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Daily Market Summary for Friday, August 18th:

TCR's Weekly Current & Projected Feedyard Closeout

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

Negotiated Prices - Slaughter Steers & Heifers:
Live Basis              Steers                                       Heifers
Dressed Basis
Not enough sales for an adequate market trend in any feeding region.

Formula Purchases: Net - Dressed
Head count priced today: 13,100
Weighted avg weight:             847
Weighted avg net price:   183.48

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.

Livestock Slaughter under Federal Inspection:
                                  Cattle         Calves    Hogs           Sheep
Friday  (est)              115,000       2,000      425,000        7,000
Week ago (est)        114,000       2,000      426,000        7,000
Year ago (act)          113,000       2,000      424,000         6,000
Week to date (est)  582,000       9,000   2,210,000       36,000
Last Week (est)       583,000       9,000   2,139,000       36,000
Last Year (act)         566,000       9,000   2,152,000       37,000

Saturday  (est)           52,000         0             122,000         0
Week ago (est)         58,000         0             133,000         0
Year ago (act)           36,000         0             143,000         0
Week to date (est) 634,000         9,000   2,332,000        36,000
Last Week (est)      641,000        9,000    2,272,000       36,000
Last Year* (act)       602,000        8,000    2,295,000       37,000
2017 YTD           19,916,000   310,000  74,323,000  1,209,000
2016 *YTD         18,789,000    282,000  72,397,000 1,265,000
Percent change        6.0%         10.1%          2.7%          -4.4%

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.

Cutout Values...            Choice        Select
Current Cutout Values:    194.29        192.50
Change from prior day:      -1.34           -1.70
Choice/Select spread:        1.79

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

CME Feeder Cattle Index: 145.80...+0.36
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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

NASDAQ: 6,216.53...-5.38

U.S. Dollar Index: 93.40...-0.22

National Feeder & Stocker Cattle Summary
RECEIPTS:    Auctions     Direct    Video/Internet     Total
This Week     148,900     41,500             0              190,400
Last Week     160,200     28,800       215,200        404,200
Last Year       151,900     40,200           800            192,900

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.

Thursday Auction Reports...
"Click" on individual auction links for complete report
*Denotes Auction not reported by the USDA & linked to Auction's website

Siloam Spring Livestock Auction -Siloam Spring AR...
Receipts:  987          Last week:  2371            Last year:  1479
Compared to last week: Feeder steers, heifers, and bulls mostly 4.00-12.00 lower with quality not as good as last week. Slaughter cows 2.00-3.00 lower. Slaughter bulls 1.00-4.00 lower.

Ava Livestock Auction - Ava MO...
Receipts:  915    Last Week:  1233    Year Ago:  1419
Compared to last week, steers and heifers steady to 5.00 lower.Slaughter cows and bulls 2.00 to 4.00 lower.  Demand moderate, supply light.  The recent rain showers and cooler temperatures have greened-up pastures and hay meadows.

Ozark Livestock Auction - Ozark AR...
Receipts:  619          Last week: 963                  Last year: 685
Compared to last week: Feeder steers and heifers sold mostly 2.00-5.00 lower, except 400 weight steers selling 2.00 higher and some very good Value Added 400-500 weight steers and heifers selling with a premium of 5.00-9.00 higher.

Senatobia Livestock Auction - Senatobia MS...
Receipts     This week    219       Last Week    236
Compared to last week slaughter cows trended Steady to 2.00 higher. Slaughter bulls no trend. Feeder steers trended 3.00 to 5.00 Lower. Feeder heifers no trend.

Tulia Livestock Auction - Tulia TX...
Receipts:  1393    Last Week:  1437    Year Ago:  1601
Compared to last week:  Feeder steers and heifers sold mostly steady to 3.00 lower.  Trade activity was slow to moderate on moderate demand. Panhandle remains wet from recent rains and hampered cattle movement.

Columbia Livestock Auction - Columbia TN...
Receipts: 197     Last week: 338     Last year: 286
Compared to the same sale last week, Slaughter cows 3.00 to 5.00 lower. Bulls 3.00 lower. Feeders not well established. Feeders: 146     Slaughter: 38     Replacements: 13

Smithfield Livestock Auction - Smithfield NC...
Receipts:  353           Last Week:  577      Last Year:  231
Compared to last week, slaughter cattle steady.  Feeder cattle were 4.00 to 8.00 lower.  Moderate demand and buyer activity.  Light offerings with quality of cattle average.

Cullman Stockyard - Cullman AL...
Receipts:  1596    Last Week:  1201    Year Ago:  1122
Compared to last week: Slaughter cows sold 2.00 to 3.00 lower, slaughter bulls sold 2.00 to 4.00 lower. Feeder bulls and steers sold 2.00 to 4.00 lower.

Pratt Livestock Auction - Pratt KS...
Receipts:  3240    Last Week:  4042    Year Ago:  4669
Compared to last week: Feeder steers 700-750 lbs 6.00 higher; 750-900 lbs steady to 1.00 higher; 900-1050 lbs 3.00-4.00 higher. Feeder heifers 700-850 lbs steady to firm; 850-900 2.00 higher.

Greensboro Livestock Auction - Greensboro GA...
Receipts:  258   Last Week:  329   Year Ago:  239
Compared to one week ago, slaughter cows 5.00 to 8.00 lower, slaughter bulls 2.00 to 5.00 lower, feeder steers and steer calves mostly steady, feeder bulls and bull calves mostly steady,

Cattleman's Livestock Auction - Dalhart, TX...
Cattle and Calves: 726       Week ago: 1,116     Year Ago:  1,208
Compared to last week:  Not enough feeder steers and heifers for a market test but a lower undertone noted.  Rain continued over the trade area on the week and receipts were light as a result.

Farmers & Ranchers Livestock - Salina KS...
Receipts:  2539    Last Week:  3359    Year Ago:  2887
Compared with last week major decline: Feeder steers 500-950 lbs firm to 3.00 higher, few 950-1050 lbs weak to 3.00 lower. Heifers 550-800 lbs firm to 2.00 higher, 800-950 lbs steady to 1.00 lower.

Apache Livestock Auction - Apache OK...
Receipts:  647    Last Week:  1275    Year Ago:  1546
Compared to last week:  Not enough cattle on hand for a market comparison.  Quality average to attractive with moderate demand.  Supply included 43 percent over 600 lbs and 46 percent heifers.

Woodward Wtd Avg Cattle - Woodward OK...
Receipts:  2725    Last Week:  3833    Year Ago:  6240
Compared to last week: Feeder steers steady to 3.00 higher. Feeder heifers steady to 2.00 higher. Steer and heifer calves 2.00-7.00 lower. Demand moderate for all classes.

New Cambria Livestock Auction -New Cambria MO...
                                         Receipts    Last Reported   Year Ago        (7/27/2017)
Total Receipts:                  1,821                528               856
Feeder Cattle:              1,411(77%)      458(87%)    856(100%)
Slaughter Cattle:           215(12%)         70(13%)         0(0%)
Replacement Cattle:    195(11%)            0(0%)           0(0%)
Compared to the last sale, steers and heifers traded with a lower undertone. In the three weeks since the last auction, the feeder market has come under pressure,
 
 

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