Daily Market Summary for March 22nd

Updated Monday thru Friday around 4:00 PM CT

See Entire Summary Below


10-Day & 60-Day Market Trendlines
Indicators of cattle/beef market strength

10-Day Market Trendline

Change from Previous Day: +0.33%
Change from 10 Days Ago: +1.46%
Change from 60 Days Ago: +6.10%​
   

60-Day Market Trendline

Trendlines track daily market values for the past 10 & 60 days.
Each daily value is the weighted total of the Gain/(Loss) for
12 market factors compared to the previous trading day.

 

Upcoming Sales...

  


 

 


 

Weekly Market Summary

 

Daily Market Summary for March 22nd

 

 Slaughter Cattle:  

As of 3:00 PM Friday trade and demand has been light to moderate in the Southern Plains with live purchases 1.00 higher than last week at 128.00. In Nebraska and the Western Cornbelt, trade has been light on light to moderate demand with early dressed sales at 208.00, however not enough for an adequate market trend. Trade was slow on light demand in Colorado, not enough for a market trend. For the prior week in Nebraska, live purchases moved mostly at 127.00, with a few up to 128.00, and dressed purchases moved at 204.00 on very light test. Last week in Colorado, live purchases moved at 127.00. For the previous week in the Western Cornbelt, live purchases moved from 126.00-128.00 and dressed purchases ranged from 203.00-206.00.

  

Negotiated Sales:

Confirmed: 32,125 --- Week Ago: 5,706 --- Year Ago: 4,266

 

Formula Net - Dressed Steers & Heifers

Head count priced today:  23,000
Weighted avg weight:             824
Weighted avg net price:     202.96

   

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Thursday saw light trade develop with dressed sales ranging from 265.00-266.00 delivered. Sales are fully steady with prices seen on Wednesday and 5.00-6.00 higher than last week. Buyers were indicating cattle that they bought last week would be lifted in early April. Cash to futures basis levels did weaken and remain much weaker than the five year average. Fed cattle prices and butcher cow prices through commercial auction facilities did strengthen.

  

Livestock Slaughter under Federal Inspection:                                  

                                   Cattle       Calves     Hogs            Sheep
Friday (est               113,000    2,000         455,000        8,000
Week ago (est)       100,000    2,000         434,000        6,000
Year ago (act)         109,000    3,000         453,000        8,000
Week to date (est) 589,000   12,000    2,342,000      43,000
Last Week (est)       547,000   12,000    2,285,000      34,000
Last Year (act)         585,000   10,000    2,299,000      43,000
Saturday (est             42,000        0             166,000        1,000
Week ago (est)          50,000        0             162,000        1,000
Year ago (act)            26,000        0             112,000        2,000
Week to date (est)   631,000    12,000    2,508,000     44,000
Last Week (est)        597,000    12,000    2,447,000     35,000
Last Year* (act)        611,000    10,000     2,410,000     44,000
2019 YTD                7,175,000  139,000  29,171,000   437,000
2018 *YTD              7,165,000  123,000  28,514,000   450,000
Percent change          0.1%        13.3%          2.3%          -3.0%
Previous Day (Estimated)     Steers & Heifers     Cows & Bulls
                          Thursday            94,000                  27,000

 

Boxed Beef: 

Boxed beef cutout values steady on Choice and firm on Select on light to moderate demand and offerings. Select and Choice rib, round, and loin cuts steady while chuck cuts steady to firm. Beef trimmings mostly steady to weak on light demand and light to moderate offerings.
   
Cutout Values...                 Choice     Select
Current Cutout Values:     229.09     218.64
Change from prior day:       -0.22       +0.27
Choice/Select spread:        10.45
Total Load Count (Cuts, Trimmings, Grinds): 72

 

Cutter Cow Cutout: 168.24… -0.44

 

CME Feeder Cattle Index: 141.02… +1.90

 

Futures

Live Cattle:
April: 129.72… -0.18
June: 123.50… -0.40
August: 120.02… +0.05
Feeder Cattle:
March: 143.00… +0.23
April: 148.80… -0.12
May: 154.05… +0.05
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April Hogs: 78.32… Unchanged
April Crude Oil: 59.04… -0.94
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May Corn: 3.7825… +0.0200
May Soybeans: 9.0375… -0.0675
May Wheat: 4.6600… -0.0050
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Weekly National Grain Market Review:
Compared to last week, cash bids for wheat, corn, sorghum and soybeans were mostly higher.  Ethanol production for week ending March 15th totaled 1.004 million barrels per day, a slight decrease compared to the week prior. Export sales for week ending March 14th totaled 33.7 million bushels of corn, 14.7 million bushels of soybeans, and 7.2 million bushels of wheat.  Wheat was steady to 58 3/4 cents higher.  Corn was 4 1/4 to 41 cents higher.  Sorghum was 10 to 19 cents higher.  Soybeans were 12 to 19 cents higher.
 
Grain Cash Bids:
Kansas City Corn: 3.76… +0.03
Kansas City Soybeans: 8.69… +0.01
Kansas City Wheat: 4.44… Unchanged
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Financial Markets:

Dow Jones Industrial Average: 25,502.32… -460.19
S & P 500: 2,800.71… -54.17
NASDAQ: 7,642.67… -196.29
U.S. Dollar Index: 96.62… +0.69
   

National Feeder & Stocker Cattle Summary

RECEIPTS:       Auctions     Direct    Video/Internet     Total
This Week         256,100    90,300          28,800          375,200
Last Week         206,300    48,000            2,800          257,100
Last Year           194,100    77,400          25,000          296,500
 
Compared to last week, steers and heifers sold 2.00 to 6.00 higher; getting back all of last week's losses. It didn't matter what weight cattle were this week, they were in demand and auction barns were willing to fulfill those orders. From the grazing kind to the 1000+ pounders, feedyards were ready to take on some inventory after the last couple weeks of horrid weather in the Central U.S. Many auctions had reputation strings and large bunches on offer this week allowing buyers to make full pens of uniform cattle. Most auctions that were held this week noted demand was good to very good.
 
On Wednesday at the St Joseph (MO) Stockyards, a group of 531 lb thin fleshed steers sold at 198.25, while a small package weighing 520 lbs sold at 199.00. On Monday at Keoco Auction Company in Sigourney (IA), a package of 602 lb steers sold at 178.50. On Wednesday at South Central Regional Stockyards in Vienna (MO), a package of 605 lb thin fleshed steers sold at 177.50. On Thursday at Lamoni (IA) Livestock Auction, a large half load of 653 lb steers sold at 173.75. On Monday at Callaway Livestock in Kingdom City (MO), a package of 716 lb fancy steers sold at 169.00. On Thursday at Ogallala (NE) Livestock Auction Market a short load of 756 lb steers sold at 158.00. On Thursday at Mitchell (SD) Livestock Auction a half load of 866 lbs steers sold at 149.25, while a load of 934 lb steers sold at 142.00. Also, a load of 1004 lb steers at that location sold at 135.00.
 
Plenty of sunshine this week in a lot of places nationwide has taken the attention away from the devastation that many Iowans, Nebraskans and Missourians are living right now. Anecdotes of cattle herds being affected are no doubt true, however analysts are trying to decipher to what extent it will make a difference in cow/calf numbers moving forward. Flooding has not only affected the cattle producer but the grain farmers as well. Grain bins that were still full of last year's harvest will be unsaleable; leaving a big hole in the balance sheet. Lack of passable roads in Nebraska, Iowa and South Dakota have left many "stranded on islands" but the farmer is a resilient one and will find a way to adapt and overcome. Some ethanol plants are dealing with transportation issues as the rail lines are affected as well. Total flooding losses are estimated at topping one billion in Nebraska and 1.5 billion in Iowa, and estimates always seem to be on the low side when you go into a situation such as this.
 
The Cattle-on-Feed for February 1 released today with On Feed reported at 101 percent of a year ago; Placements at 102 percent and Marketings at 101 percent. Cold Storage Report for February was released today with total red meat supplies in freezers up 2 percent from previous month and up 2 percent from last year. Total lbs of beef in freezers were down 6 percent at 479.3 million lbs from previous month and up 4 percent from last year. Frozen pork supplies were up 9 percent at 616.0 million lbs from last month, and 1 percent higher than last year. The CME Feeder Cattle contracts saw their largest weekly gain since September. The deferred May through October contracts were 5.60 to 6.10 higher on the week and infused a much needed optimism into the cattle feeding sector. Auction volume this week included 52 percent weighing over 600 lbs and 45 percent heifers.