(Federal-State Market News)

St. Joseph, Mo.

June 7

RECEIPTS:      Auctions      Direct    Video/Internet       Total
This Week      164,000       30,300            12,100       206,400  
Last Week       91,200       22,400            18,100       131,700  
Year Ago       217,300       35,500             6,100       258,900

   Compared to last week, steers and heifers sold 1.00 to 5.00 lower.  Warmer weather 
across the Plains this week brought the swather out of the barn and into the field as 
hay producers are quick to get in the fields as soon as it dries up 
enough.  Temperatures in the 90+ range has made it seem like many areas are moving 
from early spring to late summer all in one fell swoop.  Market reporters noted this 
week’s offering were feeling the effects of the first hot spell of the year.  Auction 
Receipts lagged behind a year ago by 50K as analysts are scrutinizing the number of 
placements in May and June due to the unusually large placement number in 
April.  Corn planting is reported at 67 percent completed on the year; 31 percent 
behind the previous 5-year average.  Soybean plantings are 39 percent complete; 40 
percent behind the 5-year average.  Traders continue to watch the direction of corn 
and soybean market as corn prices will remain uncertain and continue to be so for the 
rest of the growing season.  The CME Cattle Complex suffered harsh losses last 
Thursday and Friday, then recovered about half of those losses Tuesday and Wednesday 
this week.  This week was shaping up to get a significant portion of the losses back, 
however today Feeder Cattle futures closed over 2.00 lower on the day.  For the week, 
August Feeder Cattle was 4.13 higher, while the deferred months were 2.17 to 3.28 
higher on the week.  Weekly Live Cattle futures felt the pressure of the cash trade 
and the delivery month June closed 1.55 lower at 106.92.  The deferred months were 
0.23 to 1.40 higher for the week.  Negotiated cash fed cattle trade started Monday in 
the Southern Plains with fed cattle prices mostly 2.00 lower at 113.00 with trade in 
Northern Plains on Thursday at 114.00.  Despite some good gains this week in the 
cattle futures last week’s sharp break and plentiful supplies with seasonal weakness 
coming for the summer months still paints a bearish attitude.  For the week, the 
Choice cutout closed 0.90 lower at 222.31, while Select was 0.77 lower at 
206.92.  Cattle Slaughter under federal inspection estimated at 662K for the week, 
80K more than last week (holiday week) and 1K more than a year ago.  Auction volume 
this week included 48 percent weighing over 600 lbs and 43 percent heifers. 
Northwest Weighted Average Direct Feeder Cattle 
Weekly Summary WA-OR-ID-UT
June 7
Receipts: 125      Last Week:  1020    Year Ago:  210
   Compared to last week:  Feeder steers and heifers lightly tested with 
a lower undertone noted. Demand moderate. Muddy and wet conditions across 
the country continue to hamper movement. Supply consisted of 100 percent 
over 600 lbs. and 28 percent heifers.  Unless otherwise stated prices are 
FOB weighting points with 2-3 percent shrink or equivalent and a 5-10 
cent slide on calves and a 4-12 cent slide on yearlings from base 
weights.  Current sales are up to 14 days delivery. 

                 Feeder Steers Medium and Large 1
 Head   Wt Range   Avg Wt    Price Range   Avg Price  Delivery
   90      900       900       124.00         124.00   Current Del   

                Feeder Heifers Medium and Large 1
 Head   Wt Range   Avg Wt    Price Range   Avg Price  Delivery
   35      800       800       119.00         119.00   Current Del  

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