AND STOCKER CATTLE
(Federal-State Market News)
St. Joseph, Mo.
RECEIPTS: Auctions Direct Video/Internet Total This Week 91,200 22,400 18,100 131,700 Last Week 130,300 45,300 1,000 176,600 Year Ago 110,900 51,600 15,900 178,400 Compared to last week, steers and heifers sold steady to 5.00 lower. Sharp gains in the corn and soybean markets have put a damper on feeder cattle gains even though last Friday’s Cattle on Feed report was viewed as somewhat bullish due to the tempered number of placements when compared to industry guesses. On Thursday and Friday this week, the CME Feeder Cattle futures suffered sharp losses (many contracts 4.00 or more lower) with the front month August being 10.10 lower this week. September through January contracts were 9.22 to 9.85 lower for the week. Auction receipts were curtailed this week due to the Memorial Day holiday as well as widespread moisture throughout the Plains and Midwest. Reports of rainfall in the double-digit inches this week will do nothing but increase river levels. It will test those levees and dams in South Dakota, Nebraska, Kansas, Oklahoma, Arkansas, Missouri and Illinois. These states seem to not be able to catch a break this year; inundated with rainfall is not what hay producers need this time of year too. After the last two years of unseasonable cold weather into May, hay stocks have been depleted and hay farmers are ready to get to business as well. Fieldwork has come to a halt in many areas after they were able to get in the field for a short time. Corn planting progress is the slowest on record for this time of year and soybean acreage planted is reported to be the second slowest on record. With corn gaining up to 50 cents in a week and soybeans 60 to 75 cents higher, analysts are trying to figure out how many acres are going the prevented planting route or switching from corn to soybeans. Some in Kansas are moving to sorghum acres and still get credit for corn acreage. Wednesday in the Southern Plains fed cattle prices were mostly steady at 115.00, with a few sales in Nebraska at 116.00 as packers have gone through inventory over the past couple of weeks and coming back from a Holiday shortened week need inventory. Boxed-beef prices are moving higher as beef was showcased in many ads over the Memorial Weekend Holiday. For the week, the Choice cutout closed 1.57 higher at 223.21, while Select was 0.78 lower at 207.69. Cattle Slaughter under federal inspection estimated at 582K for the week, 59K less than last week and 3K less than a year ago. Auction volume this week included 54 percent weighing over 600 lbs and 44 percent heifers.
Northwest Weighted Average Direct Feeder Cattle Weekly Summary WA-OR-ID-UT
Receipts: 1020 Last Week: 525 Year Ago: 110 Compared to last week: Feeder steers and heifers lightly tested with a steady undertone noted on the feeder steers. Demand good. Muddy and wet conditions across the country and huge packer kills affecting the market. Supply consisted of 100 percent over 600 lbs. and 80 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 200 900 900 128.50 128.50 Current Del Feeder Heifers Medium and Large 1 Head Wt Range Avg Wt Price Range Avg Price Delivery 270 825 825 122.50 122.50 Current Del 550 850 850 119.00 119.00 Current Del