(Federal-State Market News)

St. Joseph, Mo.

May 10

RECEIPTS:      Auctions      Direct    Video/Internet       Total
This Week      134,200       21,300            22,700       178,200
Last Week      207,900       51,600            38,000       297,500
Year Ago       216,400       54,700             6,000       277,100

  Compared to last week, steers and heifers sold steady to 5.00 lower, with some 
locations instances up to as much as 10.00 lower.  The CME Cattle complex has 
struggled in recent weeks to gain any ground on the market, however contracts closed 
higher on Tuesday and Friday this week.  Since Good Friday, the freefall continued 
until this week with the front six Feeder Cattle contracts gaining 0.45 to 1.27 and 
the front six Live Cattle contracts were 0.97 lower to 0.17 higher this 
week.  Feedyards are trying to find that magic spreadsheet that will tell them what 
weight of cattle to buy and at what price so that pen can make a profit when 
harvested.  Feedyards were willing sellers early this week with Southern Plains 
sellers trading on Tuesday at 120.00, 2.00 to 3.00 lower than the week 
before.  Northern Plains feedyards sold on Wednesday at 189.00 to 196.00 dressed, 
5.00 to 6.00 lower than last week.  Rain and waterlogged fields have been the main 
talk across the breadbasket of the country as cattle receipts were hampered from 
Kansas to the Dakotas to Illinois and Indiana.  Receipts on this report were 
adversely affected by the wet weather as auction receipts were around 70K less than a 
week ago.  Cool weather coupled with the wet soil conditions has hindered corn 
planting at this juncture in the year.  Not one single listed state is above the 
five-year average and some are not even close.  Illinois is only 10 percent 
completed; 56 percent behind the five-year average.  The 18 states that account for 
92 pct of the corn acreage in the country is only 23 percent completed; double that 
figure and that is where the five-year average is.  Country elevators in some states 
are now reporting a 6 figure in the front of their soybean price.  For the week, the 
Choice cutout closed 6.25 lower at 221.11, while Select was 5.83 lower at 
207.46.  Cattle Slaughter under federal inspection estimated at 664K for the week, 6K 
less than last week and 9K more than a year ago.  Percent Steers over 600 lbs and 
percent heifers will be tabulated on Monday this week and will be added on a 
correction at that time.

Auctions Receipts:  134,200    Last Week 207,900    Last Year 216,400
Northwest Weighted Average Direct Feeder Cattle 
Weekly Summary WA-OR-ID-UT
May 10
Receipts: 317     Last Week:  125    Year Ago:  949

   Compared to last week:  Feeder steers and heifers too lightly tested 
for an accurate trend.  Demand moderate. Supply consisted of 100 percent 
over 600 lbs. and 67 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
  105      800       800    136.00-136.50     136.45   Current Del   

                Feeder Heifers Medium and Large 1
 Head   Wt Range   Avg Wt    Price Range   Avg Price  Delivery
  212      800       800    124.50-128.00     125.66   Current Del   

Recommended for you