(Federal-State Market News)

St. Joseph, Mo.

April 26

RECEIPTS:      Auctions      Direct    Video/Internet       Total
This Week      193,900       73,300             1,300       268,500
Last Week      199,400       86,400            45,400       331,200
Year Ago       234,500       58,100             3,600       296,200

   Compared to last week, steers and heifers were uneven; 3.00 lower to 4.00 
higher.   Many markets early to mid-week were on the higher side, while later in the 
week markets followed the CME cattle complex in a downward trend.  Even though 
markets were lower this week demand was good at reporting auctions this 
week.  Marketing of cattle had a delay of up to a couple weeks in areas that were 
affected by a couple “bomb cyclones” as auctions are readying for their summer 
schedules.  With auctions sales going to a biweekly sales routine, farmer/feeders and 
order buyers chased cattle suited for summer turn out hoping to fill pastures with 
any weight of cattle that is in the flesh condition for summer turnout, even some 
light 700 lb cattle in the right flesh condition.  Ranchers are hoping to put on gain 
cheaper on grass than putting them in a feedyard and get all their forage needs from 
a bunk.  On Thursday at Valentine (NE) Livestock Auction, three loads weighing 700 to 
725 lbs sold from 168.00 to 172.00.  Packers procured inventory on Wednesday this 
week in the Southern Plains and Thursday in the Northern Plains.  In the Southern 
Plains, live sales were steady with last week at 126.00, while dressed sales in 
Nebraska were 3.00 lower at 205.00.  The CME Cattle complex has not seen a week like 
this in quite a while.  April Live Cattle will move off the Board next week and June 
then becomes the front month.  This week, June through December Live Cattle were 6.40 
to 7.62 lower, while May through January Feeder Cattle contracts were 7.30 to 8.22 
lower.  Last week’s true hedges are making some people feel real good right 
now.  Many analysts are referring to the slaughter rates of individual classes of 
cattle in determining where we are at in the cattle herd rebuilding cycle.  In 
addition, watchers of carcass weights also consider the number of heifers in the fed 
cattle mix and how they can affect total tonnage.  YTD cattle slaughter for the 
middle April totaled around 9.1 million head; 1 percent larger than last year and 0.6 
percent more than the previous three-year average.  Steer slaughter is 3.5 percent 
below a year ago and 3.6 percent under the previous three-year average.  Fed heifer 
slaughter is 7.7 percent above a year ago and 5.7 percent larger than the three-year 
average.  Dairy cow and beef cow slaughter is 5.1 percent and 2.5 percent larger than 
year ago respectively.  Cold Storage Report for March was released on Monday with 
total red meat supplies in freezers down 3 percent from previous month and down 2 
percent from last year.  Total lbs of beef in freezers were at 450.7 million lbs, 
down 5 percent from previous month and down 3 percent from last year.  Frozen 
pork supplies were at 610.1, down 1 percent from last month, and down slightly 
from last year.  Total red meat production for the United States totaled 53.5 
billion pounds in 2018, a record high which was 3 percent higher than the previous 
year.  Boxed-beef values have been doing very well with higher values but are 
starting to find some resistance this week as packers have plenty of product to 
sell.  For the week, the Choice cutout closed 0.51 lower at 233.14, while Select 
was 0.92 lower at 219.58.  Cattle Slaughter under federal inspection estimated at 
643K for the week, 2K more than last week and 15K more than a year ago.  Auction 
volume this week included 53 percent weighing over 600 lbs and 44 percent 

Auctions Receipts:  193,900    Last Week 199,400    Last Year 234,500
Northwest Weighted Average Direct Feeder Cattle 
Weekly Summary WA-OR-ID-UT
April 26
Receipts: 3,680     Last Week:  385    Year Ago:  519

   Compared to last week:  Feeder steers and heifers mostly steady on few sales last 
week to compare to. Demand good. Supply consisted of 100 percent over 600 lbs. and 31 
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
   65      775       775       143.00         143.00   Current Del   
   65      775       775       143.00         143.00   Current Del  Split Loads
   75      845       845       140.50         140.50   Current Del   
  580      900       900       136.00         136.00   Current Del   
  850      885       885       151.00         151.00   Jul-Aug Del   
   70      925       925       151.00         151.00   Aug-Sep Del   
  550      885       885       151.00         151.00   Sep     Del   

                Feeder Steers Medium and Large 1-2
 Head   Wt Range   Avg Wt    Price Range   Avg Price  Delivery
  275      875       875       134.00         134.00   Current Del   

                Feeder Heifers Medium and Large 1
 Head   Wt Range   Avg Wt    Price Range   Avg Price  Delivery
   65      750       750       134.00         134.00   Current Del   
   65      750       750       134.00         134.00   Current Del  Split Loads
  755      875       875    144.00-146.00     145.39   Aug-Sep Del   

               Feeder Heifers Medium and Large 1-2
 Head   Wt Range   Avg Wt    Price Range   Avg Price  Delivery
  265      825       825       128.00         128.00   Current Del   

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