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Cattle futures close sharply higher on Tuesday

May 21, 2013 By Leave a Comment

Feedlot attitudes received a shot in the arm on Tuesday due to the sharply higher close in the cattle futures complex. Triple digit gains dominated both the live and feeder pits, adding credence to the technical significance of Monday’s reversals. Such actions should work to fortify or at least in the short run, higher asking prices of around 127.00 plus in the South and 203.00 to 205.00 plus in the North.  The cattle slaughter totaled 124,000 head, even with last week, but 1,000 smaller than a year ago.

Boxed beef cutout values were weak on select and firm on choice on light to moderate demand and offerings. Choice boxed beef was .41 higher at 210.66, and select was down .44 at 192.97.

Live cattle contracts settled 90 to 130 points higher on Tuesday as moderate to aggressive buyer support stepped back into the cattle market. The firmness in the feeder pit and the strong losses in the corn market drew buyers back into the oversold live cattle futures. June settled 97 points higher at 121.10 and August was up 1.22 at 120.37.

Feeder cattle ended the session 90 to 207 points higher with only the May contract lower. The sharp double digit losses in the corn market caused some feeder cattle traders to step back into the market. May settled .62 lower at 131.90, and August was up 2.00 at 146.47.

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Filed Under: Closing Futures & Livestock Briefs, Livestock, Markets Tagged With: , ,

Closing Grain and Livestock Futures: May 21, 2013

May 21, 2013 By Leave a Comment

Jul. corn closed at $6.40, down 9 and 1/2 cents
Jul. soybeans closed at $14.78 and 1/4, up 13 and 3/4 cents
Jul. soybean meal closed at $438.70, up $3.40
Jul. soybean oil closed at 49.48, up 28 points
Jul. wheat closed at $6.80 and 1/2, down 4 and 3/4 cents
Jun. live cattle closed at $121.10, up 97 cents
Jun. lean hogs closed at $92.40, up 32 cents
Jun. crude oil closed at $96.16, down 55 cents
Jul. cotton closed at 83.86, down 192 points
Jun. Class III milk closed at $18.06, down 23 cents
Jun. gold closed at $1,377.60, down $6.50
Dow Jones Industrial Average: 15,387.58, up 52.30 points

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Tuesday midday cash livestock markets

May 21, 2013 By Leave a Comment

We probably will not see cash cattle trade this early in the week as few packers will field even preliminary bids. Most feedlot operators will also remain guarded in their asking prices. A few operators have priced showlists around 127.00 in the South and 201.00 to 202.00 in the North. But for the most part bids and asking prices are not well defined.

Boxed beef cutout values are near steady in the morning report with the choice up .21 at 210.46, and the select down .21 at 193.20.

Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 6125 head. Compared to last week steer and heifer calves over 400 pounds were 3.00 to 6.00 lower. Demand and supply was moderate. Pastures and crop ground are saturated as rain continues to fall across the trade area. Feeder steers, medium and large 1, calves weighing 625 pounds averaged 137.49 per hundredweight. 624 pound heifer calves brought 125.76.

Barrows and gilts in the Iowa/Minnesota direct trade are not reported due to confidentiality, the West is .76 lower at 88.89, and the East is .08 lower at 90.09. The Missouri direct base carcass meat price is steady to 1.00 higher from 85.00 to 87.00. Terminal hogs are steady from 58.00 to 62.00 on a live basis.

The pork carcass cutout value FOB plant in the morning report on a negotiated basis is up .68 at 93.48.

Given Monday’s combination of higher bids and limited country movement, it looks like cash hog buyers are set for another expensive round of procurement chores this week.

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Pork, beef exports down for first quarter

May 20, 2013 By Leave a Comment

The value of first quarter U.S. beef exports is down slightly compared to a year ago. The drop resulted primarily from Russia virtually closing market access to U.S. beef, in addition to drops in exports to Vietnam and Mexico. U.S. Meat Export Federation (USMEF) CEO Phil Seng put the spotlight on Japan Monday, citing their expansion of market access to U.S. beef from cattle 30 months of age and younger.

“For the most part, we are doing pretty well on the beef side,” said Seng, during a conference call with reporters Tuesday. “I think that when we take a look at Japan, for example, we were up 80 percent in volume just in March alone [following] the changeover from the 20 to 30 months, so that’s been significant.”

Pork exports from the United States during the first quarter, according to Seng, have challenges of their own.

“In traditional markets like Japan where we’ve always done quite well, it’s our leading market for a volume basis, we’re down about 12 percent; Hong Kong/China, down about 10 percent,” he said.

Pork exports to Colombia have jumped, but pork going to Russia has been severely restricted.

The U.S. Meat Export Federation Board of Directors is meeting this week in Washington, D.C. Seng made his comments from that meeting.

Filed Under: Livestock, News, World Ag News/Trade Tagged With: , , ,

This week’s cattle showlists appear somewhat larger

May 20, 2013 By Leave a Comment

Feedlot country was generally quiet on Monday afternoon following the distribution of the new showlists. Ready numbers are generally larger, especially in the South. A few of the showlists have been priced around 127.00 plus in the South and 203.00 to 205.00 in the North. The kill totaled 125,000 head, 2,000 more than last week, but even with a year ago.

Boxed beef cutout values were firm to higher on moderate demand and light offerings. Choice beef was up .53 at 210.04, and select was 1.10 higher at 193.41.

Chicago Mercantile Exchange live cattle contracts settled 25 to 72 points higher. The moderate to strong gains developed through the complex with the initial downward pressure replaced by firmer commercial support according to DTN. Higher boxed beef prices at midday were supportive to the live issues. June settled .72 higher at 120.12, and August was up .60 at 119.15.

Feeder cattle ended the session mostly 85 to 130 higher with only the May contract in the red. As the initial shock of the cattle on feed reports negative placement figure wore off the market turned mixed and ended mostly higher. May settled 1.37 lower at 132.52, and August was up 1.10 at 144.47.

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Filed Under: Closing Futures & Livestock Briefs, Livestock, Markets Tagged With: , ,

Closing Grain and Livestock Futures: May 20, 2013

May 20, 2013 By Leave a Comment

Jul. corn closed at $6.49 and 1/2, down 3 and 1/4 cents
Jul. soybeans closed at $14.64 and 1/2, up 16 cents
Jul. soybean meal closed at $435.30, up $10.20
Jul. soybean oil closed at 49.20, down 32 points
Jul. wheat closed at $6.85 and 1/4, up 2 cents
Jun. live cattle closed at $120.12, up 72 cents
Jun. lean hogs closed at $92.07, up 55 cents
Jun. crude oil closed at $96.71, up 69 cents
Jul. cotton closed at 85.78, down 63 points
Jun. Class III milk closed at $18.29, down 7 cents
Jun. gold closed at $1,384.10, up $19.40
Dow Jones Industrial Average: 15,335.28, down 19.12 points

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Day-1 of Wisconsin raw milk trial

May 20, 2013 By Leave a Comment

A high-profile trial over raw milk got underway in Baraboo, Wisconsin Monday. 12 jurors were selected and opening arguments were heard. Dairy farmer Vernon Hershberger in on trial for selling milk without a license and ignoring a “hold” order from the Wisconsin Department of Agriculture, Trade and Consumer Protection.

Hershberger started selling unpasteurized milk and other products from a store on his farm to a private buyers club in 2004. In 2009 he was cited by the Wisconsin Department of Agriculture for not having a retail eatery license and in 2010 for not having the proper license to sell milk. Officials sealed cases of unpasteurized dairy products on the farm in June of 2010 but Hershberger resumed selling to club members. Hershberger contends did not need a license because he was not selling to the public but only to club members. The State of Wisconsin does not recognize buyer’s clubs where consumers buy or lease a cow on the farm and then get raw milk and other dairy products from it.

Raw milk advocates from across the country have descended upon the town of 12,000 to show their support for Hershberger but Sauk County Circuit Judge Guy Reynolds is determined to keep the trial focused on the charges: was Hershberger’s farm properly licensed to sell milk and did he violate the hold order? At a pre-trial hearing last week the judge granted a prosecution request to prohibit testimony about the merits of raw milk. He also barred testimony on Hershberger’s religious convictions.

Baraboo lays claim to being the home of the Ringling Brothers, Barnum & Bailey Circus and is home of Circus World Museum, raw milk advocates have booked the famous Al Ringling Theater across the street from the courthouse to host speeches, presentations, music and other activities in support of Hershberger and raw milk consumption.

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Monday midday cash livestock markets

May 20, 2013 By Leave a Comment

The main item of business in cattle country on Monday is the distribution of the new showlists, bids and asking prices are not well defined. Most of cattle country waited until Friday to trade. Northern dressed deals ranged from 200.00 to 202.00, mostly 201.00, steady to 3.00 lower. Live business in the South was 125.00 to 125.50, .50 to 1.00 lower. Trade volume totals were limited and cattle buyers may find themselves starting out the week very close to the knife.

Boxed beef cutout values were higher in the morning report, with choice beef up .45 at 209.96, and select was 1.45 higher at 193.76.

Feeder cattle receipts at the Herreid Livestock Market, Herreid, SD totaled 10,520 head last week. An accurate trend was not available for the two day event, however all weight classes sold steady to strong. The exception was heavier feeder cattle which sold mostly 1.00 to 2.00 higher. It was a very active market with very good demand.  474 feeder steers with an average weight of 721 pounds traded at 144.92 per hundredweight. 584 heifers weighing 728 brought 126.21.

Barrows and gilts in the Iowa/Minnesota direct trade were not reported due to confidentiality, the West is .09 lower at 89.04, and the East is down .46 at 89.81. The Missouri direct base carcass meat price is steady from 85.00 to 86.00. Terminal hogs are .50 higher to 2.00 lower from 58.00 to 62.00.

The pork carcass cutout value FOB plant in the morning report is up .19 at 92.80.

Not only has the pork carcass value been on an impressive roll, from Friday to Friday last week, the cut-out surged $3.61, the skyrocketing performance of the record-setting choice beef market continues to make pork look like a cheap alternative.

Filed Under: Livestock, Markets Tagged With: ,

Cattle trade was slow to develop on Friday

May 17, 2013 By Leave a Comment

USDA Mandatory reported cattle trading and demand was light in Kansas on Friday, with live sales .50 to 1.00 lower than last week at 125.00, a few at 125.50. Cattle traded on a limited basis in Nebraska and Iowa with a few cattle on a live basis trading from 125.00 to mostly 126.00. Dressed deals in Iowa and Nebraska from 200.00 to 202.00. The Texas Panhandle traded about 7,000 head on Thursday at 125.00, a 1.00 lower than last week.

Boxed beef cutout values were weak on select and firm on choice on light to moderate demand and offerings. Choice beef was up .74 at 209.51, and select was .40 lower at 192.31.

The weekly cattle kill at was at 652,000 head, 21,000 more than last week and 8,000 greater than last year. The last time the weekly slaughter total reached 652,000 head level, was August last year.

Live cattle contracts settled 30 to 117 points lower on the Chicago Mercantile Exchange on Friday. Despite the ability to keep June cattle futures contained to narrow losses on Friday, the overall tone of the market weakened further through the session. The strong support in the dollar index and stock markets added to commodity market liquidation. Boxed beef prices were steady to weaker at midday and provided no support to the futures market. June settled .50 lower at 119.40, and August was down 1.17 at 118.55.

Feeder cattle settled 112 to 175 lower. Traders posted moderate to sharp losses as weakness through the livestock markets drew additional trade into the complex. May settled 1.12 lower at 133.90, and August was down 1.75 at 143.37.

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Filed Under: Closing Futures & Livestock Briefs, Livestock, Markets Tagged With: , ,

Placements larger than expected

May 17, 2013 By Leave a Comment

USDA’s monthly cattle on feed update came out fairly close to pre-report estimates, but placements were larger than anticipated, while marketings were a little slower than what analysts were projecting.

Placements during April 2013 totaled 1.750 million head, up 15% on the year, and exaggerated by the extremely low April 2012 placement figure. By size, placements on cattle and calves weighing less than 600 pounds were 375,000 head and placements for the 600 to 699 pound category were 270,000 head, while 700 to 799 pound placements were 455,000 head and placements on cattle 800 pounds and heavier were 650,000 head. Before the report, analysts, on average, expected placements to be up 12.1% from a year ago.

April marketings were 1.855 million head, a 2% year to year increase, compared to the pre-report projection for a 2.9% rise.

The total number of cattle on feed in the U.S. as of May 1 was 10.735 million head, down 3% from May 1, 2012, when analysts were anticipating a 3.7% decline.

Other disappearances during April were 69,000 head, 12% less than last year.

USDA’s next cattle on feed report is out June 21.

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