Mar. corn closed at $4.85 and 3/4, up 10 and 1/2 cents
Mar. soybeans closed at $14.37 and 1/2, up 17 and 1/2 cents
Mar. soybean meal closed at $458.40, up 70 cents
Mar. soybean oil closed at 44.27, up 109 points
Mar. wheat closed at $6.41 and 1/2, up 4 and 1/4 cents
Apr. live cattle closed at $143.15, down 52 cents
Apr. lean hogs closed at $112.40, up $1.67
Apr. crude oil closed at $101.56, up 11 cents
May cotton closed at 91.61, up 300 points
Mar. Class III milk closed at $22.60, up 40 cents
Apr. gold closed at $1,351.80, up $11.50
Dow Jones Industrial Average: 16,421.89, up 61.71 points
Mar. corn closed at $4.85 and 3/4, up 10 and 1/2 cents
A light cattle trade was evident in several areas on Thursday afternoon, but there didn’t appear to be much happening. Generally speaking live business appears to be about 2.00 lower than last week from 148.00 to 150.00 and 237.00 dressed. Given limited trade volume totals the expectation is more buying should develop some tomorrow. Asking prices on the unsold cattle are around 152.00 in the South and 240.00 to 243.00 in the North. The kill totaled 108,000 head, 9,000 below last week and 13,000 less than last year.
Boxed beef cutout values were higher on moderate to fairly good demand and light offerings. Choice boxed beef was up 1.07 at 235.58, and select was also 1.07 higher 233.00.
Live cattle futures on the Chicago Mercantile Exchange settled 15 to 52 points lower pressured by follow through selling, profit taking and lower feedlot sales. April settled .52 lower at 143.15, and June was down .30 at 135.47.
Feeder cattle ended the session 82 to 135 points lower reflecting the defensive tone of the live pit. Besides the lower packer spending the market was pressured by firming action in the corn market. March settled .82 lower at 171.40, and April was down 1.20 at 172.80.
USDA Mandatory reports that cattle trading was limited in Kansas on Wednesday and again today on light demand. Compared to last week, live sales are 2.00 lower at 148.00. Trading is light in Nebraska today with a few early sales mostly 2.00 lower than the bulk of the sales last week at 150.00, and early dressed sales 3.00 lower at 237.00. Light dressed trade occurred In Nebraska yesterday at 240.00. There is a light trade in Colorado with live sales 2.00 to 2.50 lower at 150.00. Trading is inactive in Iowa but there was a limited trade yesterday at 240.00 dressed. Trading remains inactive in the Texas Panhandle.
Boxed beef cutout values are higher in the morning report. Choice beef is up 1.29 at 235.80, and select is 1.14 higher at 233.07.
Feeder cattle receipts at the Hub City Livestock Auction at Aberdeen, South Dakota totaled 4,666 head on Wednesday. Feeder steers traded 1.00 lower to 6.00 higher with the advance on steers weighing 701. To 850 pounds. Heifers traded 1.00 lower to 4.00 higher than last week. There was good demand for the offering of many load lots and packages which sold on an active market. 391 feeder steers averaging 820 pounds brought 169.32 per hundredweight. 475 replacement heifers weighing 730 pounds averaged 182.82.
Barrows and gilts in the Iowa/Minnesota direct trade are 2.27 higher with a weighted average of 105.52 on a carcass basis, the West is up 2.44 at 105.16, and the East is not reported due to confidentiality. Missouri direct base carcass meat price is steady from 92.00 to 97.00. Terminal hogs are steady to 1.00 higher from 66.00 to 68.00.
The pork carcass cutout value is .71 lower at 108.34 FOB plant in the morning report.
The average weight of Iowa barrows and gilts last week totaled 281.8 pounds, 0.4 pounds lighter than the prior week, though still 5.7 pounds heavier than 2013. Cold weather seems to be curbing tonnage a bit.
This past February was the coldest in 35 years in Missouri. State climatologist Pat Guinan says livestock producers and their animals know that first-hand, “Ranchers had to chop ice, probably on a daily basis, to get water for their livestock. And then feeding hay, with these cold temperatures, there was, I’m sure, some demand – higher demand – for nutrition from the hay for the cattle.”
This past February has been the ninth coldest on record and he says the past three months have been the ninth coldest meteorological winter on record in the state. Precipitation this winter in Missouri has been below normal which Guinan says may be hard to believe. But, he says snow fall has been ABOVE normal because of these cold temperatures.
~Missourinet contributed to this story~
USDA Mandatory reported a very limited cattle trade in Kansas on Wednesday on light demand. A few live sales at 148.00 but not enough to establish a market. Trading was also limited in Iowa and Nebraska with a few dressed sales at 240.00, that would be fully steady with last week’s business. Asking prices are around 152.00 to 154.00 in the South and 242.00 to 245.00 in the North. The kill totaled 106,000 head, 9,000 less than last week, and 10,000 below a year ago.
Boxed beef cutout values were higher on moderate demand and light offerings. Choice beef was 2.75 higher at 234.61, and select was up 2.19 at 231.93.
Live cattle contracts on the Chicago Mercantile Exchange settled 35 to 195 points lower on Wednesday. The fear of tight supplies that swept over the livestock complex on Tuesday seems to have quickly turned into a cautionary tale of protection as traders tried to adjust markets lower with a few if any willing buyers returning to the market at midweek. All nearby contracts held triple digit losses despite continued support in beef values and tight cattle supplies still existing. April settled 1.95 lower at 143.67, and June was down 1.22 at 135.77.
Feeder cattle ended the session 25 to 67 points lower. Corn prices held on to light losses, but the main concern in feeder cattle futures is that market highs may have been reached in live cattle futures. This could spark additional widespread pressure over the coming sessions. March settled .67 lower at 171.22, and April was down .35 at 174.00.
Mar. corn closed at $4.75 and 1/4, down 1 and 1/2 cents
Mar. soybeans closed at $14.20 up 2 cents
Mar. soybean meal closed at $457.70, down $1.10
Mar. soybean oil closed at 43.18, down 28 points
Mar. wheat closed at $6.37 and 1/4, down 2 and 1/2 cents
Apr. live cattle closed at $143.67, down $1.95
Apr. lean hogs closed at $110.72, down 95 cents
Apr. crude oil closed at $101.45, down $1.88
Mar. cotton closed at 87.90, down 42 points
Mar. Class III milk closed at $22.20, up 10 cents
Mar. gold closed at $1,340.20, up $2.40
Dow Jones Industrial Average: 16,360.18, down 35.70 points
Private sources are reporting a few bids on the cattle in Nebraska from 237.00 to 240.00, but the rest of cattle country is very quiet. Asking prices remain around 154.00 to 156.00 in the South and 245.00 to 246.00 plus in the North. Significant trade volume could be delayed until Thursday or Friday.
Boxed beef cutout values are higher in the morning report with the choice up 2.99 at 234.75, and select is 2.31 higher at 232.05.
Boxed beef cutout values continued to speed higher on Tuesday afternoon with decent box movement. Since bottoming on February 14th, the choice bounced more than $24.00 higher. Furthermore the wholesale trade shows no signs of running out of gas according to John Harrington at DTN.
Several Missouri cattle auctions were canceled on Monday and Tuesday due to inclement weather.
Feeder cattle receipts at the Loup City Commission Company at Loup City, Nebraska totaled 1580 head on Tuesday. Compared to two weeks ago, steers and heifers sold 5.00 to 9.00 higher, Demand was good from start to finish from a moderate crowd with some new buyers in attendance. All offerings were longtime weaned, some with a little extra flesh, but buyers were not selective. Feeder steers medium and large 1 averaging 734 pounds traded at 181.81 per hundredweight. Fancy heifers weighing 700 pounds brought 180.10.
Barrows and gilts in the Iowa/Minnesota direct trade were not reported due to confidentiality. Western hogs were 2.44 lower with a weighted average of 100.35 on a carcass basis, in the East barrows and gilts are 1.04 higher at 100.53. Missouri direct base carcass meat price is 1.00 higher from 92.00 to 97. Terminal hogs are steady to 3.00 higher from 65.00 to 70.00 live.
The pork carcass cutout value was up 1.41 FOB plant with all primal cuts higher except bellies.
Slamming up the limit in the first six contracts yesterday, the lean hog pit once again proved to be an absolute runaway. Huge premiums lend spot traders of live butchers and wholesale pork phenomenal leverage.
Cattle country was at a standstill on Tuesday afternoon with bids virtually absent. Feedlots watched the futures close higher and adjusted their asking prices accordingly. Although asking prices are not well defined, it sounds like some feedlot managers are pricing around154.00 in the South and 245.00 to 246.00 plus in the North. Significant trade volume could be delayed until Thursday or Friday. The kill totaled 115,000 head, 2,000 less than last week, and 6,000 smaller than 2013.
Boxed beef cutout values are higher on moderate demand and light offerings. Choice beef was up 1.27 at 231.76 and select was 1.93 higher at 229.74.
Live cattle contracts on the Chicago Mercantile Exchange settled 25 to 210 points higher as strong buyer support quickly jumped into the futures trade on Tuesday. The initial expectation that corn markets would back away from Monday’s gains was short lived as grain market support redeveloped. But that was not enough to shake the interest of buyers. Triple digit gains remained solid in the nearby contracts as traders focus on the potential additional fundamental support through the end of the week. April settled 1.50 higher at 145.62, and June was up 2.10 at 137.00.
Feeder cattle ended the session 110 to 142 points in the black on support from the gains in the live pit and the lean hog complex. There was very little fundamental direction associated with the market rally which could lead to some additional price shifts later in the week. But aggressive outside market direction made many traders quickly step into the market so they aren’t left out, according to Rick Kment at DTN. March feeders settled 1.12 higher at 172.90, and April was up 1.27 at 174.35.
Mar. corn closed at $4.76 and 3/4, up 12 and 3/4 cents
Mar. soybeans closed at $14.18, up 10 and 3/4 cents
Mar. soybean meal closed at $458.80, down $2.50
Mar. soybean oil closed at 43.46, up 135 points
Mar. wheat closed at $6.39 and 3/4, up 13 cents
Apr. live cattle closed at $145.62, up $1.50
Apr. lean hogs closed at $111.67, up $3.00
Apr. crude oil closed at $103.33, down $1.59
Mar. cotton closed at 88.32, up 46 points
Mar. Class III milk closed at $22.10, up 21 cents
Mar. gold closed at $1,337.80, down $12.80
Dow Jones Industrial Average: 16,395.88, up 227.85 points
It is a pretty typical Tuesday in feedlot country with significant business not expected until the second half of the week. Bids and asking prices are still not well defined, but a few showlists have been priced around 153.00 to 155.00 in the South and 245.00 plus in the North.
Boxed beef cutout values are higher in the morning report. Choice beef 230.70 up 1.58, and select 229.14 is 1.33 higher.
The two big Monday livestock sales were not so big this week due to adverse weather. The Joplin. Missouri sale was cancelled and Oklahoma City only had receipts of 2203 head. Numbers were limited again at Oklahoma City due to a winter storm that moved in over the weekend. The feeder trade was not well tested but a sharply higher undertone was noted. The demand was extremely good for the limited numbers. Feeders steers, medium and large 1 averaging 724 pounds traded at 176.31 per hundredweight. 643 pound heifers brought 169.60.
Barrows and gilts in the Iowa/Minnesota and Western direct trade areas are not reported due to confidentiality. Eastern markets are 1.33 higher with a weighted average of 99.20. Nationally barrows and gilts are .93 lower at 99.18. Missouri direct base carcass meat price is steady from 91.00 to 96.00. Terminal hogs are steady to 2.00 higher on a live basis from 64.00 to 70.00.
The pork carcass value is 1.03 lower at 105.24 FOB plant.
Spot April lean hog contracts once again notched a new all-time high for a lead month on Monday, remaining nearly more than $10 above the cash index. The board’s willingness to lead cash higher speaks highly of market confidence and a strong bullish bias.
DTN reports, If Russian intervention in the Ukraine forces a response from the U.S. a significant trade war could develop, hurting U.S. exports of beef and pork to Russia.