Date: June 12, 2024
Livestock futures traded both sides of unchanged on Tuesday but ultimately all finished lower. Both live and feeder cattle futures were able to hit new recent highs with June live cattle testing the May highs. Overall though it was not a great follow through day after Monday’s triple digit rally. No cash feedlot trade yet this week but hopes are for higher money this week as feedlots are current and sales were on the lighter side last week. Beef demand also remains strong with new highs for the year again yesterday.
Oklahoma National Stockyards Feeder Cattle – Oklahoma City, OK
Livestock Weighted Average Report for 6/10/2024 – Final
Total Receipts: 6,584 Last Week: 7,170 Last Year: 10,143
Compared to last week: Feeder steers over 850 lbs 1.00-6.00 higher. Feeder steers under 850 lbs 2.00-7.00 lower. Steer calves 5.00-10.00 higher. Feeder heifers steady to 4.00 higher. Heifer calves 4.00-9.00 lower. Demand moderate to good. 7 weight index steers averaged $250-$266 and 8 weights averaged $235-$244.
Joplin Regional Stockyards Feeder Cattle – Carthage, MO
Livestock Weighted Average Report for 6/10/2024 – Final
Total Receipts: 8,001 Last Week: 13,367 Last Year: 11,519
Compared to last week: Feeder steers under 750 lbs. sold steady with heavier weights steady to 3.00 higher. Feeder heifers sold from 6.00 lower to 2.00 higher. Supply was heavy with good demand. 7 weight index steers averaged $258-$264 and 8 weights averaged $240-$252.
Sioux Falls Regional Cattle Auction – Worthing, SD
Livestock Weighted Average Report for 6/10/2024 – Final
Total Receipts: 9,126 Last Week: 2,717 Last Year: 2,006
Annual BBQ Special Cattle Sale! Compared to the sale two weeks ago: Not enough numbers for light steers in the previous sale. Steers 800- 950 lbs 9.00-12.00 higher, with instances sharply higher in 800 lb steers. Light heifers were mostly steady today. Heifers 700 lbs 7.00 to sharply higher, 800 lbs 1.00-6.00 higher, 850-900 lbs steady to 2.00 higher. 7 weight index steers averaged $269-$287 and 8 weights averaged $256-$266.
Cattle slaughter on Tuesday estimated at 123,000 head, matching last week but down 3,951 from last year. Hog slaughter estimated at 482,000 head, up 1,000 compared to a week ago and up 16,213 compared to a year ago.
Boxed beef cutout values higher on Choice but lower on Select on good demand with 144 loads sold.
Choice +.79 @ 318.21, Select -.42 @ 300.62
CME Feeder Cattle Index 253.39
CME Lean Hog Index 91.32
Pork Carcass Cutout +3.24 @ 103.66
June live cattle up to a new 2-month high back on May 23rd at $184.67 with resistance next around $186 and support at $181. August feeders hit a new 2-month high on May 29th at $264.95 but then settled lower for 7 consecutive trading days to hit a new recent low at $250.80. Over the past 3 months, August has really been chopping sideways to just a slightly higher trend. June lean hogs down to a new recent low last week at $91.80 with support at $91 and resistance at $95.
Grains were mixed on Tuesday with fall crops lower but wheat regaining most that was lost on Monday and breaking the 8-9 days of consecutive lower settlements. Egypt purchased another big chunk of wheat from various origins, again nothing from Russia. China was back for more old crop U.S. soybeans, surprising this time of year with new crop available in South America. They are still absent from any new crop buying, mostly likely waiting for election results this November.
Grains overnight were mixed with corn and beans trading both sides of unchanged in fairly tight ranges and finishing steady to 3 higher. Wheat faded lower to begin the overnight session but collapsed for double digit losses earlier this morning. EU wheat was off 2% overnight. Outside markets have equities higher, US$ lower, and energies higher with crude oil up $1.20/barrel. USDA reported another private sale of old crop soybeans to China this morning, 106,000 MT or 3.9 MBU.
USDA will update supply and demand later this morning with expectations for a neutral to friendly monthly crop report. There shouldn’t be any adjustments for the fall crop production but wheat production estimates are higher than a month ago. Ending stocks for both old crop and new crop U.S. wheat are also expected to be slightly higher than last month but world stocks are projected to be lower. World stocks for both corn and soybeans are expected to decrease as well as most private estimates continue to decrease the crop production estimates in South America.
Rain this week will be very isolated with above average temps. 1-2 inch rains still expected across the WCB through mid-next week with light rains over all major growing areas. The 6-10 day outlook shows above normal temps from the Central Plains to the East Coast and below normal temps in the Northwest with above normal moisture in Southeast, WCB and PNW and below normal moisture from MO to the Mid Atlantic.
July corn down to a new recent low last week $4.38 ¼ with support next at $4.36 and resistance from $4.71 to $4.75. July soybeans also down to a new recent low last week at $11.74 ¼ providing nearby support with resistance around the $12 level. July Chicago wheat up to a new recent high back on May 28th at $7.20, pulling all the way back for a new 1-month low yesterday at $6.05 ½. July KC wheat also peaked on the 28th at $7.46 ¼, down to a new recent low overnight at $6.39 with support next at $6.23. July MPLS wheat hit a new 6-month high on May 28th at $7.67 ¾ with support at $6.39. July soybean meal still holding a short term higher trend with support at $354 and resistance at $391.
Loewen and Associates, Inc.
Pete Loewen / Matt Hines / Doug Biswell / Tyson Loewen
www.loewenassociates.com matt@loewenassociates.com
785-537-3336
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