Author: ploewen

Date: June 2nd, 2021 Cattle futures sharply lower, lean hogs and all grains sharply higher to start the new month. The JBS cyber-attack over the weekend along with sharply higher corn futures put massive pressure on the cattle markets yesterday. CME also expanded daily limits for cattle with live cattle now able to trade $4/cwt and feeders $6.25/cwt, feeders even touched that limit lower yesterday in the first few minutes of trade. As of the close, JBS had cut production or shifts in its five largest beef plants here in the U.S. which accounts for 22,500 head per day. This was confirmed by the slaughter numbers released by USDA for Tuesday with cattle slaughter down 27K and hog slaughter down 95K from last week. Late…

Date: June 1st, 2021 Livestock futures ended last week mixed with cattle futures under pressure and lower for the week while lean hogs finished the week higher. Cash feedlot trade was done by midweek with trade in the South at $116 to $120, mostly $119 to $120, steady to $1 higher than the week previous Northern dressed trade ranged from $187 to $192, mostly $191, generally steady with week's previous weighted average basis Nebraska. Oklahoma Weekly Cattle Auction Summary Livestock Weighted Average Report for 5/23/2021 - 5/29/2021 Current Week: 31,141 Last Report: 22,325 Last Year: 14,889 Compared to last week: Feeder steers steady to 3.00 higher. Feeder heifers sold 2.00-5.00 higher. Demand very good for feeder cattle as several large strings of cattle were moving…

Date: May 26th, 2021 Livestock futures finished steady to higher yesterday as pressure on the grains allowed feeders to breakout higher. Cash feedlot trade so far this week at steady to $1 lower from last week at $119 to $120 live and $190 on a dressed basis. This kept the lid on live cattle futures advancing yesterday. Slaughter numbers will be down this week ahead of the Memorial Day holiday, although week to date is already higher than last week. Markets are closed next Monday and end of the month trading will be present this Friday which could increase volatility for the balance of the week for all markets. Kingsville Livestock Auction - Kingsville, MO Livestock Weighted Average Report for 5/25/2021 This Week: 2,380 Last…

Date: May 24th, 2021 Livestock futures ended last week holding triple digit gains. Cash feedlot trade this past week steady to just a slightly lower undertone with live trade from $118 to $120, mostly $119, and dressed trade ranging from $188 to $193, most at $191. Beef and pork prices continue to rally with supportive domestic demand and export trade. May Cattle on Feed USDA Average Estimate On Feed May 1 105% 103.7% Placed in April 127% 120.8% Marketed in April 133% 133.6% May cattle on feed totaled 11.7 million head compared to 11.2 million last May but below the 11.8 million in May 2019. April 2021 placements totaled 1.82 million compared to only 1.43 million a year ago and 1.84 million in April 2019.…

Date: May 19th, 2021 Morning Ag Markets – Matt Hines Livestock futures mixed yesterday with higher corn again pressuring feeders, fats holding gains after some steady cash feedlot trade already this week and lean hogs bouncing higher after holding trendline support this week. Cash feedlot trade so far this week started in TX & IA at $119 to $120 live on light volume and yesterday some additional light volume in TX & KS at $119 to $120 live. Cattle slaughter so far looking better than the last couple weeks, maybe we get back to 650K+ week, that would be helpful in holding or exceeding the $120 mark. U.S. beef priced sharply higher this week as Argentina banned beef exports for 30 days to try and…

Date: May 17th, 2021 Livestock futures ended last week mixed. Feeders able to hold gains as corn futures took another hit lower. Fats and lean hogs though weaker on Friday and for the week. Cash feedlot trade last week was fairly light volume with some trades for delivery 30 days out. Trade in the North started early in the week at $120 to $121 live and $191 dressed which is steady to $2 higher than the week previous. Trade in the South picked up midweek at $119 to $120 live, $1 higher on average compared to the week previous. Cattle slaughter still less than expected and keeping a lid on any sustained cash rally. Oklahoma Weekly Cattle Auction Summary Livestock Weighted Average Report for 5/9/2021…

Date: May 14th, 2021 Livestock futures mixed yesterday, overall a general commodity selloff. Grains led the way lower which at first supported higher livestock futures. Feeders held near steady but fats finished triple digits lower as rumors swirled that a major beef plant will not processes any cattle tomorrow. We were hoping to see at least 650K head move through this week, this could now be in jeopardy. We really need to see 670K+ to pull fats higher. Solid beef export shipments, very bullish pork shipments again this past week but very poor exports sales for both beef and pork reported yesterday morning. Cash feedlot trade so far this week has been a mixed bag. Trade in the North started early this week at $120…

Date: May 12th, 2021 Livestock futures opened higher yesterday then proceeded lower as grains caught fire again. Cattle futures were able to climb pack into positive territory by lunch time and held small gains while lean hogs stayed in the red for the rest of the session. June finished in the middle of the gap formed last Monday, $109.72 would fill the gap and down to $107 would press the higher trendline. Cash feedlot trade so far this week light volume in the North at $119 to $121 live and $190 to $192 dressed which is steady to $3 higher than the week previous. Slaughter levels continue to slip lower over these past couple weeks. Despite higher beef and pork prices, packers are having a…

Date: May 10th, 2021 Livestock futures mixed again to end last week, but this time with cattle futures able to hold gains and lean hogs triple digits lower. Corn took a breather for most of Friday which allowed cattle futures to catch a bid and rally back. Hogs have been sharply higher all week with Friday’s action just a little pullback heading into the weekend. Negotiated cash feedlot trade last week was overall steady to lower than the week previous. Trade began on Tuesday and wrapped up by Thursday at $117.50 to $119 live and $188 to $192 dressed. Oklahoma Weekly Cattle Auction Summary Livestock Weighted Average Report for 5/2/2021 - 5/8/2021 Current Week: 23,580 Last Report 4/26/21: 23,039 Last Year: 39,423 Compared to last…

Date: May 5th, 2021 Cattle futures hit hard on Tuesday and into new recent lows as lean hogs held modest gains. Corn futures held strong gains, nearby May matching the contract high at $7.58 ¼ and the heaviest volume July into a new contract high. Cash feedlot trade already starting with light trade in TX at $119 live, steady to $1 higher than last week. Trade in North picked up yesterday at $117 to $119 live and $188 to $190 dressed which is steady to $2 lower than last week. Typically early week buying is a good sign that packers are in need of inventory. I would say the volume traded so far this week is feedlots seeing steady money and moving them before bids…