Author: ploewen

Date: March 9th, 2020 U.S. and world equity markets closed out the week sharply lower taking cattle futures with them. Cash feedlot trade was down another $2 at $113 live with dressed trade off $5 from $180 to $182. Beef prices rallied back and hog futures finished the week higher. The spread of the coronavirus has improved in both China and South Korea but still spreading in Europe and the U.S. with Italy the hardest hit and going on lockdown. NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 03/06/2020 RECEIPTS: Auctions Direct Video/Internet Total This Week: 179,900 46,000 28,300 254,200 Last Week: 202,700 67,000 1,200 270,900 Year Ago: 204,000 63,400 36,900 304,300 Compared to last week, steers and heifers sold uneven; from 2.00 lower…

In the past week and a half, there has been a very strong correlation between equity market trade and the cattle complex, so yesterday prior to the open yesterday when the DOW was up nicely it injected some enthusiasm into the meats as well. At one point the DOW was up well over 1000 points and at one point live cattle were up the $3 limit on some contracts and feeders were knocking on the door of their $4.50 higher limit. We didn’t close at those levels, but the front three months in fats were solidly over $2 and the front four in feeders were over $2 higher as well. Bottom pickers were coming out of the woodwork calling for the lows to be in,…

Date: March 2nd, 2020 The narrative never changed last week, the spread of the coronavirus dominated headlines and pressured all markets. The DOW was down over 3600 points last week to levels not seen since last summer. Cattle futures tried to spark a rally almost every day last week but massive selling pressured prices as well as cash feedlot trade. On Tuesday, negotiated trade developed in Texas and Kansas at $115, which is $5 under last week’s weighted average. A very small amount of $114 traded in Kansas on Thursday and as low as $113. Nebraska dressed trade was $185 to $188 Tuesday and down to $183 on Thursday. NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 02/28/2020 RECEIPTS: Auctions Direct Video/Internet Total This…

Date: February 26th, 2020 Equities and cattle took another hit yesterday as most other commodities stabilized. It wasn’t right off the bat, livestock futures did open higher yesterday and traded mixed through the morning hours. Cash feedlot trade already ramping up activity yesterday at $115 live in TX and KS, which is $5 lower than a week ago, and $185 to $188 dressed, mostly $186 in the NE, down another $4 from last week. The Fed Cattle Exchange online auction will be held later today with 755 head consigned compared to last week’s 422 head of which none sold. Cattle slaughter from Tuesday estimated at 124,000 head, up 1,000 from last week and up 6,000 from last year. Hog slaughter from Tuesday estimated at 495,000…

Date: February 25th, 2020 Nearly every commodity on the board was in the red yesterday, gold the exception which was sharply higher, and U.S. stocks were sharply lower as investors responded to fresh concerns that coronavirus is not not contained2. As if Mondays weren't tough enough already, the news of the coronavirus spreading into South Korea and Japan panicked the market along with updated data from the World Health Organization. A few fat cattle trade in Iowa yesterday at $119 live, $1 lower than last week and $187 dressed which is $3 lower. Joplin Regional Stockyards Feeder Cattle - Carthage, MO Livestock Weighted Average Report for 2/24/2020 Total Receipts: 8,701 Last Week: 6,882 Last Year: 6,873 Compared to last week, steers and heifers under 600…

Date: February 19th, 2020 Livestock futures were higher most of the day yesterday and held onto decent gains to start the week as follow through buying controlled the market chatter. Feedlots should be looking to take advantage of the recent rally with cash trade now some $2 discount to the nearby live cattle contract. Beef demand should also continue to strengthen as we exit winter and enter the grilling season along with continued hopes that China becomes a major buyer of protein this year. The Fed Cattle Exchange online auction will be held later this morning with 422 head consigned compared to last week’s 413 head of which 315 sold at $119 live. Joplin Regional Stockyards Feeder Cattle - Carthage, MO Livestock Weighted Average Report…

Date: February 18th, 2020 Cattle futures shot higher to end last week, live cattle contracts nearly touching the $3 limit higher. Markets did calm down into the close yet were still able to hold triple digit gains. Cash feedlot trade slipped another $1 to $2 this past week down to $119 live in the South and in the North trade was reported at $119 live and $190 on a dressed basis. NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 02/14/2020 RECEIPTS: Auctions Direct Video/Internet Total This Week: 191,800 30,000 5,000 226,800 Last Week: 186,600 7,900 24,900 219,400 Year Ago: 223,800 78,200 3,600 305,600 Compared to last week, steers and heifers sold uneven; 1.00 lower to 3.00 higher. Demand was good for light weight calves…

Date: February 12th, 2020 USDA updated supply and demand estimates yesterday that were actually neutral to friendly for the grains but bearish for the meats overall. Beef production is estimated higher for 2020 but overall a 59 million pound reduction in supply, which is good news. Pork production though is estimated 1.248 billion pounds higher than last year with a net increase of 84 million pounds to supply and poultry a 1.964 billion pound increase in production for a 1.625 billion pound net gain to supply! It also didn’t help cattle futures yesterday with cash feedlot trade already being reported at $2 to $3 lower from $119 to $120 live everywhere except TX and $190 dressed trade in the North. The Fed Cattle Exchange online…

Tough and bumpy road again yesterday for the meat complex trade. Live cattle finished with a pair of contracts down over $1, feeders with several months over $1 lower and hogs were triple digits down on the April contract. Oddly enough, feeders and hogs also had some contract months that finished higher and for the feeders that was the front two in the March and April contracts. Chart technical analysis looks really shaky in the cattle contracts still. Feeders have bounced around key support levels for several days, trying to figure out what direction is next. Live cattle are still $1-$2 off key support levels and look bound and determined to try and hit them. Adding to the weakness, it didn’t help matters that negotiated…

Date: February 10th, 2020 Livestock futures were mixed Friday and for the week with deferred lean hogs getting the best bump higher after China’s comments that tariff levels would be reduced for pork, beef and soybean imports. Cash feedlot trade slipped another $1 to $2 this past week down to $120 to $121 live in the South and in the North trade was reported at $121 to $123 live and $193 to $194 on a dressed basis. NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 02/07/2020 RECEIPTS: Auctions Direct Video/Internet Total This Week: 186,600 7,900 24,900 219,400 Last Week: 253,100 14,300 2,500 269,900 Year Ago: 259,700 56,100 22,300 338,100 Compared to last week, steers and heifers sold mostly steady to 3.00 higher, nationwide except…