Morning Ag Markets – Matt Hines
Date: January 23rd, 2019 Strong pressure and sharp losses in cattle futures yesterday as hogs were mixed. Beef prices were still higher yesterday but there are concerns building about long term summer and fall beef demand. There was also a 1,000 head sale yesterday in KS at $122 live, $2 lower than last week that sent a shockwave through the cattle markets. There was also some light movement in NE at $123 live and $196 dressed, $1 to $2 lower. Showlists do appear to be larger this week as cash trade volume was light a week ago. Oklahoma National Stockyards - Oklahoma City, OK Livestock Weighted Average Report for 1/21/2019 Receipts Week Ago Year Ago 4,489 9,166 9,868 Compared to last week: Feeder steers and…
Morning Ag Markets – Matt Hines
Date: January 16th, 2019 New highs for nearby fat cattle futures while feeders and hogs continue to tread water with small gains yesterday after Monday’s sharply lower moves. Showlists appear to be larger this week but packers still need inventory or will have to slow down the chains. Winter weather is taking a toll on big chunk of the feeders in the South and could provide enough pressure this week on cattle owners to push inventory out sooner rather than holding in hopes for higher money again later in the week. Chinese Ag Ministry data for December shows the country's pig herd off -4.8% from the year ago month, while the sow herd was down -8.3% in December 2018 versus Dec 2017. For three consecutive…
Morning Ag Markets – Matt Hines
Date: January 14th, 2019 Light cash feedlot trade during the week led to another standoff for Friday. This time feeders were the beneficiary with futures steady to higher and packers paying $1 higher at $124 live and $2 higher at $197 on a dressed basis. Lean hog futures finished lower to end the week but both cattle and hog futures were higher compared to a week ago. NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 01/11/2019 RECEIPTS: Auctions Direct Video/Internet Total This Week 366,900 65,000 154,400 586,300 Last Week 79,300 23,200 7,400 109,900 Last Year 372,300 39,800 118,200 530,300 Compared to last week, steers and heifers sold uneven, from 4.00 lower to 1.00 higher. This week's total receipts on this report is the largest…
Morning Ag Markets – Pete Loewen 01/09/2018
Great action yesterday again in the cattle complex. Following a strong push into new or recent highs on the last day of 2018, it was followed up by four consecutive days of losses to ring in the New Year. Monday was a big turnaround day for cattle with some bullish key reversals on a few contract months and yesterday the front month February Live Cattle outperformed everything else with a giant $2+ higher push back into new contract highs again. That put the close at $125.30, which is $2.30 premium to last week’s Southern Plains cash trade. Definitely brought a lot of optimism into the mix for a higher potential for cash this week finally as well. Even with a product market that is showing…
Morning Ag Markets – Matt Hines
Date: January 7th, 2019 Packers paid $123 live and $195 dressed on Thursday jumping forward to avoid a Friday standoff. Packer margins have declined some recently but still remain in the black. Not all sellers were willing to accept steady money and left offers firmly at $125. This did not bode well Friday with futures tanking and packers pull bids back. Trade in the North Friday was at $122 to $122.50 live but still held at $195 dressed. NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 01/04/2019 RECEIPTS: Auctions Direct Video/Internet Total This Week 79,300 23,200 7,400 109,900 2 Wks Ago 183,800 16,900 4,000 204,700 Last Year 116,000 21,400 5,600 143,000 Compared to two weeks ago, steers under 700 pounds were mostly 1.00-4.00 higher,…
Morning Ag Markets – Matt Hines
Date: January 3rd, 2019 Mixed livestock futures to start the New Year with cattle under pressure most of the day but coming back from double digit losses. Hogs finished higher for the 5th consecutive trading day building some momentum after carving out a low just above $60 for the nearby February contract. Huss Platte Valley Auction - Kearney, NE Feeder Cattle Weighted Average Report for 01/02/2019 Receipts: 3264 Two Weeks Ago: 5110 Year Ago: 4533 Compared to two weeks flat 600 lbs steers sold 5.00 higher, 700-800 lbs steers sold steady to 2.00 higher, over 800 lbs sold 5.00 lower. Heifers sold unevenly steady. With pens in poor shape across the trade area buyers didn’t bulk at the auction on Wednesday. St Joseph Stockyards -…
Morning Ag Markets – Matt Hines
Date: January 2nd, 2019 Cash feedlot trade last week in the Iowa jumped the gun a bit at $121.50 live and $190 dressed midweek. Most feedlots held firm until late Friday which paid off with packers paying $3 to $4 higher at $123 live in Nebraska, Texas and Kansas. 2018 was by far one of the most profitable years for beef processing. For the rest of us in the cattle industry, it was just okay with prices fairly flat yet still supported by those higher beef prices that led to profits for the packer. Monday’s trade was fairly uneventful ahead of the New Year’s break. Futures were mixed for cattle and higher for hogs on Monday. Showlists appear to be larger this week especially in…
Morning Ag Markets – Pete Loewen
Well, it took until late in the day to get it done, but Mother Nature dropping the hammer on feedlot country last week with rain and snow finally forced beef packers to pay up significantly for cash cattle. The trade two weeks ago was $119 in the Southern Plains. Friday’s trade gained $4 over that previous week, trading at $122-$123 in Kansas and mostly $123 with a few up to $124 in Texas. Nebraska traded $123 live and $195 dressed. The best part of that cash rally is that last year’s final week was trading at the same $123 price, meaning the same value for cash despite 2018 total beef production being up exponentially versus 2017’s number. Granted, without the weather there’s no way it…
Morning Ag Markets – Matt Hines
Date: December 3rd, 2018 Livestock futures were mixed on Friday, not much action all week actually, but more winter weather forecasted for the Central Plains and hogs especially waiting for the results of the meetings between the U.S. and China over the weekend. Weekly export sales showed China jumping in for U.S. pork for both this year and next ahead of the meeting and also suggesting that the massive outbreak of African swine fever this fall is raising fears of an eventual supply shortfall. Cash feedlot trade confirmed late Friday at $1 higher, up to $118 live in all areas with a few clearing $118.50 in TX and steady at $185 dressed in NE. Early in the week trade in the North was weaker at…