Author: ploewen

Date: July 3, 2023 Livestock futures were higher almost every day last week as corn crashed hard all week. Feeders the leader higher on Friday and for the week. The nearby or spot August contract finally able to take out the contract high from earlier this month and also set a new all-time spot high at $248.07. The previous all-time spot feeder high was hit in October 2014 at $245.20. Negotiated cash fed cattle trade last week held steady to $2 lower. In the South, majority of the trade reported at $178 to $179 live and in the North from $182 to $183 live and $290 dressed. Weekly closes for livestock futures and meats…June Live Cattle +$4, August +$6.40, August Feeders +$13.62, September +$13.12, July…

Date: June 28, 2023 Cattle futures were sharply higher on Tuesday, led by feeders with grains sharply lower. The back and forth or cat and mouse game between corn futures and feeders certainly continues to remain volatile. August feeders gapped higher at the open yesterday, the second such move in the past week and the fourth gap move over this past month. Fundamentally for cattle this week, cash fed cattle has already started trading with some light volume in KS & TX at $178 to $179 live, $1 to $2 lower than last week. Beef prices hitting their seasonal turn lower as buyers have fully booked and stocked for the 4th of July. Lean hogs continued cautiously higher yesterday and await some additional fundamental news…

Date: June 26, 2023 Livestock futures mixed to end last week but all still locked in week over week losses. Feeders led the way higher, triple digits higher actually with corn sharply lower. This could be short lived though due to the bearish Cattle on Feed report from USDA after the close. Cattle on feed totaled 11.6 million head on June 1st, down 3% from a year ago and in line with expectations. May marketings totaled 1.95 million head, 2% above last year and also in line with expectations. May placements though at 1.96 million head were 5% above a year ago and 3% above the average trade estimates. $2 to $4 lower negotiated cash fed cattle trade again last week. In the South, majority…

Date: June 21st, 2023 The cattle complex continued their downward action during yesterday’s trade as both fats and feeders are taking a breather from the very steep run up from about two weeks ago. It is not surprising to see some pull back after such a run to new high territory, but typically these periods of correction haven’t lasted more than a couple weeks. Those new highs that were made were heavily supported by a negotiated cash market that was screaming higher at the same time, but the cash market has cooled down a bit as well. Last week volumes were very light at steady to $5 lower than the week previous, showlists appear light this week and I wouldn’t expect to see much trade…

Date: June 20th, 2023 Livestock futures were able to hold gains last Friday which locked in near steady week over week for live cattle and solid gains for lean hogs. Feeders were sharply lower a couple days last week with corn sharply higher. At least they were able to come back fill the gap left from Thursday’s move lower. Negotiated cash fed cattle trade very slow to develop last week. Light volume began in the North midweek with the majority $4 to $7 lower at $185 live and $294 to $296 on a dressed basis. Trade in the South only light volume through Friday afternoon at $182 live which is $3 to $4 lower than the week previous. Weekly closes for livestock futures and meats…June…

Date: June 14th, 2023 Cattle futures came roaring back from early losses while lean hogs traded lower on Tuesday. Both fats and feeders were triple digits lower as corn was cruising $.08 to $.10 higher. By midday though, corn starting fading and cattle starting to rally, able to absorb a few pennies gain in corn. Beef prices continue higher, equities were higher and cash fed cattle trade expected to be higher again this week as well. Only light volume trade so far this week as been reported in the WCB at $298 dressed. Showlists appear to be a bit smaller in TX only this week. Ozarks Regional Stockyards Feeder Cattle - West Plains, MO Livestock Weighted Average Report for 6/13/2023 - Final This Week: 4,179…

Date: June 13th, 2023 Livestock futures were resilient yesterday with all but the soon to expire June lean hogs holding decent gains, even in the face of higher corn prices. Sharply higher cash fed cattle and beef these past couple weeks continue to be supportive although futures so far have been reluctant to take a run at last week’s highs. Choice beef +$31.59 so far this month with easily $10 higher live cash. Cash trade has certainly been more active recently with less inventory available to contract. Nearly 110K head in cash trade last week with the weighted average near $189 live and $300 dressed. No bids or offers yet this week, but it certainly looks like higher cash trade will develop again this week.…

Date: June 12th, 2023 Live cattle and lean hog futures a bit calmer to end the week while feeders again traded a wide daily range. New highs for both fats and feeders mid last week, but a technical selloff then battled friendly fundamentals the balance of the week. Negotiated cash fed cattle trade volume picked up first in the North from $188 to $194 live, $2 to $7 higher vs. last week, and $298 to $302 dressed, $8 to $12 higher. TX and KS trade reported mostly at $185 live, $5 higher than last week with the full range for the week from $184 to $188. The WASDE monthly supply and demand report increased beef production estimates both for this year and next with sharply…

Date: June 9th, 2023 Cattle futures again traded both sides of unchanged yesterday but finished near their lows as grains, yes even corn this time, held gains. Lean hogs were mixed on Thursday but so far holding week over week gains for the 2nd week in a row. Negotiated cash fed cattle trade volume picked up first in the North from $188 to $194 live, $2 to $7 higher vs. last week, and $298 to $302 dressed, $8 to $12 higher. TX and KS trade reported mostly at $185 live, $5 higher than last week. KS sales still may not be quite wrapped up with the top end up to $188. Winter Livestock - Pratt, KS Livestock Weighted Average Report for 6/8/2023 - Final This…

Date: June 7th, 2023 Cattle futures started out slow yesterday but quickly caught another wave of buying with June live cattle setting a new all-time spot high at $180.25, August feeders closing in on the all-time spot high at $245.20 and November through April feeders reaching above the $250 level. So far this week, only some light volume cash fed cattle trade in the North at $190 live and $295 to $300 dressed with TX also reported some light volume at $182 live, all $2 to $5 higher than last week. I also saw a few bids starting in NE at $192 live. A recap of last week’s cash fed cattle trade showed feedlots selling 93,042 head of negotiated cash fat cattle (66,859 head for…