Date: October 31st, 2022
New contract highs for live cattle and new recent highs for feeders last week but week over week changes were mixed as most contracts sold off to end the week. Fundamental news has been supportive from the latest Cattle on Feed report to this past week’s higher cash fed cattle trade. TX and KS trade was $2 higher than the week previous at $150 live. Trade in the North was $2 to $4 higher from $152 to $155 live and mostly $240 on a dressed basis.
For the week, Friday October 21st through Friday October 28th, October Live Cattle -$.10, December +$.57, November Feeder Cattle -$.47, January unchanged, December Lean Hogs -$3.02, February -$1.67. Boxed Beef, Choice +$9.55 @ $263.26, Select +$10.13 @ $234.49, Pork Carcass Cutout +$.40 @ $101.34.
Oklahoma Weekly Cattle Auction Summary
Livestock Weighted Average Report for 10/23/22-10/29/22
Current Week: 28,895 Last Report 10/17/22: 31,994 Last Year: 29,528
Compared to last week: Feeder steers and steer calves 2.00-5.00 higher. Feeder heifers steady to 3.00 higher. Heifer calves 1.00-3.00 higher, instance of 10.00 higher on lighter weights. Demand very good this week for all classes. Rains across the state has definitely lightened the mood, though more rain is needed.
Cattle slaughter last week estimated at 668,000 head, down 5,000 from the week previous and matching last year. Hog slaughter last week estimated at 2,557,000 head, down 14,000 compared to the week previous but up 5,000 compared to a year ago.
Boxed beef cutout values on Friday higher on moderate demand with 93 loads sold.
Choice Cutout__263.26 +.77
Select Cutout__234.49 +2.58
CME Feeder Cattle Index__175.85 +1.07
CME Lean Hog Index__93.77 -.38
Pork Carcass Cutout __101.34 +2.88
National Wtd Avg Cash Carcass Base__90.54 -1.15, 2,941 head
October live cattle expire today. December hit a new contract high last week at $154.25 with support at $152.82 then at $151. November feeders into a new recent high last week which is now the nearby resistance at $179.77 and support at $176.45. December lean hogs with support at $84.60 and resistance at $90.
Grains finished mixed last Friday but lower for the week. News has been light recently and fall harvest is winding down. Soybean exports have been the lone bright spot this marketing year with another 11.9 MBU sold to China and Spain to end the week. Shipments are also picking up as the end of October through December is the U.S. prime soybean shipping window to China.
For the week, Friday October 21st through Friday October 28th, December Corn -$.03 ½, March -$.03 ¾, November Soybeans -$.07 ¾, January -$.04 ¼, December KC Wheat -$.23 ¼, March -$.21 ¾, December Chicago Wheat -$.21 ½, March -$.20 ½, December MPLS Wheat -$.16 ½, March -$.15, December Soybean Meal +$7.50/T, January +$5.90/T.
Grains shot higher overnight led by the wheat markets as the biggest news came over the weekend with Russia reportedly pulling out the “safe passage” deal which has allowed Ukraine exports through the Black Sea. Russia is blaming Ukraine for a drone strike in Crimea. As of Sunday, there were 218 vessels now blocked either in Ukraine ports or awaiting inspections. On Monday, it was reported that 12 loaded vessels left Ukraine ports though. Equites are pointing lower along with energies and the US$ is higher. Corn finished the overnight 10 to 13 higher, soybeans 5 to 8 higher and wheat 30 to 45 higher.
Decent rainfall amounts for parts of the Southern Plains and Southeast to end last week with more in the forecast for later this week. The 6-10 day outlook showing below normal temps for the western 1/3 of the U.S. with above normal temps for the eastern half and above normal moisture primarily in the Northwest and below normal in the Southwest.
All grains gapping higher overnight. December corn touching the $7 level again with resistance at $7.06 ½ and support at $6.74. November soybeans continue to chop sideways with resistance at $14.14 and support at $13.50. December KC Wheat has resistance around the $10 level then the October high at $10.37 ½ with a new recent low last Friday at $9.15 ¼. December Chicago wheat has resistance around the $9 level, the October high at $9.49 ¾ and last Friday’s low down at $8.22 ½. December MPLS wheat has resistance at $10.24 and support at $9.40. December soybean meal contract high at $443.80 with support at $406.50
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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