Date: November 9th, 2022
The cattle markets were mixed for most of the day on Tuesday but finished steady to lower. Grains were lower yet feeders were still not able to gain any additional support to muster a rally. Cash feedlot trade was reported only on light volume in the Western Corn Belt at steady with a week ago as has been the case the past few weeks.
Oklahoma National Stockyards Feeder Cattle – Oklahoma City, OK
Livestock Weighted Average Report for 11/7/2022 – Final
This Week: 10,816 Last Week: 6,565 Last Year: 10,653
Compared to last week: Feeder steers and steer calves unevenly steady. Feeder heifers steady to 3.00 higher. Heifer calves over 500lbs steady, under 500lbs steady to 5.00 higher. Demand moderate to good. 7 weight index steers averaged $174-$177 and 8 weight index steers averaged $164-$175.
Tulsa Livestock Auction – Tulsa, OK
Livestock Weighted Average Report for 11/7/2022 – Final
This Week: 5,514 Last Week: 4,165 Last Year: 4,528
Compared to last week: Steers 5.00-6.00 higher. Heifers 4.00-5.00 higher. Demand good. Quality plain thru attractive. 7 weight index steers averaged $161-$175.
Sioux Falls Regional Cattle Auction – Worthing, SD
Livestock Weighted Average Report for 11/7/2022 – Final
This Week: 3,407 Last Week: 3,619 Last Year: 3,109
Compared to last week: Feeder steers steady to 4.00 higher, except 700 lbs – 800 lbs steady to 2.00 lower and 950 lbs – 1000 lbs 6.00 to 9.00 lower. Feeder heifers steady to 5.00 lower. 7 weight index steers averaged $183-$187 and 8 weight index steers averaged $180-$182.
Philip Livestock Auction – Philip, SD
Livestock Weighted Average Report for 11/8/2022 – Final
This Week: 4,891 Last Week: 9,426 Last Year: 6,526
Compared to last week Feeder Steers under 450 2.00 to 3.00 lower, 450 to 600 6.00 lower, 600 to 700 2.00 to 3.00 lower, Feeder Heifers under 450 2.00 to 4.00 lower, 450 to 700 Steady.
Joplin Regional Stockyards Feeder Cattle – Carthage, MO
Livestock Weighted Average Report for 11/7/2022 – Final
This Week: 7,555 Last Week: 5,692 Last Year: 7,243
Compared to last week feeder steers under 775 lbs. traded 3.00- 8.00 higher, with the following exceptions, 210 head of 728 lb. steers traded 17.00 higher. 7 weight index steers averaged $180 and 8 weight index steers averaged $174-$178.
Ozarks Regional Stockyards Feeder Cattle – West Plains, MO
Livestock Weighted Average Report for 11/8/2022 – Final
This Week: 5,260 Last Week: 2,697 Last Year: 4,655
Compared to last week, steer and heifer calves traded steady to 5.00 higher. Yearling steers traded 3.00-4.00 higher while yearling heifers were not well tested. Demand was good on a heavy supply.
Cattle slaughter on Tuesday estimated at 129,000 head, up 1,000 from last week and up 5,000 from last year. Hog slaughter on Tuesday estimated at 491,000 head, up 9,000 compared to a week ago and up 14,000 compared to a year ago.
Boxed beef cutout values on Tuesday higher on strong demand with 151 loads sold.
Choice Cutout__264.94 +.39
Select Cutout__236.05 +.13
CME Feeder Cattle Index__176.59 -.32
CME Lean Hog Index__90.28 -.60
Pork Carcass Cutout __95.03 -1.92
National Wtd Avg Cash Carcass Base__87.22 +2.45, 11,417 head
December live cattle hit a new contract high on October 25th at $154.25, which is the nearby resistance, support at the 20-day moving average now at $151.50 then price support at $151. November feeders choppy, range bound trading the past few weeks with support at $177.65 then $175.75 and resistance at $179.77. December lean hogs into a new recent low on Friday at $82.82, but sharply higher on Monday, breaking nearby resistance with the next up at $90.
Grains again finished lower on Tuesday yet soybeans and wheat did see early morning gains. Forecasts showing improved moisture chances for Argentina and U.S. HRW areas could have been just enough to turn the markets lower. The other major influencing factor this week will be today’s supply and demand report. The average pre report trade estimates for the grains look for little change to fall crop production estimates here domestically. Ending stocks for the U.S. grains are expected to be slightly higher than a month ago as exports continue to be less than expected. World stocks though are expected lower for both corn and wheat.
Overnight, grains were mixed but not straying too far from unchanged. Corn finished the overnight 2 lower, soybeans steady to 1 lower and wheat 1 to 3 lower. U.S. equities are lower this morning along with energies and the US$ higher after 3 days of sharply lower.
Brazil’s CONAB updated production estimates this morning with wheat up slightly to 9.5 MMT, soybeans up 1.19 MMT to 153.54 MMT and corn down .54 MMT to 126.4 MMT.
More soybeans sold this morning with USDA announcing private sales totaling 462,000 MT or 17 MBU split between China and unknown destinations.
Winter storm in the North and heavy rains for the East Coast to wrap up this week. The 6-10 day outlook showing below normal temps across the entire country with below normal moisture in the PNW and Corn Belt and above normal for the western parts of the Southern Plains and in the Southeast.
December corn down to a new recent low overnight with support next at $6.61 ½ and resistance at $7. January soybeans a new recent high on Monday at $14.69 with resistance up at $14.93 ½ and support at $14.28. December KC Wheat has resistance at $9.91 and support at $9.25. December Chicago wheat down to a new recent low overnight and testing support around $8.20 with resistance at $8.50. December MPLS wheat has support at $9.33 and resistance at $9.93.
Loewen and Associates, Inc.
Pete Loewen / Matt Hines / Doug Biswell / Tyson Loewen
www.loewenassociates.com matt@loewenassociates.com
785-537-3336
IMPORTANT—PLEASE NOTE
This does constitute a solicitation to buy or sell commodities futures and/or options. The information contained herein is provided for informational purposes only. The information is not guaranteed as to its accuracy or completeness, although the information was taken from sources we believe to be reliable. The market recommendations of Loewen and Associates, Inc. are based solely on the judgment of Loewen and Associates, Inc. personnel. We do not guarantee or warranty, either expressed or implied, of success to you in the use of this information. Loewen and Associates, Inc. disclaims responsibility for or loss associated with use of information from our commentary, analysis or recommendations. There is risk of loss in trading commodity futures and options. The risk in trading can be substantial; therefore only genuine “risk” funds should be used.