Date: November 16th, 2022
Livestock markets mixed on Tuesday with grains higher and pressuring feeders to triple digit losses. Only light volume cash fed cattle trade again in the North, typical of Tuesday’s action the past few weeks. Live trade reported at the top end of last week’s trade at $154 live.
Oklahoma National Stockyards Feeder Cattle – Oklahoma City, OK
Livestock Weighted Average Report for 11/14/2022 – Final
This Week: 10,046 Last Week: 10,816 Last Year: 13,380
Compared to last week: Feeder steers and steer calves unevenly steady. Feeder heifers 1.00-2.00 lower. Heifer calves steady to 3.00 lower. Demand moderate to good. Quality average to attractive. 7 weight index steers averaged $175-$180 and 8 weight index steers averaged $168-$172.
Tulsa Livestock Auction – Tulsa, OK
Livestock Weighted Average Report for 11/14/2022 – Final
This Week: 4,366 Last Week: 5,514 Last Year: 4,917
Compared to last week: Steers 2.00-4.00 lower. Heifers mostly steady to 3.00 lower. Quality good. Demand good. 7 weight index steers averaged $167.
Sioux Falls Regional Cattle Auction – Worthing, SD
Livestock Weighted Average Report for 11/14/2022 – Final
This Week: 2,200 Last Week: 3,407 Last Year: 3,504
Compared to last week: Feeder steers steady to 4.00 lower, except under 600 lbs 1.00 to 4.00 higher, 1000 lbs steers sold with higher undertones, feeder heifers 1.00 to 5.00 lower, except under 550 lbs steady to 5.00 higher. Demand for this smaller yet eye appealing offering of cattle was good. Lighter weight cattle were in high demand today, package size did not effect the demand for the light cattle. 7 weight index steers averaged $180-$186 and 8 weight index steers averaged $179.
Philip Livestock Auction – Philip, SD
Livestock Weighted Average Report for 11/15/2022 – Final
This Week: 3,420 Last Week: 4,891 Last Year:
Compared to last week Feeder Steers under 500 4.00 to 6.00 higher, 500 to 700 Steady to 2.00 higher, Feeder Heifers 450 to 550 Steady to 2.00 higher, 550 to 600 2.00 to 3.00 higher, 600 to 650 Steady, 650 to 850 Steady to 2.00 higher. Good Demand for several long strings, load lots, and many packages of Feeder Steers and Feeder Heifers which sold on an Active Market.
Winter Livestock Auction – Riverton, WY
Livestock Weighted Average Report for 11/15/2022 – Final
This Week: 4,479 Last Week: 5,614 Last Year: 3,886
Compared to last Tuesday on a special calf sale; feeder steers steady with lower undertones noted instances 3.00-5.00 lower, feeder heifers steady with higher overtones noted with instances 3.00-5.00 higher. Larger run of yearlings than last week with steers mostly steady heifers 3.00-5.00 lower. Demand moderate to good with pre-conditioned calves best advancements.
Joplin Regional Stockyards Feeder Cattle – Carthage, MO
Livestock Weighted Average Report for 11/14/2022 – Final
This Week: 8,835 Last Week: 7,555 Last Year: 7,643
Compared to last week feeder steers traded steady to 4.00 higher. Feeder heifers traded steady to 3.00 lower. Supply was heavy with very good demand. 7 weight index steers averaged $178-$180 and 8 weight index steers averaged $175-$177.
Ozarks Regional Stockyards Feeder Cattle – West Plains, MO
Livestock Weighted Average Report for 11/15/2022 – Final
This Week: 3,295 Last Week: 5,260 Last Year: 3,460
Compared to a week ago, steer calves traded uneven from 4.00 lower to 3.00 higher while yearling steers traded steady. Heifer calves traded steady to 3.00 lower with yearling heifers not well tested. Demand was moderate on a moderate supply.
Cattle slaughter on Tuesday estimated at 129,000 head, matching last week and up 6,000 from last year. Hog slaughter on Tuesday estimated at 490,000 head, down 1,000 compared to a week ago but up 7,000 compared to a year ago.
Boxed beef cutout values on Tuesday higher on Choice but lower on Select on strong demand with 157 loads sold.
Choice Cutout__258.36 +.38
Select Cutout__231.76 -1.45
CME Feeder Cattle Index__175.18 -.05
CME Lean Hog Index__88.53 -.12
Pork Carcass Cutout __95.70 -.86
National Wtd Avg Cash Carcass Base__85.54 +1.46, 11,504 head
December live cattle still holding a lower trend since the new contract high on October 25th at $154.25. Nearby support holding so far this week at $151 with resistance at $153.42. November feeders expire tomorrow. The January contract broke through nearby support yesterday with the next around $175 and resistance at $180. December lean hogs continue to chop sideways recently with support at $82.82 and resistance at $87.57.
Grains were fairly quiet in the morning hours of trading. Reports that Russian missiles hit Poland gave all grains a kick higher though. If true, this would be the first missile strike on a NATO country’s soil. This also comes right ahead of the end of the initial agreement allowing safe passage of exports for Ukraine through the Black Sea. All markets will continue to pay close attention to any further developments in that area. NOPA October crush at 184.46 MBU right at expectations, 2nd highest October crush, September 2022 was 158.11 MBU.
South American weather should be gaining the attention of the markets here soon as well.
Overnight, grains falling taking out yesterday’s gains and then some. Corn finished the overnight 5 to 7 lower, soybeans 11 to 15 lower and wheat 14 to 22 lower. Most reporting now that the missile hitting Poland was most likely a Ukraine air defense missile, not an intentional attack by Russia. So far, all indications are the safe passage corridor for shipping through the Black Sea to be continued. Ukraine exports for this marketing year to date at 15.6 MMT, down 30.8% from a year ago. U.S. equities, US$ and energies are weaker this morning as well.
USDA reported a private sale of 150,000 MT or 5.5 MBU of HRS wheat for delivery to Iraq and 1,866,900 MT or 73.5 MBU of corn for delivery to Mexico. The massive corn sale is split though with 48.9 MBU for this marketing year and 24.6 MBU for the 2023/2024 marketing year.
Much below normal temps forecasted for the balance of this week and into early next week still cover a large portion of the Northern Plains, Corn Belt and Southern Plains. The 6-10 day outlook showing normal to below normal temps for all expect in the PNW with above normal moisture in the PNW and Southeast and below normal across the Plains.
December corn holding support this week at $6.50 with resistance at $6.80. January soybeans with support at $14.20 and resistance at $14.69. December KC wheat has support at $9.15 with resistance at $9.91. December Chicago wheat with support at $7.95 and resistance at $8.43. December MPLS wheat has support around $9.30 and resistance at $9.93. December soybean meal has support at $399 with resistance at $415.
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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