Date: April 26, 2024
Mixed day for livestock futures on Thursday with cattle triple digits higher and hogs triple digits lower. Not all, but most lean hog contracts gapped lower on the open from a bearish cold storage report and disappointing weekly export sales. Pork belly stocks surged higher last month and hams stocks only declined slightly. The 28,800 MT of net sales were down 32% from the week previous and down 25% from the 4 week average. It wasn’t that long ago that we averaged nearly twice that amount and exports were still friendly at 40K MT. Cattle futures did open lower but it wasn’t long before aggressive buying turned things around. Cash trade in the North helped spur the rally with $2 to $3 higher trade reported at $185 live and $294 to $295 dressed. Southern trade started Wednesday at $182 live, still steady with last week.
Winter Livestock – Dodge City, KS
Livestock Weighted Average Report for 4/24/2024 – Final
Total Receipts: 2,388 Last Week: 1,654 Last Year: 1,658
Compared to last week, steers under 850 lbs sold 6.00 to 10.00 higher on limited comparison from last week. Over 850 lbs sold unevenly steady. Heifers sold 5.00 to 8.00 higher.
Springfield Livestock Marketing Center Feeder Cattle – Springfield, MO
Livestock Weighted Average Report for 4/24/2024 – Final
Total Receipts: 1,904 Last Week: 1,358 Last Year: 1,214
Compared to last week, steers sold mostly 6.00 to 12.00 higher with spots up to 20.00 higher. Heifers were 4.00 to 10.00 higher with spots 15.00 higher.
Hub City Livestock Auction – Aberdeen, SD
Livestock Weighted Average Report for 4/24/2024 – Final
Total Receipts: 6,145 Last Week: 3,427 Last Year: 6,136
Compared to last week: steers 650 to 749 lbs 8.00 to 12.00 higher, 750 to 999 lbs 2.00 to 6.00 higher. Heifers lightly tested last week with best comparison on heifers 600 to 649 lbs 10.00 to 14.00 higher. Good to very good demand for today’s large offering featuring strings and loads of backgrounded cattle as well as packages and loads of home raised cattle. Cattle suitable for grass continue to see excellent demand as the opportunity to get these type of cattle bought to fill pastures dwindles each week.
Winter Livestock – Pratt, KS
Livestock Weighted Average Report for 4/25/2024 – Final
Total Receipts: 4,382 Last Week: 5,290 Last Year: 1,997
Compared to last week, feeder steers sold 3.00 to 8.00 higher, however fancy steers and reputation steers sold up to 12.00 higher. Not enough steers under 500 lb for a market test. Feeder heifers 775 lb to 975 lb sold steady to 3.00 higher. Not enough heifers 500 lb to 775 lb for a market test, however a lower trend was noted. 8 weight index steers averaged $234-$256.
Farmers and Ranchers Livestock Commission Co. – Salina, KS
Livestock Weighted Average Report for 4/25/2024 – Final
Total Receipts: 3,686 Last Week: 2,913 Last Year: 4,150
Compared to last week steer calves under 650 lbs sold 6.00 to 9.00 higher and feeder steers 750 to 900 lbs sold 9.00 to 10.00 higher. Heifer claves under 600 lbs sold mixed 2.00 lower to 3.00 higher and feeder heifers 650 t0 800 lbs sold 4.00 to 8.00 higher. 8 weight index steers averaged $240-$255.
Cattle slaughter on Thursday estimated at 125,000 head, up 7,000 from last week but down 1,706 from last year. Hog slaughter estimated at 485,000 head, up 1,000 compared to a week ago and up 9,336 compared to a year ago.
Boxed beef cutout values on Thursday higher on Choice but lower on Select on moderate to good demand with 120 loads sold.
Choice +1.18 @ 296.92, Select -.76 @ 289.66
CME Feeder Cattle Index 245.15
CME Lean Hog Index 91.43
Pork Carcass Cutout +.22 @ 97.49
April live cattle in delivery and will expire next week with good support at $180 and converging with cash from $182 to $184. June will then be the front month with support at the April low at $170.25 and nearby resistance at $178.80. May feeders nearby support at $241, the April low at $232.62 and nearby resistance at $247. June lean hogs are not the front month, but May has little volume trading. June hit a new contract high on April 10th at $109.65, already above the 2023 highs, then reversed lower and found support last week around $101.
Wheat continues to the be leader higher as private estimates now reducing the Russian wheat crop potential, French wheat conditions lower and Western KS down through the Panhandle of OK and into West TX continue to miss the rains. Corn remains steady to higher but unable to take out nearby resistance so far this week. Soybeans were higher earlier this week but have turned back lower on continued disappointing U.S. exports. U.S. weather should also provide some pressure and has good rains fell in eastern KS yesterday and will continue over the weekend from here into the Corn Belt.
Grains steady to lower overnight with corn finishing steady to ½ cent lower, beans 2 to 4 lower and wheat 1 lower to 1 higher. Outside markets have equities, US$ and energies higher with crude oil up $.70/barrel.
Argentina corn conditions lower overnight with harvest 20% complete. There is still quite a bit of chatter about reduced overall crop production estimates due to recent hot and dry conditions and disease spreading rapidly.
Heavy rains expected from the Gulf up through the Corn Belt over the weekend. The 6-10 day outlook shows above normal temps for all except the West Coast and normal to above normal moisture from the West Coast to the Miss River with below normal precip on the East Coast.
May grain options expire today and first notice day for May grain futures next Tuesday. May corn finally taking out the long-term lower trend with resistance holding this week at $4.44 then at $4.48 and strong support at $4.33 then $4.24. May soybeans contract low on February 29th at $11.28 ½ and with a couple pennies of that late last week. The month-long lower trend taken out this week but resistance holding around $11.80. May Chicago wheat back above the $6 level for the first time since early February. Resistance next at $6.08 then $6.20 with nearby support at $5.60. May KC wheat breaking through $6.30 for the first time since early February with resistance next at $6.38 ½ then $6.50 and support at $5.88. May MPLS wheat also up to early February highs with resistance around the $7 level and support at $6.50. May soybean meal trending higher with resistance at $355 and support at $335.
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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