Date: August 21, 2024
Cattle futures crashed triple digits lower on Tuesday led by the ongoing economic worries yet outside markets didn’t actually settle significantly lower. This was enough to spur an early round of lower cash feedlot trade. Cash fed cattle trade reported on Tuesday on light volume at steady to mostly weaker than a week ago from $183 to $188 live and $293 to $295 on a dressed basis. Last week’s trade weighted average at $188.94 live and $298.21 dressed.
Oklahoma National Stockyards Feeder Cattle – Oklahoma City, OK
Livestock Weighted Average Report for 8/19/2024 – Final
Total Receipts: 4,174 Last Week: 5,428 Last Year: 5,259
Compared to last week: Feeder cattle again lightly tested. Feeder steers mostly steady to 2.00 lower, most decline over 800 lbs. Feeder heifers unevenly steady. Steer and heifer calves 3.00-6.00 lower. Demand moderate to good. Lighter receipts as extreme heat continues. 7 weight index steers averaged $247 to $263 and 8 weights averaged $233 to $242.
Tulsa Livestock Auction – Tulsa, OK
Livestock Weighted Average Report for 8/19/2024 – Final
Total Receipts: 1,701 Last Week: 2,346 Last Year: 1,659
Compared to last week: Steers under 500 lbs 3.00-10.00 lower; over 500 lbs 2.00-6.00 higher. Heifers steady to 4.00 higher. Slaughter cows mostly steady.
Sioux Falls Regional Cattle Auction – Worthing, SD
No sales report due to limited receipts.
Joplin Regional Stockyards Feeder Cattle – Carthage, MO
Livestock Weighted Average Report for 8/19/2024 – Final
Total Receipts: 5,028 Last Week: 5,100 Last Year: 3,529
Compared to last week feeder steers sold from 6.00 lower to 7.00 higher. Feeder heifers sold from 2.00 lower to 10.00 higher. 7 weight index steers averaged $252 to $261 and 8 weights averaged $239 to $243.
Ozarks Regional Stockyards Feeder Cattle – West Plains, MO
Livestock Weighted Average Report for 8/20/2024 – Final
Total Receipts: 2,163 Last Week: 3,037 Last Year: 763
Compared to last week, feeder steers and heifers sold steady to 5.00 lower. Calves sold 3.00-8.00 lower with spots 14.00 lower. Demand was good and decreased throughout the day as the cattle futures traded sharply lower.
Cattle slaughter on Tuesday estimated at 124,000 head, up 2,000 from last week but down 467 from last year. Hog slaughter estimated at 482,000 head, watching a week ago and up 7,455 compared to a year ago.
Boxed beef cutout values lower on good demand with 137 loads sold.
Choice -.47 @ 315.08, Select -.97 @ 301.04
CME Feeder Cattle Index 243.85
CME Lean Hog Index 89.71
Pork Carcass Cutout +.45 @ 97.54
August live cattle still holding a higher trend with this month’s high at $184.95 and the July high at $189.32. Nearby support taken out last week with the next down at the recent low at $179.80. August feeders were holding a 3-month long higher trend, but lost $20 from July 26th to the August 5th low at $240.77. That was taken out yesterday with a new recent low down to $237.10 and the next support line down at the contract low at $229.50. October lean hogs still holding a lower trend with the recent high at $78.70 and last week’s low the next support line at $71.32.
Grains finished Tuesday mixed with corn lower, soybeans able to settle steady and wheat futures holding small gains. We continue to see some new crop soybean demand as price has collapsed. News is fairly light this week as most of the market’s focus will continue to be on U.S. weather for the balance of the month. There is also the annual Pro Farmer fall crop tour going this week. Mixed results from SD and OH on day one but much better corn yields and soybean pod counts for NE and IN on day two.
Grains were mixed overnight and traded both sides of unchanged. Wheat futures touched new highs for the week but both Chicago and KC wheat finished 1 to 3 lower while MPLS wheat finished the overnight 1 to 2 higher. Beans were the leader higher, up a nickel, with corn steady to 2 higher. Outside markets have equities higher, US$ steady to lower and energies steady to higher with crude oil up $.50/barrel. The weekly EIA report will be out later this morning with expectations for 1% higher ethanol production yet only a modest increase in stocks due to strong blender demand and exports. More new crop soybean sales with USDA announcing a private sale of 132,000 MT or 4.85 MBU sold to China and 121,000 MT or 4.5 MBU sold for unknown destinations.
U.S. weather still mostly dry over this next week with temps heating back up. The 6-10 day outlook showing above normal temps for all expect in the Mountain West and below normal moisture from the Southern Plains into the ECB.
December corn down to a new low last Friday at $3.90 with support next around $3.80 and resistance at $4.03 then $4.13. November soybeans also down to a new low on Friday at $9.55 with resistance at $10.06. September Chicago wheat down to a new contract low on July 29th at $5.14 ¼ with strong resistance around the $5.50 area. September KC wheat hit a new contract low last Friday at $5.31 ¼ with resistance at $5.50 then $5.67 ½. September MPLS wheat a new contract low on July 17th at $5.74 ¾ with resistance at $6.00. September soybean meal down to a new contract low last week at $299.40 with resistance at $320.
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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