Date: August 26, 2024
Livestock futures all higher on Tuesday except the soon to expire August feeders with the cash index still a couple dollars discount to futures. No cash feedlot trade yet this week and still no bids or offers but with higher futures hopefully we can hold steady or even trade a couple dollars higher this week. Last week’s full recap of cash trade totaled 54,695 head ranging from $181 to $191 live, weighted average at $185.36, and $285 to $307 dressed, weighted average at $294.03. Lean hogs into new recent highs again on Tuesday supported by higher pork prices.
Oklahoma National Stockyards Feeder Cattle – Oklahoma City, OK
Livestock Weighted Average Report for 8/26/2024 – Final
Total Receipts: 5,908 Last Week: 4,174 Last Year: 5,598
Compared to last week: Steers steady to 2.00 lower. Heifers unevenly steady. Demand moderate to good. The market held together better than expected even with mostly plain quality cattle and the Oklahoma heat. 7 weight index steers averaged $244.50 to $253 and 8 weights averaged $230 to $242.
Tulsa Livestock Auction – Tulsa, OK
Livestock Weighted Average Report for 8/27/2024 – Final
Total Receipts: 1,919 Last Week: 1,701 Last Year: 3,302
Compared to last week: Feeder Steers steady to 1.00 lower. Feeder Heifers steady to 3.00 lower. Slaughter Cows steady to 2.00 lower.
Sioux Falls Regional Cattle Auction – Worthing, SD
Livestock Weighted Average Report for 8/26/2024 – Final
Total Receipts: 3,963 Last Report 8/19: 2,407 Last Year: 4,468
Compared to the sale two weeks ago: No comparison on lightweight steers, as the numbers were limited in the previous sale. Yearling steers, 950 lbs, 2.00 lower. Heifers 700 lbs 10.00 lower, 800 lbs 1.00-2.00 higher, 850-900 lbs 4.00-7.00 lower, 950 lbs 1.00 lower. Many load lots of both calves and yearlings, along with plenty of smaller groups in the offering. 8 weight index steers averaged $233.
Joplin Regional Stockyards Feeder Cattle – Carthage, MO
Livestock Weighted Average Report for 8/26/2024 – Final
Total Receipts: 6,602 Last Week: 5,028 Last Year: 4,943
Compared to last week feeder steers under 675 lbs. sold 9.00-18.00 lower with heavier weights selling 2.00-8.00 lower. Feeder heifers under 650 lbs. sold 8.00-12.00 lower with heavier weights selling 2.00-6.00 lower. 7 weight index steers averaged $246 to $256 and 8 weights averaged $230 to $242.
Ozarks Regional Stockyards Feeder Cattle – West Plains, MO
Livestock Weighted Average Report for 8/27/2024 – Final
Total Receipts: 1,581 Last Week: 2,163 Last Year: 3,039
Compared to last week, feeder steers and heifers were 3.00-6.00 higher. Steer calves were unevenly steady from 3.00 lower to 3.00 higher. Heifer calves were 2.00-4.00 higher. Demand was good on a light supply. The majority of the offering was made up of small drafts of bawling calves with only two drafts of over 25 head.
Cattle slaughter on Tuesday estimated at 121,000 head, down 3,000 from last week and down 5,547 from last year. Hog slaughter estimated at 479,000 head, also down 3,000 compared to a week ago but up 1,104 compared to a year ago.
Boxed beef cutout values sharply lower on Choice but slightly higher on Select on good demand with 167 loads sold.
Choice -3.93 @ 311.97, Select +.06 @ 300.25
CME Feeder Cattle Index 242.63
CME Lean Hog Index 87.82
Pork Carcass Cutout +1.07 @ 96.05
August live cattle set to expire later this week and breaking into a new high for the month yesterday at $185.85 with resistance at $187.50 and strong support at $180. October will then be the front month with a new 4-month low last week at $173.72, support next at $170.82 and resistance $181 then $182.50. August feeders will also expire later this week, hitting a new recent low last week at $237.10, resistance at $248.95. September will then be the front month, already making a new contract low last week at $232.80 with resistance at $245.87. October lean hogs again up to a new recent high yesterday at $82.47 with resistance next at $83.50 and support at $75.
Grains were all higher as well with soybeans settling in the green for the third consecutive trading session and into new 2-week highs. Wheat and corn futures reversed higher after making new lows on Monday. The hot and dry conditions this week along with now below normal moisture in the extended forecasts are helping to provide the recent support. Corn conditions dropped a couple points last week and there’s still 16% of the crop not in the dough stage. The later maturity still needs some good weather over the next few weeks. MN and the Dakota’s are way behind the average pace as chatter as already begun about risks for early frosts doing some damage as well.
Corn and soybeans traded lower overnight while wheat traded both sides of unchanged. Corn finished 2 to 3 lower, soybeans 9 to 11 lower and wheat 3 lower to 1 higher. Outside markets causing some of the pressure with the US$ popping higher, energies lower with crude oil down $.60/barrel and equities lower. The weekly EIA report will be out later this morning with expectations for 1% lower ethanol production and 1% higher stocks.
More new crop grain sales with USDA announcing this morning a private sale of 264,000 MT or 9.7 MBU of soybeans sold to China, 165,735 MT or 6.5 MBU of corn sold to Mexico and 100,000 MT or 3.9 MBU of corn sold to Colombia.
Stats Canada out this morning with an updated on production estimates. All wheat projected at 34.4 MMT, slightly below expectations, while corn at 15.2 MMT and Canola at 19.5 MMT were both slightly above expectations.
Light, scattered rains still in the forecast over this next week across the eastern half of the U.S. as temps begin to cool back down. The 6-10 day outlook showing above normal temps for western half of the country and below normal temps for the eastern half with above normal moisture in the South and the PNW but still below normal from the Central Plains through the entire Corn Belt.
First notice day for September grains is Friday and markets will be closed on Monday. December corn down to a new low on Monday and hit again on Tuesday at $3.85 with support next around $3.80 and resistance at $4.03. November soybeans holding support at $9.55, the new contract low hit last week, with resistance at $9.91. September Chicago wheat down to a new contract low at $4.93 ½ before the key reversal higher on Tuesday with resistance at $5.36 ½. September KC wheat hit a new contract low on Monday at $5.12 with resistance at $5.44. September MPLS wheat also made a new contract low on Monday at $5.37 ½ with strong resistance at the $6 level. September soybean meal contract low on August 13th at $299.40, the first time for the spot month below the $300 level since August 2020, resistance at $318.
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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