Date: September 18, 2024
Livestock futures held triple digit gains on Tuesday as grains were steady to lower. Only light cash fed cattle trade so far this week in the North at $180 live with asking prices in the South starting at $184 to $185. A recap of last week’s trade showed feedlots selling 61,496 head of negotiated cash fat cattle, over 51,000 for nearby delivery. The full range of prices last week from $175 to $188.50 live, weighted average $182.32, $1 higher than the week previous and $285 to $300 dressed, weighted average $290.30, $4 higher than the week previous.
Oklahoma National Stockyards Feeder Cattle – Oklahoma City, OK
Livestock Weighted Average Report for 9/16/2024 – Final
Total Receipts: 6,742 Last Week: 10,154 Last Year: 7,286
Compared to last week: Feeder steers and steer calves 3.00-8.00 higher. Feeder heifers 2.00-5.00 higher. Heifer calves 3.00-8.00 higher. Demand good. Quality average with a few fancy drafts. 7 weight index steers average $246 to $254 and 8 weights averaged $232 to $237.
Joplin Regional Stockyards Feeder Cattle – Carthage, MO
Livestock Weighted Average Report for 9/16/2024 – Final
Total Receipts: 8,310 Last Week: 14,228 Last Year: 8,067
Compared to last week feeder steers under 650 lbs. sold steady to 8.00 lower with heavier weights selling 2.00-6.00 higher. Feeder heifers sold steady to 5.00 higher. Supply was heavy with very good demand. 7 weight index steers average $248 to $255 and 8 weights averaged $234 to $243.
Ozarks Regional Stockyards Feeder Cattle – West Plains, MO
Livestock Weighted Average Report for 9/17/2024 – Final
Total Receipts: 1,981 Last Week: 2,480 Last Year: 3,486
Compared to last week, feeders steers and heifers sold 3.00-5.00 higher. Steer and heifers calves under 700 lbs. sold uneven from 3.00 lower to 3.00 higher. Demand was good on a light supply.
Cattle slaughter on Tuesday estimated at 125,000 head, up 1,000 from last week but down 878 from last year. Hog slaughter estimated at 474,000 head, down 10,000 compared to a week ago and down 11,073 compared to a year ago.
Boxed beef cutout values steady to lower on Tuesday on good demand with 156 loads sold.
Choice -.66 @ 303.91, Select +.08 @ 292.22
CME Feeder Cattle Index 243.44
CME Lean Hog Index 84.22
Pork Carcass Cutout +.78 @ 95.00
October live cattle still holding a lower trend since late July with support around $173.70, last week’s low at $173.77 and the August low at $173.72. We continue to close just above the 10-day and 20-day moving averages at $177.30 with resistance just above $180. September feeders look similar with a near double bottom, last week’s low at $232.85 and the August and contract low at $232.80. A new 4-week high was hit yesterday at $243.75 with resistance next at $245.87. October lean hogs chopping sideways the past couple weeks with resistance at $83.37 and support at $78.20.
Fall harvest reported slightly higher than the average pace from USDA on Monday with warm and dry conditions across most of the country last week and this week. Rains coming by th weekend though across the Southern Plains and WCB. Funds continue to liquidate shorts balanced against harvest hedging creating the choppy yet very uneventful trading pattern the past few days. China comes off a two day holiday, markets are hoping for some additional export sales announcements. Brazil still very dry but also very early as planning begins. CONAB was out yesterday morning with their first official new crop or 2025 crop year Brazilian corn and soybean production estimates. Both came in well below USDA with CONAB at 119.8 MMT corn production vs. USDA at 127 MMT and soybean production at 166.28 MMT vs. USDA’s 169 MMT estimate. Markets could also awaiting the FED meeting later today to see how much interest rates will be cut.
Grains were steady to higher overnight led by soybeans finishing 9 to 10 higher, corn steady to 1 higher and wheat 1 to 5 higher. China active again for U.S. soybeans was the biggest news chatter overnight. Brazil forecast still hot and dry helping provide support this morning. Outside markets have equities mixed, US$ lower and energies lower with crude oil down $.50/barrel.
Temps continue to be above seasonal norms through the end of the week with upper 90’s for the Southern Plains and upper 80’s to low 90’s across the Corn Belt. Then a much need break and still expecting to see good 1-2” rains for the WCB over the weekend. The 6-10 day outlook still showing above normal temps across the U.S. with above normal precip for the eastern half of the country and below normal for the western third.
December corn up to new 2-month high back on September 6th at $4.16 with resistance next at $4.23 and support at $3.97. November soybeans also hit a new recent high on the 6th at $10.31 ¼ with resistance next at $10.42 and support at $9.95. December Chicago wheat up to a new 2-month high last week at $5.98 ¾ with resistance next at $6.15 and support at $5.60. December KC wheat also a new 2-month high last week at $6.04 ¼ with resistance next at $6.14 and support at $5.70. December MPLS wheat a new recent high last week at $6.37 ¾ with support at $6.03. October soybean meal a new recent high on September 6th at $328.5 with resistance next at $333.40 and support at $312.
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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