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After Friday’s solidly bearish COF release, there were a lot of wishes and hopes that we’d see a fade the report-type trade yesterday and go up, not down, like the bearish data suggested. The numbers proved to be a little too heavy on the bearish side to avoid a selloff though and the result was some significant losses in most feeder cattle contracts and losses on the live side ranging from mild on the front end to heavy in the deeper deferreds. A record large inventory at the bunkline for August 1, placements up 11% from a year ago and marketings 1% under a year ago rounded out the trifecta of negative numbers. The result was a gap lower open in most contract months for…

Date: August 19th, 2020 Mixed day for all the Ag commodities yesterday. Live cattle futures traded both sides of unchanged finishing steady to slightly lower. Cash feedlot trade though $2 to $4 higher than last week on some light trade in TX, KS and NE yesterday from $106 to $108 live and $170 dressed. Beef prices continue to climb higher helped support packers to stay at or near capacity. Feeders held onto gains with September through January triple digits higher. There are some big sales coming this week from Superior and Western Video along with next week’s Northern Livestock Auction. Lean hogs were hit the hardest yesterday with triple digit losses. That nearby level from $54 and higher has been tested over this past week,…

Date: August 17th, 2020 Cattle futures finished the week mixed but higher week over week. Cash feedlot trade continues to rally adding another $3 to $5 last week compared to the week previous. Trade in the South reported at $103 to $105 live with the majority at $104 while dressed trade in North was reported at $165 to $170. The midweek USDA supply and demand report was bearish again for the meats. Cattle slaughter is still running near capacity but lagging a year ago, weights are starting to come down and I am hearing some lots are current. These all are friendly to the cattle market fundamentally as technically the charts continue to hold higher trends with new highs nearly weekly. NATIONAL FEEDER & STOCKER…

Date: August 12th, 2020 Cattle futures traded mixed yesterday but finished strong across the board as lean hogs were fairly steady in the nearby August contract but triple digits lower on the deferreds. Cash feedlot trade steady with the upper end of last week’s trade on light volume so far this week at $103 in KS and $105 in IA. The concern for cattle still remains the higher weights and lower slaughter rates if they continue, beef prices remaining high or honesty seeing some strength. Charts look very good though with long term higher trends for both fats and feeders as deferred feeders continue to make new contract highs. Joplin Regional Stockyards Feeder Cattle - Carthage, MO Livestock Weighted Average Report for 8/10/2020 Total Receipts:…

There was a lot of green across the screen in the major ag markets to start the week. Cattle and hogs were up, along with corn and soybeans, but the wheat market didn’t want any part of the action. In the hogs, that up move included $1-$2+ gains on the front three months. Live and feeder cattle traded on both sides of unchanged, but ended up closing on their highs for the day. Hog slaughter yesterday was the new daily record since covid started hammering kill plants back in March/April. 482k head was the tally yesterday and that’s the largest since April 7th. A comfortable plant capacity on a daily basis is upper 490’s. The last time a daily hog slaughter total was over 490k…

Date: August 10th, 2020 Cattle futures finished the week mixed to lower and lower for the week while hog futures were triple digits higher on Friday and mixed for the week. Cash feedlot trade last week at $3 higher than the week previous. Trade in the South done mostly at $100 live with trade in the North at $103 live and $163 to $168 on a dressed basis. Cattle slaughter has been slipping under a year ago values these past couple weeks while hog slaughter is exceeding a year ago totals. This is not the pattern the market wants to see with an abundance of slaughter ready cattle still out there. Both beef and pork values were higher for the week which should be more…

Date: July 27th, 2020 Livestock futures were mixed last week with cattle futures lower week over week while the nearby August lean hog futures contract continues to hold a higher trend. Cash feedlot trade was steady to higher compared to the week previous at mostly $95 to $96 live in the South and $98 to $100 live and $157 to $160 on a dressed basis in the North. US cattle total inventory up slightly from a year ago yet beef cattle slightly lower with dairy higher. As of July 1st, the US has a total of 103 million head of cattle and calves and of that total, 41.4 million cows and heifers have calved. July 1 Cattle on Feed was slightly below last year’s record…

Date: July 22nd, 2020 Fairly quiet day for livestock futures after the triple digit lower start on Monday. Commercial buying lead the charge for higher lean hog futures as pork prices continue to climb higher. Light volume and again steady cash feedlot trade started on Monday with packers eager to buy. Only a few hundred head traded in KS at $95 live and in NE at $98 live and $157 dressed. Yesterday, a few thousand moved in KS and TX at $96 live and in IA at $99 live. The Fed Cattle Exchange online auction will be held later today with 1,022 head consigned compared to last week’s 1,224 head of which 275 sold at $95.50 to $95.75 live all out of KS. Joplin Regional…

Date: July 15th, 2020 Equities pushed higher as the trading day progressed yesterday, US$ was weaker and energies were mostly steady. Livestock futures though were lower. Demand is the concern once again as the increase in positive cases of COVID continues to surge in many states. California just announced pulling back in essence to a Phase 1 of reopening by shutting down dine in restaurants and closing all bars along with other types of business. I think the livestock markets are looking at the extra meat production being produced from heavier weights as they try to keep slaughter levels near capacity vs. the domestic consumption potential or loss of. Exports remain the critical piece of the puzzle to keep our current pace up. Steady to…

Date: July 8th, 2020 Equities were weaker yesterday as cautious optimism continues with improving economic data but rising cases of COVID pushing some states to reverse course or pause on a full opening of business and travel. Livestock markets finished mixed to mostly lower as follow through buying did not appear yesterday for cattle futures and lean hog futures try not to make new lows. Steady to $5 higher light cash feedlot trade so far this week with Kansas and Texas at $94-$95 live and dressed trade in Nebraska and Iowa at $157-$160. The Fed Cattle Exchange online auction will be held later today with 1,458 head consigned compared to last week’s 1,814 head of which only 144 sold at $95 live. Joplin Regional Stockyards…