Cattle Market Notes: Week Ending October 28, 2016

Cash Cattle:

Cash traded fed cattle were higher this week. The five-area fed steer price for the week of October 20 – October 27 averaged $103.13 for live sales, and $161.77 for dressed; respectively, up $4.89 and $7.75. Total volume sold was up 11,000 head from a week ago and up 60,000 head from last year.

Feeder steer cattle and calves were mostly higher across the U.S. this week. Oklahoma City 500-550 pound steers were up $1.00, averaging $133.76 while 750-800 pound steers were up $4.00 averaging $121.25. In Mississippi auctions, lighter weight feeders weighing 450-500 pounds were averaging $119.00, up $8.00 from a week ago, while heavy steers were averaging $92.50, up $9.50 from last week.

[ … For Livestock Prices and Production data and trends CLICK HERE … ]

Futures:

Live cattle futures and feeder futures were higher this week. December live cattle were up $2.45 on the week and $28.68 lower than a year ago at $104.40, while April live cattle were up $2.15 from last week and down $37.85 from a year ago at $104.28. Feeder cattle were higher this week with November futures up $2.08 from last Friday and down $69.00 from a year ago at $121.90 while March futures are up $0.10 on the week at $113.08. December corn futures are up $0.03 from a week ago at $3.55 while March futures are also down $0.01.

Beef:                                                                                           

Wholesale boxed beef prices are higher compared to a week ago. Choice boxes averaged $182.00, up $2.01 from a week ago. Select boxes ended the week with an average of $168.70, down $0.83 from last week. The choice-select spread widened from $10.46 a week ago to $13.30 this week.

Note: all cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel, unless stated otherwise.

Crop Market Update: October 25, 2016

Corn was down last week with Greenville cash corn currently trading $0.01 lower than a week ago and $0.35 lower than a year ago at $3.48/bu on Friday. December futures contracts are $0.02 lower on the week at $3.53/bu. Nationally, about 61% of the U.S. corn crop is harvested, behind a year ago and behind the five year average of 62%.

Soybean are trading higher this week, with Greenville soybeans trading $0.20 higher at $9.72/bu on Friday. A year ago, Greenville soybeans were trading for $9.26/bu. Nearby November soybean futures are trading $0.21 higher than a week ago. Mississippi’s soybean harvest is ahead of the 5-year average as well as a year ago with 92% of the crop harvested compared to 89% a year ago and also a five year average of 89%. The U.S. soybean harvest is right on pace with 76% of the crop harvested compared to a 5-year average of 76%.

December wheat futures are down $0.07 from a week ago at $4.15 while Greenville wheat prices are also down $0.06 on the week at $3.75/bu on Friday. Mississippi producers have 17% of their wheat crop planted, well behind a year ago and the 5-year average of 27%. The U.S. winter wheat crop is progressing well with 79% planted, slightly behind last year and the 5-year average of 82%.

Cotton prices finished the week lower with South Delta cash prices trading $1.50/cwt lower than a week ago at $68.57/cwt and $6.80/cwt higher than a year ago. Nearby cotton futures are higher with December cotton futures closing at $69.07, down $1.50/cwt from last week. Mississippi producers currently have about 81% of the state’s cotton crop harvested, ahead of a year ago and the 5-year average of 72%. Nationally, 39% of the cotton crop is harvested, slightly ahead of the 5-year average of 37%.

For more detail on crop futures and Mississippi local cash prices click here.

Cattle Market Notes: Week Ending October 21, 2016

Cash Cattle:

Cash traded fed cattle were higher this week. The five-area fed steer price for the week of October 13 – October 20 averaged $98.24 for live sales, and $154.02 for dressed; respectively, up $0.65 and $0.09. Total volume sold was up 1,000 head from a week ago and up 46,000 head from last year.

Feeder steer cattle and calves were mixed across the U.S. this week. Oklahoma City 500-550 pound steers were up $1.00, averaging $133.76 while 750-800 pound steers were down $4.00 averaging $121.25. In Mississippi auctions, lighter weight feeders weighing 450-500 pounds were averaging $111.00, down $1.50 from a week ago, while heavy steers were averaging $83.00, down $7.00 from last week.

[ … For Livestock Prices and Production data and trends CLICK HERE … ]

Futures:

Live cattle futures and feeder futures were hihger this week. October live cattle were up $5.27 on the week and $39.50 lower than a year ago at $101.23, while December live cattle were up $4.58 from last week and down $44.40 from a year ago at $101.95. Feeder cattle were higher this week with October futures up $1.10 from last Friday and down $73.65 from a year ago at $121.20 while November futures are up $4.48 on the week at $119.82. December corn futures are down $0.02 from a week ago at $3.52 while March futures are also down $0.02.

Beef:                                                                                           

Wholesale boxed beef prices are lower compared to a week ago. Choice boxes averaged $179.99, down $2.44 from a week ago. Select boxes ended the week with an average of $169.53, down $3.36 from last week. The choice-select spread widened from $9.54 a week ago to $10.46 this week.

Note: all cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel, unless stated otherwise.

Crop Market Update: October 18, 2016

Corn was up last week with Greenville cash corn currently trading $0.16 higher than a week ago and $0.33 lower than a year ago at $3.49/bu on Friday. December futures contracts are $0.14 higehr on the week at $3.54/bu. Nationally, about 46% of the U.S. corn crop is harvested, behind a year ago and behind the five year average of 49%. Favorable growing conditions this summer have the U.S. corn crop looking good with 74% of the crop rated in good or excellent condition compared to 68% a year ago.

Soybean are trading lower this week, with Greenville soybeans trading $0.08 lower at $9.52/bu on Friday. A year ago, Greenville soybeans were trading for $9.23/bu. Nearby November soybean futures are trading $0.06 higher than a week ago. Mississippi’s soybean harvest is ahead of the 5-year average as well as a year ago with 87% of the crop harvested compared to 83% a year ago and a five year average of 82%. The U.S. soybean harvest is right on pace with 62% of the crop harvested compared to a 5-year average of 63%. Nationally, the soybean crop looks good overall with 74% of the nation’s soybean crop rated in good or excellent condition.

December wheat futures are up $0.26 from a week ago at $4.21 while Greenville wheat prices are also up $0.26 on the week at $3.81/bu on Friday. The U.S. winter wheat crop is progressing well with 72% planted, slightly behind last year and the 5-year average of 73%.

Cotton prices finished the week higher with South Delta cash prices trading $2.49/cwt higher than a week ago at $70.07/cwt and $6.97/cwt higher than a year ago. Nearby cotton futures are higher with December cotton futures closing at $70.57, up $3.59/cwt from last week. Mississippi producers currently have about 69% of the state’s cotton crop harvested, ahead of a year ago and the 5-year average of 57%. Nationally, 30% of the cotton crop is harvested, slightly ahead of the 5-year average of 27%.

For more detail on crop futures and Mississippi local cash prices click here.

Cattle Market Notes: Week Ending October 14, 2016

Cash Cattle:

Cash traded fed cattle were lower this week. The five-area fed steer price for the week of October 6 – October 13 averaged $97.59 for live sales, and $153.93 for dressed; respectively, down $3.32 and $5.13. Total volume sold was down 4,000 head from a week ago and up 28,000 head from last year.

Feeder steer cattle and calves were mostly lower across the U.S. this week. Oklahoma City 500-550 pound steers were up $4.00, averaging $132.69 while 750-800 pound steers were down slightly averaging $125.52. In Mississippi auctions, lighter weight feeders weighing 450-500 pounds were averaging $112.50, down $2.50 from a week ago, while heavy steers were averaging $90.00, up $0.50 from last week.

[ … For Livestock Prices and Production data and trends CLICK HERE … ]

Futures:

Live cattle futures and feeder futures were lower this week. October live cattle were down $5.88 on the week and $40.00 lower than a year ago at $95.95, while December live cattle were down $5.55 from last week and down $42.18 from a year ago at $97.38. Feeder cattle were lower this week with October futures down $7.45 from last Friday and down $73.53 from a year ago at $120.10 while November futures are down $7.28 on the week at $115.35. December corn futures are up $0.15 from a week ago at $3.54 while March futures are up $0.15.

Beef:                                                                                           

Wholesale boxed beef prices are lower compared to a week ago. Choice boxes averaged $182.43, down $3.91 from a week ago. Select boxes ended the week with an average of $172.89, down $3.14 from last week. The choice-select spread narrowed from $8.66 a week ago to $9.54 this week.

Note: all cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel, unless stated otherwise.

Latest USDA Supply and Demand Report Still Shows Bumper Crop in 2016/17

The USDA made several updates for the 2016/17 crop year in the latest World Agricultural Supply and Demand Estimates. The USDA is projecting 94.5 million acres of corn were planted this year, and of that 86.8 million acres are expected to be harvested, a 200,000 acre increase from last month’s estimate. Corn yield for the 2016/17 crop year is projected at 173.4 bu/acre a 1.0 bu/acre decrease from the September estimate and in-line with pre-report expectations. If the acreage and yield hold true, U.S. producers are expected to produce a record 15.057 billion bushels of corn. Feed and residual use as well as ethanol use were unchanged. Exports were increased by 50 million bushels, leaving ending stocks down by 64 million bushels from a month ago. Global production was reduced by nearly 1 million metric tons with lower U.S. production being offset by higher Brazilian production. An increase in global feed use has eaten up some of the surplus global production, reducing ending stocks by about 2.5 million metric tons globally. Mississippi producers are expected to average 167 bu/acre on corn this year, down 5 bu/acre from a month ago and behind last year’s 175 bu/acre benchmark.

 The 2015/16 soybean balance saw several changes from the September WASDE report. Soybean harvested acres were left unchanged at 83.0 million acres while yields were bumped up by 0.8 bu/acre to 51.4 bu/acre, right in line with pre-report expectations. The higher yields left soybean production up 68 million bushels from a month ago. Soybean crush was unchanged from a month ago but exports are up 40 million bushels from last month’s estimates. Ending stocks were increased 30 million bushels to 395 million bushels. Global soybean production is almost 2.8 million metric tons higher than a month ago, driven almost entirely by higher U.S. and Brazilian production. Higher production combined with higher global carryover has global ending stocks up just over 5 million metric tons from last month’s estimates. Mississippi soybean producers are expected to see slightly higher soybean yields than a year ago at 48 bu/acre compared to 46 bu/acre a year ago and last month’s estimate of 47 bu/acre.

 The 2015/16 wheat crop balance sheet saw several minor changes. Acreage was reduced by 200,000 acres while wheat yields were unchanged from a month ago. The reduction in acreage left U.S. wheat production down by 11 million bushels. Food use was unchanged while feed use was reduced by 70 million bushels. Exports were increased by 25 million bushels, leaving ending stocks 38 million bushels higher than a month ago. Globally, wheat production was reduced slightly with several countries seeing small revisions. Global ending stocks were down by 0.7 million metric tons.

 The cotton balance sheet saw a few revisions this month as well. Cotton harvested acres was unchanged at 9.66 million acres while yields were reduced by 5 pounds per acre. Those changes left cotton production down slightly at 16.03 million bales. Domestic use was unchanged from last month, but exports were increased by 500,000 bales leaving ending stocks down by 600,000 bales at 4.3 million bales. Global cotton production was increased by 220,000 million bales with several countries seeing small revisions. The increase in production combined with lower carryover from 2015/16 and higher global use left global ending stocks down 2.46 million bales. Mississippi producers are expecting improved cotton yields this year at 1,159 pounds per acre, unchanged from last month and higher than last year’s yield of 1,024 pounds per acre.

Cattle Market Notes: Week Ending October 7, 2016

Cash Cattle:

Cash traded fed cattle were lower this week. The five-area fed steer price for the week of September 29 – October 6 averaged $100.91 for live sales, and $159.06 for dressed; respectively, down $2.45 and $2.86. Total volume sold was down 6,000 head from a week ago and up 48,000 head from last year.

Feeder steer cattle and calves were mostly lower across the U.S. this week. Oklahoma City 500-550 pound steers were down $10.00, averaging $128.81 while 750-800 pound steers were down $4.00 averaging $125.68. In Mississippi auctions, lighter weight feeders weighing 450-500 pounds were averaging $115.00, down $10.00 from a week ago, while heavy steers were averaging $89.50, down $13.50 from last week.

[ … For Livestock Prices and Production data and trends CLICK HERE … ]

Futures:

Live cattle futures and feeder futures were higher this week. October live cattle were up $2.93 on the week and $29.65 lower than a year ago at $101.83, while December live cattle were up $2.80 from last week and down $34.40 from a year ago at $102.93. Feeder cattle were higher this week with October futures up $4.55 from last Friday and down $58.83 from a year ago at $127.55 while November futures are up $3.20 on the week at $122.63. December corn futures are up $0.03 from a week ago at $3.39 while March futures are up $0.03.

Beef:                                                                                           

Wholesale boxed beef prices are lower compared to a week ago. Choice boxes averaged $184.72, down $3.91 from a week ago. Select boxes ended the week with an average of $176.06, down $3.14 from last week. The choice-select spread narrowed from $9.43 a week ago to $8.66 this week.

Note: all cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel, unless stated otherwise.