There was no national price trend for calves and feeders, given the limited receipts during the Thanksgiving Day break. Where auctions did occur, trends appeared mostly to the upside, buoyed by recent futures strength.
“This is the first week where the market showed positive trends in most weights of feeders,” explained the AMS reporter on hand for Saturday’s auction in Kist, ND.
Feeder Cattle futures closed an average of $1.95 higher week to week on Friday.
Heading into the new week, logic suggests calves and feeders should receive support from last week’s friendly Cattle on Feed report, as well as stronger cash fed cattle prices.
There were 2.25 million head placed in October, which was 6.06% less than last year, according to the report. Analyst estimates ahead of the report were for an increase of 1% more.
Cattle marketings in October were slightly more than expected at 1.89 million head, which was 4.78% more than last year.
Cattle on feed Nov. 1 of 11.69 million head were 3.18% more than last year, about 1% less than many expected.
Fed Cattle and Beef Prices Gain
Negotiated cash fed cattle trade for the week ended up mostly $2-$3 higher on a live basis at $116-$117/cwt. ($113-$114 in the western Corn Belt), and $2-$7 higher in the beef at $180-$185.
Except for an average of 56¢ higher in the back three contracts, Live Cattle futures closed an average of $1.52 higher week to week on Friday.
Wholesale beef values managed week-to-week gains, too.
Week to week, Choice boxed beef cutout value was 94¢ higher Friday afternoon at $213.85/cwt. Select was 94¢ higher at $198.51.
Commercial red meat production was record high in October at 4.90 billion lbs., which was 6% more than the previous year, according to USDA’s most recent Livestock Slaughter report. For January through October, commercial red meat production of 44.4 billion lbs. was 3% more than the previous year.
Beef production for the month of 2.43 billion lbs. was 5% more than the previous October. Cattle slaughter of 2.96 million head was 6% more.
Pork production of 2.45 billion lbs. (up 6%), was record large, too. Hog slaughter of 11.6 million head was 6% more than the previous October.
Friday to Friday Change*
Weekly Auction Receipts
|
Receipts Nov. 23 |
Auction (head) (Change) |
Direct (head) (Change) |
Video/net (head) (Change) |
Total (head) (Change) |
|
97,700 (-210,000) |
20,500 (-8,600) |
0 (-31,600) |
118,200 (-250,200) |
CME Feeder Index
| CME Feeder Index | Nov. 22 | Change |
| $148.27 | + $0.44 |
*Thursday-to Thursday for CME Feeder Index
Cash Stocker and Feeder
North Central
| Steers-Cash | Nov. 23 | Change |
| 600-700 lbs. | $151.91 | – $5.10 |
| 700-800 lbs. | $150.39 | + $0.33 |
| 800-900 lbs. | $151.28 | – $0.12 |
South Central
| Steers-Cash | Nov. 23 | Change |
| 500-600 lbs. | $156.54 | + $0.49 |
| 600-700 lbs. | $144.45 | – $2.52 |
| 700-800 lbs. | $145.28 | – $0.35 |
Southeast
| Steers-Cash | Nov. 23 | Change |
| 400-500 lbs. | $154.44 | – $1.23 |
| 500-600 lbs. | $145.15 | + $1.71 |
| 600-700 lbs. | $137.89 | + $3.66 |
(AMS National Weekly Feeder & Stocker Cattle Summary)
Wholesale Beef Value
| Boxed Beef (p.m.) | Nov. 23 ($/cwt) | Change |
| Choice | $213.85 | + $0.94 |
| Select | $198.51 | + $0.94 |
| Ch-Se Spread | $15.34 | 0 |
Futures
| Feeder Cattle | Nov. 23 | Change |
| Jan ’19 | $149.375 | + $2.850 |
| Mar | $145.925 | + $1.950 |
| Apr | $146.250 | + $1.925 |
| May | $146.500 | + $2.025 |
| Aug | $150.450 | + $2.075 |
| Sep | $149.900 | + $1.750 |
| Oct | $149.500 | + $1.500 |
| Nov | $148.700 | + $1.500 |
| Live Cattle | Nov. 23 | Change |
| Dec | $117.100 | + $1.750 |
| Feb ’19 | $120.925 | + $1.200 |
| Apr | $123.150 | + $1.600 |
| Jun | $115.425 | + $1.900 |
| Aug | $113.325 | + $1.450 |
| Oct | $114.600 | + $1.225 |
| Dec | $116.250 | + $0.525 |
| Feb ’20 | $118.000 | + $0.575 |
| Apr | $119.575 | + $0.575 |
| Corn futures | Nov. 23 | Change |
| Dec | $3.590 | – $0.056 |
| Mar ’19 | $3.704 | – $0.052 |
| May | $3.782 | – $0.052 |
| Jul | $3.854 | – $0.046 |
| Sep | $3.890 | – $0.030 |
| Dec | $3.952 | – $0.028 |
| Oil CME-WTI | Nov. 23 | Change |
| Jan ’19 | $50.42 | – $6.26 |
| Feb | $50.59 | – $6.29 |
| Mar | $50.76 | – $6.31 |
| Apr | $50.91 | – $6.34 |
| May | $51.06 | – $6.37 |
| Jun | $51.17 | – $6.41 |
Equities
| Equity Indexes | Nov. 23 | Change |
| Dow Industrial Average | 24285.95 | – 1127.27 |
| NASDAQ | 6938.98 | – 308.89 |
| S&P 500 | 2632.56 | – 103.71 |
| Dollar (DXY) | 96.94 | + 0.51 |