Daily Market Highlights

Cattle futures firmed Tuesday, helped along by recently higher cash fed cattle prices.

Feeder Cattle futures closed an average of 98¢ higher.

Live Cattle futures closed an average of 43¢ higher.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $183/cwt. in the Southern Plains and $185 in the north.  Dressed delivered prices were $290-$292.

Choice boxed beef cutout value was 47¢ higher Tuesday afternoon at $305.14/cwt. Select was $1.43 higher at $278.63/cwt.

Corn futures closed mostly 1¢ lower.

KC HRW Wheat closed 2¢ to 3¢ lower.

Soybean futures closed 7¢ to 10¢ higher through Sep ‘24 and then 3¢ to 6¢ higher.

******************************

Major U.S. financial indices faltered Tuesday with pressure from higher yield rates tied to heftier monthly U.S. retail and food service sales than expected.

The Dow Jones Industrial Average closed 13 points higher. The S&P 500 closed fractionally lower. The NASDAQ was down 34 points.

West Texas Intermediate Crude Oil futures (CME) closed unchanged to 39¢ higher through the front six contracts.

Recent negotiated cash fed cattle prices reflect the push and pull of tight supplies while packers attempt to slow production and build live cattle inventory.

******************************

Recent negotiated cash fed cattle prices reflect the push and pull of tight supplies while packers attempt to slow production and build live cattle inventory.

The ability to hold par on finished cattle prices during the fall lull bodes well for cattle feeders as finished cattle prices moving toward end-of-the-year holidays are expected to be supported as are wholesale beef prices, says Andrew P. Griffith, agricultural economist at the University of Tennessee says, in his weekly market comments. “The market may not experience as large a typical seasonal price increase this year as in previous years, but the failure to achieve the same percentage increase is because prices have remained strong moving from summer into the fall period.”

Cattle futures closed lower Monday after early strength as traders appear cautious about Friday’s next Cattle on Feed report, as well as lingering future demand concerns.

Feeder Cattle futures closed an average of $1.13 lower.

Live Cattle futures closed an average 39¢ lower, except for 7¢ higher in spot Oct.

Negotiated cash fed cattle trade was at a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $1 higher in the Southern Plains at $182/cwt. and $2 higher in in the North at $185. Dressed delivered prices were $2-$4 higher in Nebraska at $292 and steady to $4 higher in the western Corn Belt at $290-$292.

The five-area direct weighted average fed steer price last week was $184.30/cwt., which was $1.58 higher than last week. The average fed steer price in the beef was $2.57 higher at $291.83.

Corn futures closed mostly 3¢ lower.

Soybean futures closed 3¢ to 6¢ higher.

KC HRW Wheat closed mostly fractionally lower to 1¢ lower.

******************************

Major U.S. financial indices gained Monday on positive quarterly earnings reports.

The Dow Jones Industrial Average closed 314 points higher. The S&P 500 closed 45 points higher. The NASDAQ was up 160 points.

West Texas Intermediate Crude Oil futures (CME) closed 82¢ to $1.09 lower through the front six contracts.   

******************************

Global economic recovery from the pandemic and Russia’s war on Ukraine remains slow and uneven, according to the International Monetary Fund (IMF), in the recent World Economic Outlook (WEO).

“Risks to the outlook are more balanced than they were six months ago, on account of the resolution of U.S. debt ceiling tensions and Swiss and U.S. authorities having acted decisively to contain financial turbulence,” according to the WEO Executive Summary. “The likelihood of a hard landing has receded, but the balance of risks to global growth remains tilted to the downside.”

The IMF projects global economic growth to be 3.0% this year, down from 3.5% last year. Next year’s growth is projected to be 2.9%. IMF forecast U.S. GDP at 2.1% this year, the same as last year, and then 1.5% next year.

“Several forces are holding back the recovery,” according to the WEO. “Some reflect the long-term consequences of the pandemic, the war in Ukraine, and increasing geo-economic fragmentation. Others are more cyclical in nature, including the effects of monetary policy tightening necessary to reduce inflation, withdrawal of fiscal support amid high debt, and extreme weather events.”

Among key risks to the economy, IMF cites: a deepening real estate crisis in China; more volatile commodity markets tied to geo-political tensions and disruptions linked to climate change; uncomfortably high inflation.”

Cattle futures closed lower Friday on the previous day’s softer USDA price outlook, likely profit taking, and no support from the previous day’s export news.

Net U.S. beef export sales for the week ending Oct. 5 were 9,000 metric tons, according to USDA’s weekly Export Sales report. The volume was 32% less than the previous week and 29% less than the prior four-week average. Increases were primarily for South Korea, Japan, Mexico, Taiwan and Canada. 

Feeder Cattle futures closed an average of $1.80 lower.

Live Cattle futures closed an average of $1.11 lower (27¢ lower in spot Oct to $1.57 lower at the back).

Negotiated cash fed cattle trade ranged from slow on moderate demand to limited on moderate demand through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, based on the most recent established trade, FOB live prices were $1 higher in the Southern Plains at $182/cwt., $3 higher in Nebraska at $186 and $1-$3 higher in the western Corn Belt at $184-$186. Dressed delivered prices were $2-$4 higher in Nebraska at $292 and steady to $4 higher in the western Corn Belt at $290-$292.

Choice boxed beef cutout value was 39¢ lower Friday afternoon at $300.80/cwt. Select was 47¢ higher at $275.49/cwt.

Grain and Soybean futures eased lower Friday with likely profit taking.

Corn futures closed 1¢ to 3¢ lower.

Soybean futures closed mostly 7¢ to 11¢ lower.

KC HRW Wheat closed 4¢ to 7¢ lower.

******************************

Major U.S. financial indices closed mainly lower Friday with pressure from surging crude oil prices in response to fears about expanding unrest in the Middle East.

The Dow Jones Industrial Average closed 39 points higher. The S&P 500 closed 21 points lower. The NASDAQ was down 166 points.

West Texas Intermediate Crude Oil futures (CME) closed $3.70 to $4.78 higher through the front six contracts.  

******************************

Grass season is coming to a close with mixed regional year-over year conditions, according to the Livestock Marketing Information Center (LMIC), in the latest Livestock Monitor. Nationwide, based on the latest ratings, LMIC analysts point out pasture and range rated as Poor or Very Poor ranged from 32-39%, compared to 40-plus a year ago at this time but higher than the typical ~30%.

“Range and pasture conditions for the western region of the U.S. are tracking similar to last year with ratings just above 30% rated as poor and very poor,” LMIC analysts say. “Condition ratings for the Great Plains region have been doing better than a year ago and the five-year average. The last several weeks have ranged from about 16% to 26% rated as poor and very poor, compared to over 50% at this time last year.”

Rounding out key cattle regions, they explain pasture conditions improved in the Southern Plains in recent weeks but are the worst for the year in the Southeast and Corn Belt region.

“Hay supplies across the U.S. have improved though, with the national yield and production numbers increasing,” LMIC analysts say. “Stocks may still be tight by historical standards, but for the most part it seems the U.S. was able to have not only a better grazing year, but also was able to rebuild hay inventory.”

Cattle futures extended gains Thursday, supported by the weeks higher cash fed cattle prices and despite some bearishness in the monthly World Agricultural Supply and Demand Estimates (see below).

Feeder Cattle futures closed an average of $1.35 higher.

Live Cattle futures closed an average of 94¢ higher.

Negotiated cash fed cattle trade ranged from moderate on moderate demand to slow on moderate demand, according to the Agricultural Marketing Service.

So far this week, FOB live prices are $1 higher in the Southern Plains at $183/cwt., $1-$2 higher in Nebraska at $185 and $2 higher in the western Corn Belt at $185.

Dressed delivered prices were $2-$4 higher in Nebraska at $292. Prices in the western Corn Belt last week were $290.

Choice boxed beef cutout value was 91¢ higher at $301.19/cwt. Select was 28¢ lower at $275.02/cwt.

Corn futures gained on the World Agricultural Supply and Demand Estimates (see below).

Corn futures closed 5¢ to 8¢ higher through May ’25 and then 2¢ higher.

KC HRW Wheat closed mostly 8¢ higher.

Soybean futures closed 29¢ to 37¢ higher through Aug ‘24 and then 18¢ to 22¢ higher.

******************************

Major U.S. financial indices sagged Thursday with a stouter inflation reading than expected.

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4% in September on a seasonally adjusted basis, after increasing 0.6% in August, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 3.7% before seasonal adjustment.

The Dow Jones Industrial Average closed 173 points lower. The S&P 500 closed 27 points lower. The NASDAQ was down 85 points.

West Texas Intermediate Crude Oil futures (CME) closed 16¢ to 58¢ lower through the front six contracts.   

******************************

USDA’s Economic Research Service (ERS) lowered expected fed steer prices (five-area direct) for this year and next, in the latest World Agricultural Supply and Demand Estimates (WASDE). The downward revision was based on September and early-October prices, and weaker expected demand for cattle during the fourth quarter of the year. Prices for next year were lowered with expectations of price pressure from larger feedlot supplies than previously projected.

The fourth-quarter price estimate was reduced $5 to $185/cwt. and the annual price was lowered $1.20 to $177.30. Next year’s annual price was projected $1 lower at $185.

Cattle futures finally found some traction Wednesday on oversold conditions and a promising start to the week’s cash fed cattle trade.

Feeder Cattle futures closed an average of $1.37 higher.

Live Cattle futures closed an average of $1.39 higher (85¢ to $1.97 higher).

Negotiated cash fed cattle trade and demand were moderate in the Southern Plains through Wednesday afternoon, with FOB live prices mostly $1 higher at mainly $183/cwt., according to the Agricultural Marketing Service.

Elsewhere, trade was limited on light demand, with too few transactions to trend.

Last week, FOB live prices were $183-$184 in Nebraska and the western Corn Belt. Dressed delivered prices were $288-$290.

Choice boxed beef cutout value was 78¢ lower Wednesday afternoon at $300.28/cwt. Select was 85¢ lower at $275.30/cwt.

Grain futures had a wait-and-see feel ahead of Thursday’s World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 2¢ to 3¢ higher.

Soybean futures closed 12¢ to 19¢ lower through Aug ‘24 and then 8¢ to 10¢ lower.

KC HRW Wheat closed 4¢ to 5¢ lower.

******************************

Major U.S. financial indices gained Wednesday, as traders awaited more inflation data this week.

The Dow Jones Industrial Average closed 65 points higher. The S&P 500 closed 18 points higher. The NASDAQ was up 96 points.

West Texas Intermediate Crude Oil futures (CME) closed 93¢ to $2.48 lower through the front six contracts.   

******************************

National pasture and range conditions continue ahead of last year, according to the most recent Crop Progress report from USDA’s National Agricultural Statistics Service.

For the week ending Oct. 8, 35% of pasture and range was rated as Good (30%) or Excellent (5%), which was the same as the previous week and 12% more than a year earlier. 36% was rated as Poor (21%) or Very Poor (15%), which was 1% more than a week earlier but 10% less than a year earlier.

57% of winter wheat was planted, which was 4% less than last year but the same as the average. 29% was emerged, compared to 24% a week earlier and 30% a year earlier.

Cattle futures closed mostly lower Tuesday, unable to muster much interest.

Feeder Cattle futures closed an average of 65¢ lower, except for unchanged to an average of 87¢ higher in the front three contracts.

Live Cattle futures closed an average of 53¢ lower, except for 20¢ higher spot Oct.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $182/cwt. in the Southern Plains and $183-$184 in the north. Dressed delivered prices were $288-$290.

Choice boxed beef cutout value was $2.36 lower Tuesday afternoon at $301.06/cwt. Select was $1.35 lower at $276.15/cwt.

Grain futures softened a touch Tuesday with likely positioning ahead of this week’s World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 1¢ to 2¢ lower.

KC HRW Wheat closed 13¢ to 14¢ lower.

Soybean futures closed 2¢ to 7¢ higher through Aug ‘24 and then fractionally lower to 1¢ lower.

******************************

Major U.S. financial indices extended gains Tuesday, helped along by lower Treasury yields.

The Dow Jones Industrial Average closed 134 points higher. The S&P 500 closed 22 points higher. The NASDAQ was up 78 points.

West Texas Intermediate Crude Oil futures (CME) closed 7¢ to 41¢ lower through the front six contracts.  

******************************

Although October tends to pressure cattle markets, Stephen Koontz, agricultural economist at Colorado State University says there are also signs of fundamental and technical challenges.

“Placements of cattle in feedlots were the strongest for the year in May and June, and these are the animals to be marketed soon,” Koontz explains, in the latest issue of In the Cattle Markets from the Livestock Marketing Information Center. “The inventory of cattle on feed over 120 days and over 150 days is high, as revealed by the most recent report. Exports are showing a response to the record high prices in terms of drifting lower. Fed steer and fed heifer weights continue the seasonal increase and are likely for the next month and a half.”

Further, Koontz points to negative sustained packer margins in August and at the end of September.

“There are a variety of factors that press for the slowing of cattle processing, sales, exports, and in the end, prices,” Koontz says. “The next several weeks will determine the strength of cattle buying. What is needed to satisfy forward contracts and what volume can be moved through cash market retail and food service channels? We will learn that. The strength of demand in the remainder of the fourth quarter will be a good signal for the following year’s potential. From a long-term perspective, what happens in the replacement market during the fall will be informative too.”

With all of that said, analysts with the Agricultural Marketing Service (AMS) note auction prices for calves remained impressive last week, as long as it was a premium offering.

“Plainer type calves or those coming right off the cow un-weaned and un-worked are seeing sharp discounts and are being met with light to moderate demand with health risk being the major defining component,” AMS analysts say.

Cattle futures closed lower Monday, hamstrung by more negative outside markets, this time tied to war between Israel and Hamas.

Feeder Cattle futures closed an average of $1.68 lower.

Live Cattle futures closed an average of $1.07 lower.

Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $1 lower in the Southern Plains at $182/cwt. and $1 lower in the north at $183. Dressed delivered prices were steady to $2 lower at $288-$290.

Choice boxed beef cutout value was $1.41 higher Monday afternoon at $303.42/cwt. Select was $1.72 higher at $277.50/cwt.

Corn and Soybean futures closed lower on harvest pressure.

Corn futures closed 1¢ to 3¢ lower.

Soybean futures closed mostly 4¢ to 6¢ lower.

KC HRW Wheat closed mostly 12¢ higher on geopolitical risk.

******************************

Major U.S. financial indices closed higher Monday, thanks to a surprising reversal, following strong pressure from the unrest in the Middle East.

The Dow Jones Industrial Average closed 197 points higher. The S&P 500 closed 27 points higher. The NASDAQ was up 52 points.

West Texas Intermediate Crude Oil futures (CME) closed $2.66 to $3.59 higher through the front six contracts. 

******************************

At best, next year looks to be a year of stabilizing cow numbers rather than expansion, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments.

“Neither Mother Nature nor producers seem to be in much of a hurry to get started with the next herd expansion,” Peel says. “When it does start, herd rebuilding is likely to be a lengthy process with strong prices supporting the recovery of the industry.”

Need for expansion is obvious. Peel points out the nation’s beef cow herd of 28.9 million head Jan. 1 was the smallest since 1962 with liquidation forced by drought.

“Domestic and international demand for U.S. beef will support and encourage a significantly larger herd going forward,” Peel says. “This will require increased heifer retention and reduced cow culling that will further squeeze cattle slaughter and beef production for at least 2-3 years.”

However, lingering drought and economic uncertainty appear to be delaying expansion so far.

“While some producers can’t rebuild due to continued drought or drought recovery, other producers have compelling financial needs to pay down debt or restore equity drained by drought and high input costs before retaining any heifers,” Peel says. “Some older producers are looking at the current market as a means to exit cattle production, or at least, cow-calf production. Sharply higher interest rates and the cost of financing herd rebuilding is also a deterrent for some producers and lenders, especially when combined with some skepticism about how long the current market will last.”

Cattle futures closed higher Friday, helped along by lower Corn futures and the notion that boxed beef cutout values might be on the cusp of carving out a seasonal low.

Feeder Cattle futures closed an average of 79¢ higher.

Live Cattle futures closed an average of $1.01 higher.

Negotiated cash fed cattle trade ranged from limited on light to demand to a standstill through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, FOB live prices were $1 lower in the Southern Plains at $182/cwt. $1 lower in Nebraska at $183 and steady to $1 lower in the western Corn Belt at $183-$184. Dressed delivered prices were steady to $2 lower at $288-$290 in Nebraska and steady in the western Corn belt at $290.

Choice boxed beef cutout value was $4.25 higher Friday afternoon at $302.01/cwt. Select was $1.01 higher at $275.78/cwt.

Estimated total cattle slaughter last week of 628,000 head was 16,000 head more than the previous week but 41,000 head fewer than the same week last year. Estimated year-to-date cattle slaughter of 24.9 million head was 1.2 million head less (-4.5%) than the same period last year. Estimated year-to-date beef production of 20.4 billion pounds was 1.1 billion pounds less (5.2%).

As for row crop futures, they closed lower Friday on likely week-end profit taking.

Corn futures closed 5¢ lower through Jly ‘24 and then fractionally lower to 3¢ lower.

KC HRW Wheat closed 12¢ to 16¢ lower through May ‘25 and then 9¢ lower.

Soybean futures closed 11¢ to 14¢ lower through May ‘24 and then mostly 5¢ to 9¢ lower.

******************************

Major U.S. financial indices closed higher Friday, despite a stronger employment situation than expected. While positive, investors have recently turned bearish on such news, believing it will lead to higher interest rates.

Non-farm payroll employment increased by 336,000 in September, according to the National Employment Summary. The unemployment rate was unchanged at 3.8%. Average hourly earnings for all employees on non-farm payrolls increased by 7¢. Hourly earnings have increased 4.2% over the past 12 months.

The Dow Jones Industrial Average closed 288 points higher. The S&P 500 closed 50 points higher. The NASDAQ was up 211 points.

West Texas Intermediate Crude Oil futures (CME) closed 34¢ to 48¢ higher through the front six contracts. 

******************************

U.S. beef exports continue lower year over but show signs of resilience, based on data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

August beef exports totaled 109,000 metric tons (mt), down 19% from last year, when export volume was the second highest on record. However, export volume was 6% more than the previous month. Export value of $883.9 million was 15% less year over year but 9% more than July.

“Beef exports certainly face significant headwinds, especially in our large Asian markets where foodservice has been slow to recover and consumer confidence is low due to the impact of rising prices and the strong U.S. dollar,” says Dan Halstrom, USMEF president and CEO. “But exports to South Korea and Japan did bounce back to some degree after a difficult July. Mexico continues to be a major bright spot for U.S. beef, and exports to other Western Hemisphere partners in Central and South America and the Dominican Republic also gained momentum in August.”

For January through August, beef exports trailed last year’s record pace by 12% in volume (881,343 mt) and 19% in value ($6.69 billion).

August beef export value equated to $395.81 per head of fed slaughter, down 10% from the previous year. The January-August average of $395.71 was 16% less than the same period last year.

Cattle futures closed mixed to lower Thursday with follow-through pressure from declining open interest and lingering concerns about the nation’s economy.

Feeder Cattle futures closed an average of 65¢ lower.

Live Cattle futures closed mixed, from an average of 48¢ lower to an average of 27¢ higher.

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to mostly inactive on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live prices are $1 lower at $182/cwt. in the Southern Plains and at $183 up north. Dressed delivered prices in Nebraska are steady to $2 lower at $288-$290. Dressed delivered prices were $290 in the western Corn Belt last week.

Choice boxed beef cutout value was $1.00 higher Thursday afternoon at $297.76/cwt. Select was 10¢ lower at $274.77/cwt.

Wheat futures climbed Thursday on new shipping concerns related to Russia’s war on Ukraine, dragging Corn futures higher.

Corn futures closed 11¢ higher through Jly ‘24 and then mostly 5¢ to 8¢ higher.

KC HRW Wheat closed 18¢ to 24¢ higher through May ‘25 and then mostly 12¢ higher.

Soybean futures closed 3¢ to 7¢ higher through Aug ‘24 and then mostly 1¢ higher.

******************************

Major U.S. financial indices closed little changed after early pressure, as investors await Friday’s jobs report.

The Dow Jones Industrial Average closed 9 points lower. The S&P 500 closed 5 points lower. The NASDAQ was down 16 points.

West Texas Intermediate Crude Oil futures (CME) closed $1.18 to $1.91 lower through the front six contracts.

******************************

The U.S. meat sector continues making strides toward ensuring meat supply chain sustainability in all of its forms. Consider the second annual continuous improvement report from the Meat Institute, a founding member of Protein PACT, which developed a framework for continuous improvement in all areas of sustainability.

The report reflects commitments and actions covering an estimated 90% of meat sold in the United States, with 93% of the Meat Institute’s largest member companies (more than 2000 employees) submitting data.

Among the Meat Institute’s five focus areas for continuous improvement, one key target is the Meat Institute’s aim for 100% of members to have set a science-based emissions reduction target by 2030. To date, 14 Meat Institute general members representing the majority of meat sold in the United States, plus 10 supplier/allied members, have set or publicly committed to set targets verified by the Science-Based Targets Initiative.

 For reporting establishments that handle live animals, report highlights include:

86% have a comprehensive animal welfare program based on the Meat Institute’s Animal Handling Guidelines.

85% require suppliers to implement employee training and species-specific standards for animal care.

82% require animal welfare transport regulations/programs.

Meat Institute President and CEO Julie Anna Potts explains, “Ninety-eight percent of American households purchase meat, putting our sector undoubtedly at the center of sustaining healthy diets, healthy communities, and a healthy planet for generations to come.”

Cattle futures stabilized following steep losses in the previous session.

Feeder Cattle futures closed narrowly mixed, from an average of 39¢ lower to an average of 33¢ higher.

Live Cattle futures closed an average of 13¢ higher, except for 37¢ lower in the back contract.

Negotiated cash fed cattle trade ranged from light on light demand to inactive on light demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. So far this week, FOB live prices are mostly $1 lower at mainly $182/cwt.

Trade in the western Corn Belt was light on light to moderate demand with FOB live prices mainly $1 lower at mostly $183/cwt. Dressed delivered prices last week were $290.

In Nebraska, trade was slow on light demand. Although too few to trend, there were some early dressed delivered sales at $291. Last week, FOB live prices were $184 and dressed delivered prices were $290.

Choice boxed beef cutout value was $3.31 lower Wednesday afternoon at $296.76/cwt. Select was 72¢ lower at $274.87/cwt.

Corn futures closed mostly fractionally lower.

KC HRW Wheat closed 11¢ to 16¢ lower.

Soybean futures closed mixed, from 3¢ lower to 4¢ higher.

******************************

Major U.S. financial indices closed higher Wednesday, bolstered by labor data suggesting slower employment growth than portrayed by the previous day’s Job Openings and Turnover Summary.

Private employers added 89,000 jobs in September, according to the closely watched ADP National Employment Report. The number was less than expected and represented the slowest growth since January 2021.

“We are seeing a steepening decline in jobs,” says Nela Richardson, ADP chief economist. “Additionally, we are seeing a steady decline in wages in the past 12 months.”

The Dow Jones Industrial Average closed 127 points higher. The S&P 500 closed 34 points higher. The NASDAQ was up 176 points.

West Texas Intermediate Crude Oil futures (CME) closed $4.38 to $5.01 lower through the front six contracts with apparent profit taking, given the gloomier economic outlook.