Although trends were tougher to come by during the holiday-shortened week, those available suggest optimism. Tyson’s plan to resume operations at its Kansas plant also adds support heading into the new week.
There were just 84,600 head of calves and feeder cattle offered at auction, direct and via video or Internet sales, according to the Agricultural Marketing Service (AMS), so no nationwide trend.
Feeder Cattle futures surged higher, though, basically erasing losses from the previous week. They closed an average of $3.79 higher week to week on Friday. Turned out, traders viewed the 2% fewer October placements (Cattle on Feed report) as positive. Ongoing gains in cash fed cattle prices also provided support.
Negotiated cash fed cattle trade for the week was mainly $2-$3 higher on a live basis at $118/cwt. in Kansas, $118-$120 in Nebraska and $117-$118 in the western Corn Belt. Dressed trade was $3 higher at $187.
Other than unchanged in spot Dec, Live Cattle futures closed an average of $2.36 higher week to week on Friday.
“Annual average feedlot inventories (12-month moving average) peaked in August but there is a chance that strong placements in the next few months could push to a higher average total,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “In other words, feedlot inventories are close but may not yet be quite at a cyclical peak.”
Choice boxed beef cutout value was 45¢ lower week to week on Friday at $232.12/cwt. Select was 98¢ lower at $210.34.
The average dressed steer weight for cattle harvested the week ending Nov. 16 was 912 lbs., according to USDA’s weekly Actual Slaughter Under Federal Inspection report. That was 4 lbs. heavier than the previous week and 12 lbs. heavier than the previous year. The average dressed heifer weight of 841 lbs. was 2 lbs. heavier than the prior week and 5 lbs. heavier than the previous year.
“Large supplies of red meat are prevalent in the marketplace, as total weekly meat production and weekly hog slaughter set new records for week ending Nov. 16,” say AMS analysts.
Friday to Friday Change*
Weekly Auction Receipts
| Nov. 29 | Auction | Direct |
Video/net |
Total |
|
58,600 (-265,300) |
25,900 (-14,800) |
100 (-20,900) |
84,600 (-301,000) |
CME Feeder Index
| CME Feeder Index* | Nov. 28 | Change |
| $145.11 | – $0.36 |
*Thursday-to Thursday for CME Feeder Index
Cash Stocker and Feeder
Week ending Nov. 22
North Central
| Steers-Cash | Nov. 22 | Change |
| 600-700 lbs. | $150.37 | – $1.71 |
| 700-800 lbs. | $147.78 | – $2.30 |
| 800-900 lbs. | $146.44 | – $3.45 |
Week ending Nov. 22
South Central
| Steers-Cash | Nov. 22 | Change |
| 500-600 lbs. | $151.38 | – $1.89 |
| 600-700 lbs. | $144.41 | – $2.14 |
| 700-800 lbs. | $144.62 | – $2.49 |
Week ending Nov. 22
Southeast
| Steers-Cash | Nov. 22 | Change |
| 400-500 lbs. | $144.30 | – $0.30 |
| 500-600 lbs. | $135.22 | – $0.36 |
| 600-700 lbs. | $131.04 | + $0.08 |
(AMS National Weekly Feeder & Stocker Cattle Summary)
Wholesale Beef Value
| Boxed Beef (p.m.) | Nov. 29 ($/cwt) | Change |
| Choice | $232.12 | – $0.45 |
| Select | $210.34 | – $0.98 |
| Ch-Se Spread | $21.78 | + $0.53 |
Futures
| Feeder Cattle | Nov. 29 | Change |
| Jan ’20 | $142.275 | + $3.000 |
| Mar | $143.025 | + $3.425 |
| Apr | $144.975 | + $3.875 |
| May | $146.150 | + $4.125 |
| Aug | $151.025 | + $4.125 |
| Sep | $151.650 | + $4.150 |
| Oct | $151.300 | + $4.175 |
| Nov | $150.625 | + $3.475 |
| Live Cattle | Nov. 29 | Change |
| Dec | $118.675 | -0- |
| Feb ’20 | $126.200 | +$2.350 |
| Apr | $126.375 | +$2.200 |
| Jun | $117.725 | +$2.400 |
| Aug | $115.350 | +$2.325 |
| Oct | $116.725 | +$2.375 |
| Dec | $119.100 | +$2.650 |
| Feb ’21 | $120.550 | +$2.300 |
| Apr | $121.400 | +$2.300 |
| Corn futures | Nov. 29 | Change |
| Dec | $3.712 | +$0.026 |
| Mar ’20 | $3.812 | +$0.028 |
| May | $3.856 | +$0.020 |
| Jul | $3.902 | +$0.016 |
| Sep | $3.880 | – $0.004 |
| Dec | $3.910 | – $0.014 |
| Oil CME-WTI | Nov. 29 | Change |
| Jan ’20 | $55.17 | – $2.60 |
| Feb | $55.14 | – $2.52 |
| Mar | $54.98 | – $2.37 |
| Apr | $54.74 | – $2.24 |
| May | $54.45 | – $2.12 |
| Jun | $54.10 | – $2.02 |
Equities
| Equity Indexes | Nov. 29 | Change |
| Dow Industrial Average | 28051.41 | +175.79 |
| NASDAQ | 8665.47 | +145.59 |
| S&P 500 | 3140.98 | + 29.99 |
| Dollar (DXY) | 98.27 | -0- |