Week ending June 16

Week ending June 16

 

Steers and heifers sold $5-$10/cwt. lower last week, according to the Agricultural Marketing Service (AMS). Pressure in the cash market came from tumbling Cattle futures prices and sharply lower fed cattle prices.

At the same time, auction receipts drifted lower with rising temperatures and summer sale barn schedules.

“Feedyard pen space is almost getting to be a premium now after the large supplies of feeders going through the marketplace in the last 45-60 days,” AMS analysts say.

Feeder Cattle futures closed an average of $6.15 lower week to week on Friday ($5.37 to $6.45 lower).

Cash fed cattle prices were mostly $5-$9 lower in sluggish, spotty trade at $128-$135. Dressed sales were from $5-$7 lower ($208-$215) to as much as $15 lower late in the week at $200 in Nebraska.

After $9.55 lower in spot June, Live Cattle futures closed an average of $4.35 lower week to week ($2.92 to $5.67 lower).

“The Choice-Select spread exceeded $30/cwt. as packers continued to pursue the higher quality product from show lists that are reported to be on the green side,” AMS analysts say.

“Following the first major grilling holiday, beef prices are usually supported by other grilling holidays, but prices do begin to soften,” explained Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “As Father’s Day approached and Independence Day approaches, there have not been any signs of the market moving lower. The Choice and Select cutout prices would indicate strong demand for beef products as production remains above a year ago, as do prices.”

 

Friday to Friday Change*

 

Weekly Auction Receipts

Receipts Auction Change Direct Change Video/Internet Change Total Change
June 16 146,700 -31,000 32,500 – 35,500 200 -30,200 179,400 -97,000

 

CME Feeder Index

CME Feeder Index June 15 Change
  $151.07 – $3.84

*Thursday-to Thursday for CME Feeder Index

 

Cash Stocker and Feeder

North Central

Steers-Cash June 16 Change 
600-700 lbs. $169.97 –  $11.42
700-800 lbs. $160.99 –    $9.75
800-900 lbs. $149.28 –    $8.51

 

South Central

Steers-Cash June 16 Change
500-600 lbs. $166.63 – $7.99
600-700 lbs. $156.58 – $9.58
700-800 lbs. $150.56 – $6.65
800-900 lbs. $145.78 – $6.10

 

Southeast

Steers-Cash June 16 Change 
400-500 lbs. $165.57 – $4.70
500-600 lbs. $158.76 –  $4.97
600-700 lbs. $151.38 –  $3.04

(AMS National Weekly Feeder & Stocker Cattle Summary)

 

Wholesale Beef Value

Boxed Beef  (p.m.) June 16 ($/cwt) Change
Choice $249.84 –  $1.37
Select $219.80 –  $0.49
Ch-Se Spread    $30.04 –  $0.88

Futures

Feeder Cattle  June 16 Change
Aug $147.875 –  $6.300
Sep $147.350 –  $6.275
Oct $145.825 –  $6.450
Nov $144.125 –  $6.750
Jan ’18 $138.500 –  $6.350
Mar $136.575 –  $5.925
Apr $135.950 –  $5.750
Aug $135.425 –  $5.375

 

Live Cattle  June 16 Change
Jun $121.700 –  $9.550
Aug $118.175 –  $5.675
Oct $115.350 –  $4.525
Dec $116.075 –  $4.425
Feb ’18 $116.375 –  $4.475
Apr $114.350 –  $4.300
Jun $107.350 –  $4,100
Aug $106.000 –  $2.925

 

Corn futures June 16 Change
Jul $3.840 –  $0.036
Sep $3.920 –  $0.036
Dec $4.020 –  $0.040
Mar ’18 $4.112 – $0.034
May $4.164 –  $0.036
Jul $4.214 –  $0.036

 

Oil CME-WTI June 16 Change
Jul $44.74 –  $1.09
Aug $44.97 –  $1.10
Sep $45.20 –  $1.12
Oct $45.41 –  $1.12
Nov $45.67 –  $1.09
Dec $45.94 –  $1.03

Equities

Equity Indexes June 16 Change
Dow Industrial Average 21384.38 + 112.41
NASDAQ 6151.76    56.16
S&P 500 2433.15 +     1.38
Dollar (DXY)      97.14 –      0.14
2017-06-19T12:54:01+00:00

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