Week ending June 9

Week ending June 9

Yearling steers and heifers sold steady to $8/cwt. higher, according to the Agricultural Marketing Service (AMS). They traded $2-$5 higher in the Southeast. Steer and heifers calves traded steady to $5 higher.

“Extreme heat plagued parts of the Plains and Midwest with temperatures topping in the mid 90’s, which slowed cattle movement in some areas,” AMS analysts explained. “In the Southern Plains and southern Midwest, where you see more yearling crossbred cattle with exotic influence, the price margins narrowed between Medium and Large #1 and #1-2 feeders. This is due to the fact that these type of cattle can go anywhere this time of year due to warmer temperatures.”

Increasing demand for calves and feeder cattle was evident despite volatile and lower Cattle futures prices.

Week to week on Friday, Feeder Cattle futures closed an average of $2.99 lower across the front five contracts ($1.00 to $4.55 lower) and then an average of 57¢ higher.

After 42¢ higher in spot Jun Live Cattle futures closed an average of 77¢ lower (5¢ to $2.20 lower).

“There was some evidence that the sharp turn in the futures affected a few cattle markets during the middle of the week,” AMS analysts said. “However, most traders shook off the negative news and continued to purchase yearlings at higher prices as feedlots are trying to keep up with packer demand and keep pen space full.”

There was no such eagerness from packer buyers. Only about 25% of the 1,396 head offered sold in the weekly Fed Cattle Exchange auction—moved from Wednesday to Thursday due to technical problems. The weighted average price was $136.75 for delivery at 1-17 days.

By late Friday afternoon, though, country trade for the week had yet to materialize to any degree. There were a few live sales ($136) and a few in the beef ($218), about square in the middle of steady money—in Nebraska and the western Corn Belt—but too few to trend.

Friday to Friday Change*

 

Weekly Auction Receipts

Receipts Auction Change Direct Change Video/Internet Change Total Change
June 2 177,700 +57,600 68,000 +24,100 30,700 +30,400 276,400 +112,100

 

CME Feeder Index

CME Feeder Index June 8 Change
  154.91 + $5.11

*Thursday-to Thursday for CME Feeder Index

 

Cash Stocker and Feeder

North Central

Steers-Cash June 9 Change 
600-700 lbs. $181.39 + 6.58
700-800 lbs. $170.74 + 7.59
800-900 lbs. $157.79 +  3.11

 

South Central

Steers-Cash June 9 Change
500-600 lbs. $174.62 + 0.37
600-700 lbs. $166.16 + 5.21
700-800 lbs. $157.21 + 4.24

 

Southeast

Steers-Cash June 9 Change 
400-500 lbs. $170.04 +  3.97
500-600 lbs. $163.73 +  4.25
600-700 lbs. $154.42 +  4.78

(AMS National Weekly Feeder & Stocker Cattle Summary)

 

Wholesale Beef Value

Boxed Beef  (p.m.) June 9 ($/cwt) Change
Choice $251.21 +  $5.97
Select $220.29 +  $2.23
Ch-Se Spread    $30.92 + $3.74

 

Futures

Feeder Cattle  June 9 Change
Aug $154.175 – $4.550
Sep $153.625 – $4.200
Oct $152.275 –  $3.425
Nov $150.875 –  $1.775
Jan ’18 $144.850 –  $1.000
Mar $142.500 +  $0.325
Apr $141.700 +  $0.650
Aug $140.800 +  $0.725

 

Live Cattle  June 9 Change
Jun $131.250 + $0.425
Aug $123.850 – $2.200
Oct $119.875 – $1.125
Dec $120.500 – $0.975
Feb ’18 $120.850 – $0.475
Apr $118.650 – $0.300
Jun $111.450 – $0.300
Aug $108.925 – $0.050

 

Corn futures June 9 Change
Jul $3.876 +  $0.150
Sep $3.956 + $0.150
Dec $4.060 +  $0.150
Mar ’18 $4.146 + $0.140
May $4.200 + $0.130
Jul $4.250 +  $0.128

 

Oil CME-WTI June 9 Change
Jul $45.83 –  $1.83
Aug $46.07 –  $1.80
Sep $46.32 –  $1.73
Oct $46.53 –  $1.67
Nov $46.76 –  $1.61
Dec $46.97 –  $1.54

Equities

Equity Indexes June 9 Change
Dow Industrial Average 21271.97 + 65.68
NASDAQ 6207.92 –  97.88
S&P 500 2431.77 –     7.30
Dollar (DXY)      97.28 +    0.62
2017-06-11T19:21:25-05:00

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