NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 08/22/2014
RECEIPTS: Auctions Direct Video/Internet Total
This Week 138,400 70,100 146,200 354,700
Last Week 146,300 16,800 32,800 195,900
Last Year 160,000 53,600 62,000 275,600
Compared to last week, feeder cattle and calves traded very uneven with calves ranging from steady to 5.00 higher to steady to 5.00 lower. While yearlings sold mostly steady to 5.00 lower, with several auctions this week catching up with last week’s declines that are on a two week schedule quoting yearlings 10.00-15.00 lower than two weeks ago. Cattle buyers turned a little cautious this week as good gains in the Live and Feeder cattle futures on Monday turned decisively lower on Tuesday, Wednesday and Thursday, before recovering with solid gains on Friday after a very volatile couple of weeks of trading.
Added losses on Boxed Beef values as retailers prepare for Labor Day and with continued declines in the fat cattle trade. On Wednesday afternoon in Kansas trade developed with live sales 3.00 lower at 152.00 and a few live sales in Nebraska also at 152.00. On Friday afternoon in Nebraska had some live sales trading at 155.00 pretty much steady with last week. If we are starting to come off a top in our cattle markets sometimes it’s difficult to know or understand if we have put a top in the market or a correction. No one knew how high this market would go, but we all knew that one day it would top out. Many would agree that this late-summer calf and yearling market could very well have put in its highs for the time being as this feeder cattle market has for some time continued to defy gravity at high altitude prices. Needless to say, pressure was felt this week due to lower futures, boxed beef prices and lower fat cattle trade. Still, demand remains very good for feeders, this week many auctions were selling 700-800 lb yearling steers ranging from 220.00-240.00, with a near pot load of fancy black steers at the Callaway Livestock Center in Kingdom City, Mo weighing 710 lbs at 256.00. In Valentine, NE on Thursday over 400 head of 900-950 lb steers sold with a weighted average price of 215.76. This Bull Market of 2014 has been a demand driven market for an overall short supply of feeder cattle. The Pro-Farmer Tour is underway with all signs pointing to a record corn and soybean crop throughout the Corn Belt. Friday’s Cattle on Feed Report was mostly neutral to a little larger than expected, but close to expectations, with August 1st inventories at 98 percent, while placements came in at 93 percent and marketings at 91 percent. This week’s reported auction volume included 46 percent over 600 lbs and 38 percent heifers.
AUCTION RECEIPTS: 138,400 Last Week: 146,300 Last Year: 160,000