Crop Market Update: October 18, 2016

Corn was up last week with Greenville cash corn currently trading $0.16 higher than a week ago and $0.33 lower than a year ago at $3.49/bu on Friday. December futures contracts are $0.14 higehr on the week at $3.54/bu. Nationally, about 46% of the U.S. corn crop is harvested, behind a year ago and behind the five year average of 49%. Favorable growing conditions this summer have the U.S. corn crop looking good with 74% of the crop rated in good or excellent condition compared to 68% a year ago.

Soybean are trading lower this week, with Greenville soybeans trading $0.08 lower at $9.52/bu on Friday. A year ago, Greenville soybeans were trading for $9.23/bu. Nearby November soybean futures are trading $0.06 higher than a week ago. Mississippi’s soybean harvest is ahead of the 5-year average as well as a year ago with 87% of the crop harvested compared to 83% a year ago and a five year average of 82%. The U.S. soybean harvest is right on pace with 62% of the crop harvested compared to a 5-year average of 63%. Nationally, the soybean crop looks good overall with 74% of the nation’s soybean crop rated in good or excellent condition.

December wheat futures are up $0.26 from a week ago at $4.21 while Greenville wheat prices are also up $0.26 on the week at $3.81/bu on Friday. The U.S. winter wheat crop is progressing well with 72% planted, slightly behind last year and the 5-year average of 73%.

Cotton prices finished the week higher with South Delta cash prices trading $2.49/cwt higher than a week ago at $70.07/cwt and $6.97/cwt higher than a year ago. Nearby cotton futures are higher with December cotton futures closing at $70.57, up $3.59/cwt from last week. Mississippi producers currently have about 69% of the state’s cotton crop harvested, ahead of a year ago and the 5-year average of 57%. Nationally, 30% of the cotton crop is harvested, slightly ahead of the 5-year average of 27%.

For more detail on crop futures and Mississippi local cash prices click here.

Cattle Market Notes: Week Ending October 14, 2016

Cash Cattle:

Cash traded fed cattle were lower this week. The five-area fed steer price for the week of October 6 – October 13 averaged $97.59 for live sales, and $153.93 for dressed; respectively, down $3.32 and $5.13. Total volume sold was down 4,000 head from a week ago and up 28,000 head from last year.

Feeder steer cattle and calves were mostly lower across the U.S. this week. Oklahoma City 500-550 pound steers were up $4.00, averaging $132.69 while 750-800 pound steers were down slightly averaging $125.52. In Mississippi auctions, lighter weight feeders weighing 450-500 pounds were averaging $112.50, down $2.50 from a week ago, while heavy steers were averaging $90.00, up $0.50 from last week.

[ … For Livestock Prices and Production data and trends CLICK HERE … ]

Futures:

Live cattle futures and feeder futures were lower this week. October live cattle were down $5.88 on the week and $40.00 lower than a year ago at $95.95, while December live cattle were down $5.55 from last week and down $42.18 from a year ago at $97.38. Feeder cattle were lower this week with October futures down $7.45 from last Friday and down $73.53 from a year ago at $120.10 while November futures are down $7.28 on the week at $115.35. December corn futures are up $0.15 from a week ago at $3.54 while March futures are up $0.15.

Beef:                                                                                           

Wholesale boxed beef prices are lower compared to a week ago. Choice boxes averaged $182.43, down $3.91 from a week ago. Select boxes ended the week with an average of $172.89, down $3.14 from last week. The choice-select spread narrowed from $8.66 a week ago to $9.54 this week.

Note: all cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel, unless stated otherwise.

Latest USDA Supply and Demand Report Still Shows Bumper Crop in 2016/17

The USDA made several updates for the 2016/17 crop year in the latest World Agricultural Supply and Demand Estimates. The USDA is projecting 94.5 million acres of corn were planted this year, and of that 86.8 million acres are expected to be harvested, a 200,000 acre increase from last month’s estimate. Corn yield for the 2016/17 crop year is projected at 173.4 bu/acre a 1.0 bu/acre decrease from the September estimate and in-line with pre-report expectations. If the acreage and yield hold true, U.S. producers are expected to produce a record 15.057 billion bushels of corn. Feed and residual use as well as ethanol use were unchanged. Exports were increased by 50 million bushels, leaving ending stocks down by 64 million bushels from a month ago. Global production was reduced by nearly 1 million metric tons with lower U.S. production being offset by higher Brazilian production. An increase in global feed use has eaten up some of the surplus global production, reducing ending stocks by about 2.5 million metric tons globally. Mississippi producers are expected to average 167 bu/acre on corn this year, down 5 bu/acre from a month ago and behind last year’s 175 bu/acre benchmark.

 The 2015/16 soybean balance saw several changes from the September WASDE report. Soybean harvested acres were left unchanged at 83.0 million acres while yields were bumped up by 0.8 bu/acre to 51.4 bu/acre, right in line with pre-report expectations. The higher yields left soybean production up 68 million bushels from a month ago. Soybean crush was unchanged from a month ago but exports are up 40 million bushels from last month’s estimates. Ending stocks were increased 30 million bushels to 395 million bushels. Global soybean production is almost 2.8 million metric tons higher than a month ago, driven almost entirely by higher U.S. and Brazilian production. Higher production combined with higher global carryover has global ending stocks up just over 5 million metric tons from last month’s estimates. Mississippi soybean producers are expected to see slightly higher soybean yields than a year ago at 48 bu/acre compared to 46 bu/acre a year ago and last month’s estimate of 47 bu/acre.

 The 2015/16 wheat crop balance sheet saw several minor changes. Acreage was reduced by 200,000 acres while wheat yields were unchanged from a month ago. The reduction in acreage left U.S. wheat production down by 11 million bushels. Food use was unchanged while feed use was reduced by 70 million bushels. Exports were increased by 25 million bushels, leaving ending stocks 38 million bushels higher than a month ago. Globally, wheat production was reduced slightly with several countries seeing small revisions. Global ending stocks were down by 0.7 million metric tons.

 The cotton balance sheet saw a few revisions this month as well. Cotton harvested acres was unchanged at 9.66 million acres while yields were reduced by 5 pounds per acre. Those changes left cotton production down slightly at 16.03 million bales. Domestic use was unchanged from last month, but exports were increased by 500,000 bales leaving ending stocks down by 600,000 bales at 4.3 million bales. Global cotton production was increased by 220,000 million bales with several countries seeing small revisions. The increase in production combined with lower carryover from 2015/16 and higher global use left global ending stocks down 2.46 million bales. Mississippi producers are expecting improved cotton yields this year at 1,159 pounds per acre, unchanged from last month and higher than last year’s yield of 1,024 pounds per acre.

Cattle Market Notes: Week Ending October 7, 2016

Cash Cattle:

Cash traded fed cattle were lower this week. The five-area fed steer price for the week of September 29 – October 6 averaged $100.91 for live sales, and $159.06 for dressed; respectively, down $2.45 and $2.86. Total volume sold was down 6,000 head from a week ago and up 48,000 head from last year.

Feeder steer cattle and calves were mostly lower across the U.S. this week. Oklahoma City 500-550 pound steers were down $10.00, averaging $128.81 while 750-800 pound steers were down $4.00 averaging $125.68. In Mississippi auctions, lighter weight feeders weighing 450-500 pounds were averaging $115.00, down $10.00 from a week ago, while heavy steers were averaging $89.50, down $13.50 from last week.

[ … For Livestock Prices and Production data and trends CLICK HERE … ]

Futures:

Live cattle futures and feeder futures were higher this week. October live cattle were up $2.93 on the week and $29.65 lower than a year ago at $101.83, while December live cattle were up $2.80 from last week and down $34.40 from a year ago at $102.93. Feeder cattle were higher this week with October futures up $4.55 from last Friday and down $58.83 from a year ago at $127.55 while November futures are up $3.20 on the week at $122.63. December corn futures are up $0.03 from a week ago at $3.39 while March futures are up $0.03.

Beef:                                                                                           

Wholesale boxed beef prices are lower compared to a week ago. Choice boxes averaged $184.72, down $3.91 from a week ago. Select boxes ended the week with an average of $176.06, down $3.14 from last week. The choice-select spread narrowed from $9.43 a week ago to $8.66 this week.

Note: all cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel, unless stated otherwise.

Cattle Market Notes: Week Ending September 30, 2016

Cash Cattle:

Cash traded fed cattle were lower this week. The five-area fed steer price for the week of September 22 – September 29 averaged $103.36 for live sales, and $161.92 for dressed; respectively, down $3.27 and $5.98. Total volume sold was up 19,000 head from a week ago and up 40,000 head from last year.

Feeder steer cattle and calves were mostly lower across the U.S. this week. Oklahoma City 500-550 pound steers were down $11.00, averaging $138.39 while 750-800 pound steers were down $8.00 averaging $129.58. In Mississippi auctions, lighter weight feeders weighing 450-500 pounds were averaging $125.00, down $2.50 from a week ago, while heavy steers were averaging $103.00, down $7.00 from last week.

[ … For Livestock Prices and Production data and trends CLICK HERE … ]

Futures:

Live cattle futures and feeder futures were lower this week. October live cattle were down $8.43 on the week and $21.20 lower than a year ago at $98.90, while December live cattle were down $6.75 from last week and down $31.38 from a year ago at $100.13. Feeder cattle were lower this week with October futures down $9.38 from last Friday and down $52.70 from a year ago at $123.00 while November futures are down $10.30 on the week at $119.43. December corn futures are up $0.01 from a week ago at $3.36 while March futures are up $0.01.

Beef:                                                                                           

Wholesale boxed beef prices are higher compared to a week ago. Choice boxes averaged $188.63, up $2.15 from a week ago. Select boxes ended the week with an average of $179.20, down $0.27 from last week. The choice-select spread widened from $7.01 a week ago to $9.43 this week.

Note: all cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel, unless stated otherwise.

Cattle Market Notes: Week Ending September 23, 2016

Cash Cattle:

Cash traded fed cattle were lower this week. The five-area fed steer price for the week of September 15 – September 22 averaged $106.63 for live sales, and $167.90 for dressed; respectively, down $0.35 and $0.15. Total volume sold was down 12,000 head from a week ago and up 18,000 head from last year.

Feeder steer cattle and calves were mixed across the U.S. this week. Oklahoma City 500-550 pound steers were up $4.00, averaging $150 while 750-800 pound steers were up $1.00 averaging $138. In Mississippi auctions, lighter weight feeders weighing 450-500 pounds were averaging $127.50, down $2.50 from a week ago, while heavy steers were averaging $110.00, up $5.00 from last week.

[ … For Livestock Prices and Production data and trends CLICK HERE … ]

Futures:

Live cattle futures and feeder futures were lower this week. October live cattle were down $0.55 on the week and $26.38 lower than a year ago at $107.33, while December live cattle were down $1.18 from last week and down $30.13 from a year ago at $106.88. Feeder cattle were lower this week with October futures down $0.57 from last Friday and down $52.23 from a year ago at $132.38 while November futures are down $0.97 on the week at $129.73. December corn futures are up $0.10 from a week ago at $3.25 while March futures are up $0.11.

Beef:                                                                                           

Wholesale boxed beef prices are steady to slightly lower compared to a week ago. Choice boxes averaged $186.48, unchanged from a week ago. Select boxes ended the week with an average of $179.47, down $0.54 from last week. The choice-select spread widened from $6.47 a week ago to $7.01 this week.

September Cattle on Feed

The United States Department of Agriculture’s National Agricultural Statistics Service (USDA, NASS) released their monthly Cattle on Feed report Friday afternoon (September 23, 2016). Placements totaled 1.879 million head, an increase of 15.13% from August 2015, slightly above pre-report estimates of 13.1% while marketed in August totaled 1.868 million head, up 17.63% versus last year. The total number of cattle in feedlots with 1,000 head or larger capacity totaled 10.135 million head, up 1.49% versus a year ago and slightly higher than analysts’ expectations of a 1.2% increase.

Note: all cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel, unless stated otherwise.

September Cattle on Feed Report Recap

The United States Department of Agriculture’s National Agricultural Statistics Service (USDA, NASS) released their monthly Cattle on Feed report Friday afternoon (September 23, 2016). The report revealed that 10.135 million head of cattle were in U.S. feedlots with a capacity of 1,000 head or larger on September 1, 2016. Placements into feedlots during the month of August totaled 1.879 million head while marketings during the same month totaled 1.868 million head.

[ … For detailed numbers and charts CLICK HERE … ]

Placements totaled 1.879 million head, an increase of 15.13% from August 2015 and a 0.14% increase from the five-year average from 2011 to 2015. Market analyst expected placements to be up 13.10%, so the reported value came in slightly above expectations. This month’s numbers continue the trend of increasing heavy placements, with cattle larger than 800 pounds seeing a 21.2% year-over-year increase while cattle less than 600 pounds saw an 8.9% year-over-year decrease in placements. All other weight classes saw an increase in placements.

Cattle marketed in August totaled 1.868 million head, up 17.63% versus last year and up 1.98% compared to the average from 2011 to 2015. Pre-report expectations called for marketings to be 17.5% higher than the same period last year, so they came in right where analysts anticipated they would be.

The total number of cattle in feedlots with 1,000 head or larger capacity totaled 10.135 million head, up 1.49% versus September 1, 2015 and 0.50% lower than the five-year average.  Market analysts expected a 1.2% year-over-year increase in cattle inventories, so the reported value came in slightly above expected but still well within the range of analysts’ expectations.

Crop Market Update: September 19, 2016

Corn was down last week with Greenville cash corn currently trading $0.04 lower than a week ago and $0.36 lower than a year ago at $3.34/bu on Friday. December futures contracts are $0.04 lower on the week at $3.37/bu. Harvest is progressing well in Mississippi with 91% of the state’s corn crop harvested, slightly last year’s pace and ahead of the 5-year average of 90%. Nationally, about 9% of the U.S. corn crop is harvested, on pace with a year ago and ahead of the five year average of 12%. Favorable growing conditions have the U.S. corn crop looking good with 74% of the crop rated in good or excellent condition.

Soybean are trading lower this week, with Greenville soybeans trading $0.21 lower at $9.96/bu on Friday. A year ago, Greenville soybeans were trading for $9.16/bu. Nearby September soybean futures are trading $0.14 lower than a week ago. Mississippi’s soybean crop development is slightly behind the 5-year average as well as a year ago with 34% of the crop harvested compared to 43% a year ago and a five year average of 35%. Mississippi’s soybean crop condition remained steady with 70% of the state’s crop rated in good or excellent condition. The U.S. soybean crop is just starting to be harvested with 4% of the crop in the bins compared to a 5-year average of 5%. Nationally, the soybean crop looks good overall with 73% of the nation’s soybean crop rated in good or excellent condition.

December wheat futures are down $0.01 from a week ago at $4.03 while Greenville wheat prices are down $0.01 on the week at $3.64/bu on Friday. The U.S. winter wheat crop is starting to go into the ground with 17% planted, slightly ahead of last year and the 5-year average of 16%.

Cotton prices finished the week lower with South Delta cash prices trading $1.14/cwt lower than a week ago at $67.24/cwt and $7.94/cwt higher than a year ago. Nearby cotton futures are higher with October cotton futures closing at $67.74, down $1.14/cwt from last week. Mississippi producers currently have about 4% of the state’s cotton crop harvested, behind a year ago and the 5-year average of 6%. This week 60% of Mississippi’s cotton crop is rated in good or excellent condition while 48% of the U.S. crop is in good or excellent condition. Nationally, 6% of the cotton crop is harvested, slightly ahead of the 5-year average of 7%.

For more detail on crop futures and Mississippi local cash prices click here.

Cattle Market Notes: Week Ending September 16, 2016

Cash Cattle:

Cash traded fed cattle were higher this week. The five-area fed steer price for the week of September 2 – September 9 averaged $106.98 for live sales, and $168.05 for dressed; respectively, up $1.94 and $1.76. Total volume sold was up 76,000 head from a week ago and up 28,000 head from last year.

Feeder steer cattle and calves were mostly lower across the U.S. this week. Oklahoma City 500-550 pound steers were selling for $146 while 750-800 pound steers were averaging $136. In Mississippi auctions, lighter weight feeders weighing 450-500 pounds were averaging $130.00, down $5.00 from a week ago, while heavy steers were averaging $105.00, down $0.50 from last week.

[ … For Livestock Prices and Production data and trends CLICK HERE … ]

Futures:

Live cattle futures and feeder futures were higher this week. October live cattle were up $3.47 on the week and $28.05 lower than a year ago at $107.88, while December live cattle were up $2.90 from last week and down $30.33 from a year ago at $108.05. Feeder cattle were higher this week with October futures up $2.30 from last Friday and down $68.05 from a year ago at $132.95 while November futures are up $2.60 on the week at $130.70. December corn futures are down $0.15 from a week ago at $3.25 while March futures are down $0.15.

Beef:                                                                                           

Wholesale boxed beef prices are lower compared to a week ago. Choice boxes averaged $186.48, down $3.01 from a week ago. Select boxes ended the week with an average of $180.01, down $3.76 from last week. The choice-select spread widened from $5.72 a week ago to $5.72 this week.

Note: all cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel, unless stated otherwise.

Cattle Market Notes: Week Ending September 9, 2016

Cash Cattle:

Cash traded fed cattle were lower this week. The five-area fed steer price for the week of August 25-September 2 averaged $105.04 for live sales, and $166.29 for dressed; respectively, down $4.88 and $7.74. Total volume sold was down 76,000 head from a week ago and up 27,000 head from last year.

Feeder steer cattle and calves were mostly lower across the U.S. this week. Oklahoma City auctions were closed for the Labor day Holiday. Mississippi pasture conditions deteriorated slightly this week with 61% rated good or excellent, down 2% from a week ago.  In Mississippi auctions, lighter weight feeders weighing 450-500 pounds were averaging $135.00, down $2.00 from a week ago, while heavy steers were averaging $105.50, down $11.00 from last week.

[ … For Livestock Prices and Production data and trends CLICK HERE … ]

Futures:

Live cattle futures and feeder futures were mixed this week. October live cattle were up $2.88 on the week and $36.13 lower than a year ago at $104.40, while December live cattle were up $1.78 from last week and down $38.68 from a year ago at $105.15. Feeder cattle were lower this week with September futures down $1.30 from last Friday and down $68.05 from a year ago at $133.70 while October futures are down $1.67 on the week at $130.65. December corn futures are up $0.12 from a week ago at $3.40 while March futures are up $0.04.

Beef:                                                                                           

Wholesale boxed beef prices are lower compared to a week ago. Choice boxes averaged $189.49, down $6.18 from a week ago. Select boxes ended the week with an average of $183.77, down $5.99 from last week. The choice-select spread narrowed from $5.91 a week ago to $5.72 this week.

Note: all cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel, unless stated otherwise.