Weekly Market Summary For the week ending June 16, The Cattle Range Market Trendlines: Change from Previous Day: View previous Summaries in the. USDA National Retail Beef Report.

Photo of the Week. Shootin' the Bull Weekly Analysis. Dollar - 6 Month Chart. Weekly Meat Production Under Federal Inspection. Weekly Feedstuffs Market Review. The views expressed in the content below are included in the WMS because we found them to be of interest but do not necessarily reflect the views of The Cattle Range. Beef Exports to China Restarting. Traders Shrug Off U. Higher Feedyard Placements in Utah Rancher Files Lawsuit Against Beef Checkoff.

Cattle Feeding Returns Surge. Many market reports throughout the Plains states noted rising temperatures affecting the receipts as is typical for this time of year. Receipts start curtailing through June, a few auctions will start back up in July and into August. Many sales go to summer schedules with sales every two or three weeks.

Feedyard pen space is almost getting to a premium now after the large supplies of feeders going through the marketplace in the last days. A hefty price of In addition, two and a half loads of their little brothers weighing lbs sold at The good old adage of "what goes up, must come down" is a great descriptor for this week. After moving upward from late May through early June, CME cattle futures and fed cattle prices took a swan dive turning south this week, starting Monday with sharp losses and continuing through the mid week.

Thursday and Friday did close higher as the August feeder cattle futures settled at All Feeder Cattle contracts closed from 6. Current month June Live Cattle futures finished the week at Hedge accounts were getting money sent back to them after days and weeks of making margin calls. However, the double edged sword of that is that the cattle are now not worth as much as they once were. Cash fed cattle trading was light to moderate as bids and asking prices are sharply lower this week.

On Tuesday live sales in Kansas traded 4. Cash bids got weaker as the week went on and there were near 6, head sold on Friday in Nebraska at the The Choice-Select spread has exceeded Choice boxed-beef closed 1. Auction volume this week included 52 percent weighing over lbs and 41 percent heifers. Live cattle futures posted gains of 20 to Feeder cattle futures were Estimated FI cattle slaughter through tomorrow is , head, up 6, from last week and 22, head more than the same week a year ago.

Green Forest Livestock Auction - Green Forest AR Receipts: Mitchell Livestock Wtd Avg Report - Mitchell SD Receipts: Much lighter receipts than last week. Feeder steers best comparison was those weighing lbs and lbs selling 8. Feeder heifers lbs 8. Feeder steers sold 5.

Feeder heifers under lbs traded mostly 5. Steer and heifer calves sold mostly 2. Tulia Livestock Auction - Tulia TX Receipts: Feeder steers and heifers sold 4. Trade was fairly active on good demand.

Triple digit temperatures were in the area throughout the week. Slaughter cows and bulls made up 6 percent, 1 percent replacements and 93 percent feeders. Cullman Stockyard - Cullman AL Receipts: Slaughter cows sold steady, bulls sold 1. Feeder bulls and steers sold 3. Feeder heifers sold 3. Replacement cows and pairs sold mostly steady. Pratt Livestock Feeder Cattle Auction - Pratt, KS Receipts: Feeder steers lbs 4. Feeder heifers not enough Medium and Large 1 for a market test. Not enough steer and heifer calves for a market test.

Trade slow and demand moderate. Tri-State Livestock Auction Market - McCook NE Receipts: Demand was good for the supply of feeder cattle offered. Feeders consisted offered and the rest was slaughter and pairs.

Steers accounted for 36 percent and heifers 64 percent of the offering. Feeder steers and heifers traded 2. Heavier steer and heifer calves traded 1.

Quality average to attractive. Temperatures have started to surge into the 90's consistently in the trading area. Demand and supply moderate. Feeder cattle under pressure as Live Cattle and Feeder Cattle futures closed with triple digit losses. Sioux Falls Regional Livestock wtd Avg Report - Worthing SD Receipts: Much larger receipts of feeder steers and heifers than last week, few comparable sales of steers and heifers steady to higher undertones.

Very good demand for this annual customer appreciation BBQ sale. Blue Grass South Livestock Market - Stanford KY Receipts: Clovis Livestock Auction - Clovis NM Receipts: No comparison with last week due to reporter's absence.

Compared to 2 weeks ago, feeder steers and heifers 4. Slaughter cows steady to 2. Cattleman's Livestock Auction - Dalhart, TX Cattle and Calves: Feeder steers and heifers mostly weak to 3.

Supply included several packages of calves right off their others, some with pre-weaning shots. Slaughter cows and bulls 1. Huss Platte Valley Auction - Kearney NE Receipts: Heifers lbs sold 8. Market activity was moderate with moderate demand from the buyers in the crowd. Demand remains good as current close-outs continue to make money for the feedlots.

AZ-CA-NV Weekly Feeder Cattle Review Fri Confirmed: Trade and demand moderate. Cattle weighing over lbs totaled 23 percent. Heifers totaled 0 percent.

IA-South MN Direct Feeder Cattle Weekly Mon Receipts: Feeder steers and heifers not tested. Prices based on net weights FOB after a 3 percent shrink or equivalent and cent slide on calves and cent slide on yearlings from base weights. Colorado Direct Feeder Cattle Report Fri Receipts: Feeder steers and heifers not tested for current FOB delivery last week. Supply consisted of 98 percent over lbs; 71 percent heifers. Kansas Direct Feeder Cattle Summary Fri Receipts: Not enough comparable Current FOB sales for a full test.

Sales confirmed on steers, heifers for a total of head compared with last week and last year.

Volume includes percent lbs and over. Montana Direct Feeder Cattle Wtd Avg Fri Receipts: Feeder steers and heifers not well Tested last week so no trend is available. Supply included 0 percent over lbs; 0 percent heifers. Unless otherwise stated prices are FOB weigh point with a percent shrink or equivalent and with a cent slide on calves and cent slide on yearlings from base weights.

New Mexico Feeder Cattle Report Mon Receipts: Not enough comparable sales for an adequate market trend. Trade was slow on light to moderate demand. Supply consisted of percent steers and percent of the offering weighed over lbs. Feeder cattle prices based on net weights FOB after 3 percent pencil shrink.

Northwest Wtd Avg Direct Feeder Cattle Report Fri Receipts: Feeder steers not well tested for current FOB basis. The feeder supply included 26 percent steers and 75 percent heifers. Near 99 percent of the supply weighed over lbs. Oklahoma Direct Feeder Cattle Fri Receipts: Feeder steers and heifers were lightly Tested on a Current FOB basis. Demand moderate for all classes.

Receipts this week consisted of percent over lbs and 48 percent heifers. Texas Direct Feeder Cattle Fri Receipts: Steers and heifers sold mostly 2.

Trade was light to moderate on moderate demand. CME cattle futures struggled at the beginning of the week causing seller's to back off the market and curbed receipts. USDA Market News for the week ending June 16th: Medium and Large Young lb cows months bred Medium and Large 2 yrs 2nd and 3rd stage lbs Short-solid to broken mouth lb cows in the 2nd to 3rd stage Heifers lbs few Heifers lb heifers with lb calves Medium and Large 1 Heifer 3 yr old lbs with lb calves Open and Bred Replacement Cows: Alberta direct cattle sales so far this week have seen light trade develop with the bulk of dressed sales marked at Cattle that traded this week were being scheduled for the beginning of July delivery.

On a live basis fed cattle prices have dropped Prices have been converted to U. Grades changed to approximate U. Prices for the week ending June 9th: The "Nord Fork" Replaces Flankers at Branding. Demand for Choice beef over the last four weeks has been impressive, possibly the best this decade for the weeks surrounding Memorial Day. Going back to , the beef cutout value declined five years out of seven from mid-May to mid-June. Looking at weekly price changes in the Choice Beef Cutout from mid-May to mid-June during the last seven years shows last year was the most similar to this year.

Given this disconnect between finished product and on-the-hoof values, the issue of expectations is definitely in play relative to prospects for finished product values. Last year, the Choice Beef Cutout was down slightly close to unchanged for the current week. Underlying these expectations is the assumption about beef demand. Running these price changes off the current situation as a base period of some of the highest values in history makes some fairly rosy assumptions about product demand.

Choice beef product negotiated cash trade volumes reported to USDA-AMS in the week following Memorial Day were the highest since early April, suggesting that holiday product clearances were favorable. Choice beef trade volumes were running above a year earlier during the first few days of June, but since then have lagged, an indication that packer demand for cattle may also be receding. Beef Exports to China Restarting Bloomberg News.

The resumption of American beef exports to China after a year hiatus took another step closer after the U. Department of Agriculture said trade rules have been finalized. The latest development was announced Monday by the USDA in a statement.

It follows the agreement reached last month by the U. China halted beef shipments in amid concerns about mad cow disease. Beef destined for China must be sourced from cattle that were born, raised and slaughtered in the U.

Cattle must be traceable either to their birth farm or, if initially imported into the U. It takes time to develop trade. Meat Export Federation has said that U. There will be a period of adjustment and added costs involved with the new requirements, the group said in a Monday statement. Cattle Traders Shrug Off U. Department of Agriculture outlined on Monday requirements for American exporters to start selling meat to China, the world's fastest growing beef market, including the need to trace cattle back to their birth farm or point of origin into the U.

Adapting to the rules "will involve a period of adjustment," said U. Meat Export Federation president Philip Seng. In the short-term, "meeting these requirements will add costs and this will mean that U. Futures traders largely moved past the announcement to focus on growing domestic supply. Prices in the negotiated cash trade for cattle are widely expected to slide this week as more market-ready cattle become available.

USDA National Retail Beef Report: Advertised Prices for Beef at Major Retail Supermarket Outlets. This week in beef retail, the Feature Rate is 8.

Grilling season is in full swing with demand hitting its stride as many consumers have the Bar-B-Que grills smoking and many are featuring beef on their summer menus. Rib, Round, and Brisket items saw more ad space while the Chuck, Loin, and Ground Beef items saw less. The cattle slaughter under federal inspection is 1.

Photo of the Week: Shootin' the Bull Weekly Analysis: Here goes, with the weekend to ponder such. As best I can tell, the major part of the massive expansion slowed greatly starting August of ' Greater numbers of heifers began being placed and increased cow kill that continues today.

Prior to that, there was the time frame in which holding back heifers was at its highest along with cow retention that took product off the market and produced a window of elevated calving. It's thought that it is those time framed calves that are the current wall of cattle.

From information gathered on this weeks Daily Livestock Review, it does not appear that cattle numbers will increase to any extent not already accounted for the remainder of this year. Information from Stats Canada leads me to believe that no expansion is taking place at this time with significantly higher placement numbers than retained.

So, I don't anticipate this sector to expand. In all actuality, if they were to not expand any, it may help what I'm about to get to. The information gathered leads me to believe there is going to be a period of time in which the herd won't grow. This time frame is anticipated to have continued beef demand from both domestic and the growing demand anticipated from China and other countries.

This leads me to think that the discounts in the June and August '18 contract months might not be justified to the extent they currently are. I want to own these contract months. I don't know how much pain will be associated with this trade. Not to say it won't or can't set a new low, it is that I do not believe the information above supports such. There is no telling how long it will take to supersede the current pessimism in the markets and have the basis begin to converge.

What I believe is that without further increases of significance in inventory for sometime to come, the increase in domestic and export demand will keep cash prices elevated to the extent that basis convergence will materialize with a greater percentage from futures moving higher than cash lower. I believe it has been the wide basis all along that drew such attention to the cattle market. With convergence a known factor, due to physical delivery, traders simply traded the discrepancy.

This discrepancy remains and is anticipated to follow similar patterns as this year. Check your own statistics. See where you think expansion will begin to wane. The consumer and any changes in disposable income or discretionary spending habits will help dictate this trade as demand is perceived a key factor. The price action this week forced a change to the wave count.

A through search of where I may have miscounted led me to a minor wave that was thought to have been a part of the major wave 2 correction. By pushing the tail end of the major wave 2 correction into the major wave 3 count, I can see where I miscounted.

Hillsboro, OH United Producers - United Producers, Inc.

So, long story short, the wave count changed from being an intermediate wave 4 to the major wave 4. The major wave 4 so far has unfolded as an "irregular" for the fat cattle and a "flat" for the feeder cattle. Recognition of this has led me to not want to participate in this decline with hedged sales. This is not anticipated to last long. Back to the wave count.

The major wave 4 in the fats may or may not make a 5 wave move for what is now perceived as the C wave. The C wave does tend to break down into 5 sub-waves. In this case, with the feeders being a flat, there could unfold a 5 wave sideways pattern with a each sub-wave only 3 waves each.

Because this is a wave 4, and tremendous volatility is wreaking havoc, I won't hold anyone's feet to the fire on this.

However, I do not anticipate a bear market. I anticipate the completion of the current major wave 4 that may or may not have one more new low, followed by a 5th wave to a new high.

I recommend being long the June and August '18 live cattle, and the January '18 feeder cattle. I'll have price points on the way up that if exceeded would lead to a specific price recommendation.

I'll do the same were further downside movement seen. Other than that, I recommend you review the environment for yourself over the weekend and see what you think. Swift is a commodity broker and consultant with Swift Trading Company in Nashville, TN.

Swift authors the daily commentaries "mid day cattle comment" and "Shootin' the Bull" commentary found on his website www. You should carefully consider whether futures trading is appropriate for you in light of your investment experience, trading objectives, financial resources and other relevant circumstances. Higher Feedyard Placements in CME Group. Placements of cattle on feed during three of the first four months of this this year have been above the same months in The increases have been significantly above a year ago.

The trend in expanded feedlot placements actually started in November and December of last year. The same comparison that also includes the last three months of shows an increase in placements of , head from a year earlier. The most pertinent source of cattle responsible for this increase in placements would be the US calf crops of , and to a lesser extent The calf crop was up , head from the prior year and the calf crop increased by , head.

Other factors to be considered would be the relative change in availability of imported feeder cattle and heifers kept for breeding purposes. USDA-NASS National Agriculture Statistical Service estimated earlier this year that end-of heifers retained for breeding purposes increased by 23, head from a year earlier, so this is basically a non-issue as a supplement or subtraction from cattle available to be placed in feedlots.

Feeder cattle imports from Mexico and Canada, according to USDA-ERS Economic Research Service , are up by 14, head from last October to this April. This does not put much of a dent in , head increase in placements over the same interval. The conclusion to be made from this data is that most of the increase in calf crops that has been registered for , or earlier, has already been moved into feedlots.

From this point forward, it becomes difficult to see how th e supply of calves or yearling cattlewill support any increase in feedlot placements relative to a year earlier. With that said, however, it is worth taking a peek at weekly feeder cattle receipt data compiled by USDA-AMS Agriculture Marketing Service for May. It could be that May weekly feeder cattle receipt data is not that reliable of an indicator of feedlot placements. The weekly data does show a surge in trade volume during the second week in May, the week that followed feeder cattle prices climbing to the highest prices for the year-to-date.

During that week, all cattle prices were weaker but feeders suffered more, proportionately, than slaughter cattle prices. Two-Sided Market Cassie Fish -- cassandrafish. Last week feels like it was last year, so quickly and violently have prices collapsed in both futures and the negotiated cash trade. Only boxed beef cutout values remain impervious to the fray, sustaining near the highest prices of the year which happen to be the highest prices for this week in June in history.

Matt Lautner Cattle Sale Report-Southern Ohio Spring Smackdown

It is difficult to interpret this data as anything but negative as the industry heads into greater fed cattle supplies coupled with heat of the summer.

Cattle futures have returned to the bottom of the trading range established in May. The May lows are technically critical and if penetrated will set in motion a technical wash-out. If that occurs by month end, it will establish a monthly key reversal, since Aug LC made a life of contract high last week. That is something not seen often. Unfortunately, the willingness of packers to allow cattle feeders to effortlessly pull cattle forward for months no longer exists.

The long-awaited increase in market-ready fed cattle supplies is upon the cattle feeding industry and prices must ultimately adjust to once again incentivize bigger kills and hopefully, by late summer, another round of aggressive retail beef featuring. Dollar - 6 Month Chart: A strong dollar depresses export demand. Boxed beef cutout values steady to weak on moderate demand and offerings.

Select and Choice rib, chuck, round, and loin cuts steady to firm. Beef trimmings moderately to sharply lower on light demand and moderate offerings. We do not have USDA estimates for the breakdown of fed and non fed cattle but our best guess at this point is that fed cattle slaughter for the week surpassed , head, making it the largest fed cattle slaughter week so far this year. If we are correct in our estimates, fed slaughter for the week was 3.

The increase in fed cattle slaughter has come even as front end supplies have been particularly tight.

Market Reports | Mt Hope Auction

According to USDA, total beef production last week was estimated at Fed beef production for the week was steady to maybe under year ago levels due to a combination of lighter carcass weights as well as more heifers in the slaughter mix. Market participants will continue to focus on USDA reported steer weights for an indication of feedlot currentness.

Keep in mind that the steer weight data reported by USDA on Thursday was for the week ending May The chart above shows our projections for the week of June 3 and June Those estimates are derived from slaughter weights reported by packers into the USDA Mandatory Price Reporting system.

But even as weights may have been moving higher in the last two weeks, the increase in largely in line with what we would expect for this time of year. One needs to consider that cattle feeding was significantly disrupted at the end of April due to late spring snow storms and producers for the most part are still not where they should be for this time of year. There is still a wide gap between last year and this year, which in the short term will limit the supply of beef, particularly fat beef trimmings.

Packers also have been quite successful in puttng more money on end cuts rounds and chucks and in turn this has helped support the beef cutout at much higher levels than earlier expected. Historically, the value of 25 bushels of corn has been approximately equal to the price per cwt. Slaughter cows and bulls sold steady to 3.

Weekly Meat Production Under Federal Inspection: Total red meat production under Federal inspection for the week ending Saturday, June 17, was estimated at Department of Agriculture's Marketing Service. Cumulative meat production for the year to date was 3 percent higher compared to the previous year.

Utah Rancher Files Lawsuit Against Beef Checkoff Tri-State Livestock News. A Utah rancher has filed suit against the U. Secretary of Agriculture and the U. Department of Agriculture, the Utah Ag Commissioner and the state of Utah over the one dollar federal and fifty cent Utah state beef checkoff. According to the class action complaint, filed May 5 in the third judicial district court in and for Salt Lake City.

State beef commissions or councils exist in nearly every state in the U. Each state submits fifty cents of each dollar to the Cattlemen's Beef Board CBB , and retains the other fifty cents for use as they choose. The NCBA is also the largest contractor with the CBB.

Because the CBB is under federal oversight and their activities have already been deemed "government speech" by the Supreme Court, Evergreen Ranch doesn't take issue with the fifty cents of the federal checkoff that is forwarded there.

The plaintiff said that the Utah Beef Council is a "private entity" and they believe that, for Utah's producers to be compelled to finance the "private speech" of this "private entity" is unconstituational. Brent Tanner, who has served as executive director of the Utah Beef Council for 25 years, said that because his group isn't named as a party in the lawsuit, he doesn't feel comfortable commenting on the specifics of the lawsuit until the defendants have done so.

We work hard to be sure that oversight requirements are being followed by the council," he said. Evergreen Ranch seeks damages in the amount of the last four years worth of checkoff funds it has paid and reimbursement of court costs. They are also hoping to see a declaration that the state beef council's use of mandatory checkoff funds is unconstitutional, Attorney Robert Fuller said the plaintiff filed the suit as a class action because there are many others in the state of Utah who have also paid the checkoff involuntarily, and if he and his client win the suit, it will then apply to every other Utah individual who has paid the state and federal checkoff over the last four years, who objects to paying or who did not consent to paying it.

Fuller, himself a sixth generation rancher, said Evergreen has two main complaints. The Utah Beef Council is a private entity, not under the jurisdiction of the government, and Evergreen ranch is being forced to support the private entity. The checkoff violates Evergreen Ranch's constitutional freedom of speech. Fuller grants that the fifty cent state checkoff is refundable within 60 days, but he said his client believes that the process is complicated and that the beef council does not provide sufficient information about the refund process.

The Utah Beef Council refused to show him a copy of the annual budget when he asked, said Fuller. Fuller pointed out that some dairy producers are selling baby calves right now that are hardly worth the fuel it takes to drive them to town. He added that profit margins for all cattle producers in his state are slim, and that every dollar makes a difference to their bottom line. In May of , national cattle organization R-CALF USA, based in Billings, Mont.

Specifically, the group alleged it was unconstitutional for the government to compel its members to fund the private speech of state beef councils.

The magistrate judge recommended that the U. District Court for the District of Montana grant their request for a preliminary injunction. R-CALF USA continues to wait for the ruling from the district court. Washington - Oregon Columbia Basin. Weekly Feedstuffs Market Review: The USDA Market News Service reports feed ingredient prices for the week ending June 13, were mixed.

Soybean Meal was mixed, 3. Cottonseed Meal was steady to 5. Canola Meal was steady to Linseed Meal was steady to Sunflower Meal was mixed, Whole Cottonseed was steady to 7. Crude Soybean Oil was 70 points to 1. Crude Corn Oil was 10 points to 1.

Ruminant Meat and Bone Meal was mixed, 5. Ruminant Blood Meal was steady to Feather Meal was steady. Menhaden Fishmeal was steady. Corn Hominy was steady to 5. Corn Gluten Feed was mixed, Corn Gluten Meal was steady to 7.

Distillers Dried Grain was mixed, Wheat millrun was steady to 2. They get too bullish after prices have risen and too bearish after they have already fallen. Because of this tendency, there are often extremes in opinion right before major changes in trend: When the public reaches a bullish extreme, i.

And when they become too bearish, then prices tend to rise. So when Public Opinion moves above the red dotted line in the chart, it means that compared to other readings over the past year, you're seeing excessive optimism. Conversely, when Public Opinion moves below the green dotted line , then the public is excessively pessimistic about the commodity's prospects for further gains compared to their opinion over the past year.

NASDAQ Under-Performs for the Second Week The major indexes ended mixed for the week. The Nasdaq Composite Index fared poorly for the second consecutive week as the market continued to feel the ripple effects of the sell-off in mega-cap technology shares the previous Friday.

FAANG Stocks Remain Volatile The week began on an active note, as the sell-off in tech-related stocks continued into Monday morning. Much of the money rotated into defensive segments, they noted. The yield on the year Treasury note fell to a new postelection low on Wednesday as inflation came in weaker than expected for the third month in a row. Retail sales also surprised to the downside. Fed Raises Rates as Expected While other economic data have also raised warnings signals in recent weeks, the Fed raised rates as expected and maintained its projection for another rate hike in Treasury prices rose alongside the decline in yields, but the municipal market was essentially flat for the week.

Investor activity was light given generally rich muni valuations. Investment-grade corporate bond new issuance faded as the week progressed, which contributed to positive performance, along with low dealer inventories. Investors in Asia continued to be active buyers, helping to support demand for longer-duration credits. Broad risk-on sentiment was supportive for the high yield market. However, volumes were subdued ahead of the Fed's announcement.

The move lower in oil led to weakness among riskier energy credits. The market traded modestly higher following the central bank's rate decision, and exchange-traded funds reported positive flows for the week. Construction on new houses fell in May for the third month in a row even though builders are optimistic about the economy, perhaps a sign a shortage of skilled workers is holding the industry back.

The pace of so-called housing starts declined by 5. Rain should also fall on coastal Washington and the northern Rockies. Dry weather should encompass the rest of the West, High Plains, Texas, and western Gulf Coast. Temperatures should average above-normal across the southern two-thirds of the U.

For the ensuing five-day period June , odds favor sub-median precipitation in the Northwest, Rockies, northern three-quarters of the Plains, and western Corn Belt, while above-median rainfall is likely along the Atlantic and eastern Gulf Coast States, Great Lakes region, and the eastern half of Alaska.

Above-normal temperatures are likely in the western half of the U. Cattle Feeding Returns Surge Livestock Marketing Information Center. Monthly average cash market steer prices reported by USDA-AMS Agricultural Marketing Service, Market News Division are used. Results provide a barometer e. Estimated returns surged for cattle sold during the first five months of After posting record large losses in and continuing to gushing red ink during most of , January through May of this year were the best consecutive five months ever.

The prior five month record high was set in late Profitability has been due to modest feedstuff costs, large year-over-year drops in feeder cattle prices, and strong fed cattle prices. Cattle feeding profitability has allowed producers to aggressively buy feeder animals. The result has been higher feeder cattle prices and more steers and heifers placed on-feed than a year ago. Stronger feeder steer prices have raised breakeven sale prices for cattle feeders.

Monthly Cattle on Feed reports from USDA-NASS show the number of cattle placed into feedlots during the first four months of was the largest for that timeframe since Friday negotiated cash trade and demand is light in Nebraska with a few dressed purchases mostly The bulk of live purchases in Nebraska for the week were on Monday at Trade on Thursday was mostly inactive on light demand in the Southern Plains, Colorado and the Western Cornbelt. The latest established market in the Texas Panhandle was last week with live purchase at In Kansas on Wednesday live purchases traded from In Colorado on Wednesday live purchases traded at In the Western Cornbelt on Tuesday early live purchases were reported at Net - Dressed Head count priced today: Weekly Corn Crop Condition Report: Compared to last week, grain bids were mixed with wheat mostly higher and corn and soybeans lower.

New-crop corn could close higher Friday if the midday weather models show a decreased chance of rain over the weekend, however, if there is an increased chance of rain over the weekend then new-crop corn could close lower. New-crop November soybeans continues to be in an uptrend on its daily chart, which is ticking just above its previous high from June 8 overnight. New-crop November soybeans are also nearing a short-term overbought situation that could limit new buying interest.

If the weather forecasts are clear for the U. Southern Plains, Kansas City wheat could see some pre-weekend pressure develop late on Friday. Weekly export sales for all wheat were viewed as neutral and showed a total of Weekly export sales of corn were neutral with a total of Weekly export sales of soybeans were bullish with a total of 24 mb , mt with Weekly export sales of grain sorghum milo were bearish with a total of 2.

Wheat were mostly 1 cents to 57 cents higher. Corn were 3 to 13 cents lower. Sorghum were mixed 38 cents lower to 21 cents higher. Soybeans were 1 to 11 cents lower. This morning, the USDA announced a private export sale of , MT to Mexico, through their daily reporting system. The Commitment of Traders report tonight showed spec funds lopping , contracts off their net short position in corn options and futures trading.

As of Tuesday they had a net short position of , contracts. On Friday, China sold 1. AgRural projects that 4. All exchanges saw positive gains on the week, with MPLS up 5. KC and CBT were up 4. Spec traders added 21, contracts to their net long position in KC wheat futures and options last week.

In CBT futures and options, they reduced their net short position by 23, contracts. Thinly traded MPLS futures and options have 0 shorts in managed money for the second week in a row, as their net long position is 11, contracts. Winter wheat yields are all over the place. Keep in mind that expectations are muted due to known frost and snow damage. Our goal is for the Weekly Market Summary to provide a comprehensive overview of the week's cattle market.

If you have a suggestion that would enhance the summary, use the link below to submit your suggestion. If we implement it, we'll send you a Cattle Range Knife as a token of our appreciation.