cattle_gal
Well-known member
From - http://www.cattlenetwork.com/content.asp?contentid=3135
Cattle Outlook – August Beef Imports Way Up
Beef imports in August were up a whopping 57.6% from a year earlier. For the first eight months of 2004 beef imports were up 26%. Most of this increase was from Canada and Argentina. Beef exports continue to be very low because of the finding of one cow last December with BSE. For January-August beef exports were off over 85% from the same months of 2003.
Feeder cattle imports from Mexico for January-August were up over 30%. However, total live cattle imports for the first eight months of the year were down over 28% because of the ban on live cattle imports from Canada due to BSE.
USDA estimate of the 2004 corn crop is a bin-busting 11.6 billion bushel. The soybean estimate for October 1 is 3.1 billion bushel. Both the corn and bean crops if they materialize would be a record high. The previous record high crop for corn was in 2003 at 10.1 billion bushels.
USDA projected price per bushel for corn for the 2004-05 marketing year is $1.95 for their mid point. This compares with $2.42 per bushel for the 2003-04 marketing year.
The estimated price per ton for soybean meal for 2004-05 marketing year is $165 per ton - down sharply from the $256 per ton average for the 2003-04 marketing year.
These potential much lower feed prices for the next year certainly are helping to hold strong feeder cattle prices.
At Oklahoma City this week, feeder steer and heifer calf prices were steady to $2 per cwt lower than a week earlier.
The price range by weight groups for medium and large frame number 1 steers this week were: 400-500 pounds $125 to 142 per cwt, 500-600 pounds $110 to 128 per cwt, 600-700 pound calves $105 to 115.75, 600-700 pound yearlings $116.75 to 123 per cwt, 700-800 pound $114.25 to 120.50 and 800-875 pounds $109-113.25.
Packers were able to push beef prices up some this week. Yield 3 choice beef Friday morning at $136.40 per cwt was up $6.41 per cwt for the week. Select yield 2-3 beef was up $4.21 per cwt at $131.23 per cwt.
Negotiated cattle prices, weighted average, for the five market areas at $83.22 per cwt live were up $1.12 per cwt from a week earlier.
The negotiated weighted carcass price this week through Thursday for the five market area was up $0.50 per cwt at $130.70 per cwt.
The range in fed cattle prices for the midwest direct trade was $N/A to N/A with a weighted average of $N/A per cwt. The range in prices for the high plains was $N/A to $N/A per cwt with a weighted average of $N/A per cwt.
The futures market continues to show the potential for modest increases in fed cattle prices in coming months.
Slaughter this week under Federal Inspection was estimated at 631 thousand head, up 0.3% from a year earlier.
Cattle Outlook – August Beef Imports Way Up
Beef imports in August were up a whopping 57.6% from a year earlier. For the first eight months of 2004 beef imports were up 26%. Most of this increase was from Canada and Argentina. Beef exports continue to be very low because of the finding of one cow last December with BSE. For January-August beef exports were off over 85% from the same months of 2003.
Feeder cattle imports from Mexico for January-August were up over 30%. However, total live cattle imports for the first eight months of the year were down over 28% because of the ban on live cattle imports from Canada due to BSE.
USDA estimate of the 2004 corn crop is a bin-busting 11.6 billion bushel. The soybean estimate for October 1 is 3.1 billion bushel. Both the corn and bean crops if they materialize would be a record high. The previous record high crop for corn was in 2003 at 10.1 billion bushels.
USDA projected price per bushel for corn for the 2004-05 marketing year is $1.95 for their mid point. This compares with $2.42 per bushel for the 2003-04 marketing year.
The estimated price per ton for soybean meal for 2004-05 marketing year is $165 per ton - down sharply from the $256 per ton average for the 2003-04 marketing year.
These potential much lower feed prices for the next year certainly are helping to hold strong feeder cattle prices.
At Oklahoma City this week, feeder steer and heifer calf prices were steady to $2 per cwt lower than a week earlier.
The price range by weight groups for medium and large frame number 1 steers this week were: 400-500 pounds $125 to 142 per cwt, 500-600 pounds $110 to 128 per cwt, 600-700 pound calves $105 to 115.75, 600-700 pound yearlings $116.75 to 123 per cwt, 700-800 pound $114.25 to 120.50 and 800-875 pounds $109-113.25.
Packers were able to push beef prices up some this week. Yield 3 choice beef Friday morning at $136.40 per cwt was up $6.41 per cwt for the week. Select yield 2-3 beef was up $4.21 per cwt at $131.23 per cwt.
Negotiated cattle prices, weighted average, for the five market areas at $83.22 per cwt live were up $1.12 per cwt from a week earlier.
The negotiated weighted carcass price this week through Thursday for the five market area was up $0.50 per cwt at $130.70 per cwt.
The range in fed cattle prices for the midwest direct trade was $N/A to N/A with a weighted average of $N/A per cwt. The range in prices for the high plains was $N/A to $N/A per cwt with a weighted average of $N/A per cwt.
The futures market continues to show the potential for modest increases in fed cattle prices in coming months.
Slaughter this week under Federal Inspection was estimated at 631 thousand head, up 0.3% from a year earlier.