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<blockquote data-quote="kenny thomas" data-source="post: 836251" data-attributes="member: 8993"><p>Looking worse today. from agcenter.com</p><p></p><p>May 20 , 2011 </p><p></p><p>MARKET REPORT AND ANALYSIS </p><p></p><p>A gloomy demand picture for pork and beef sent the markets reeling. The magnitude of the drop will allow beef packers an opportunity to restore lost margins but lower prices will add to cattle owners woes that are magnified by sharply rising feed costs. Kansas and Texas sold cattle at $108 - four dollars under last week. In the north cattle sold for $175 in the beef -$7 under last week. </p><p></p><p>Cattle on Feed numbers came in as expected posting large on feed numbers at 107%, placements were 110% and marketing at 97%. The placement numbers were very large as expected. One source mentioned the item to note is that 10% of the placement numbers were lightweight cattle or cattle pulled early of droughty country. So look for a large hole in our placement numbers to be on the horizon. </p><p></p><p>Box prices ended the lower. The choice cuts were quoted down $.32 at $175.27 with select at $171.54. The choice/select spread is currently $3.73. </p><p></p><p>Feeder prices fell with the news of crashing live cattle and higher corn. The severe drought in Texas will create abnormalities in the placement patterns as witnessed by the April placement number. Current prices for a 750# steer on the southern plains is $126. </p><p></p><p> </p><p></p><p>Corn moved sharply higher this week to well over $7.50 in the July contract. Feedlots are once again pressured into raising feed prices and watching as both the futures and basis are moving higher. Corn is being offered currently at 40 cents over July corn. Corn is now pricing into most rations at $13.50 cwt..</p></blockquote><p></p>
[QUOTE="kenny thomas, post: 836251, member: 8993"] Looking worse today. from agcenter.com May 20 , 2011 MARKET REPORT AND ANALYSIS A gloomy demand picture for pork and beef sent the markets reeling. The magnitude of the drop will allow beef packers an opportunity to restore lost margins but lower prices will add to cattle owners woes that are magnified by sharply rising feed costs. Kansas and Texas sold cattle at $108 - four dollars under last week. In the north cattle sold for $175 in the beef -$7 under last week. Cattle on Feed numbers came in as expected posting large on feed numbers at 107%, placements were 110% and marketing at 97%. The placement numbers were very large as expected. One source mentioned the item to note is that 10% of the placement numbers were lightweight cattle or cattle pulled early of droughty country. So look for a large hole in our placement numbers to be on the horizon. Box prices ended the lower. The choice cuts were quoted down $.32 at $175.27 with select at $171.54. The choice/select spread is currently $3.73. Feeder prices fell with the news of crashing live cattle and higher corn. The severe drought in Texas will create abnormalities in the placement patterns as witnessed by the April placement number. Current prices for a 750# steer on the southern plains is $126. Corn moved sharply higher this week to well over $7.50 in the July contract. Feedlots are once again pressured into raising feed prices and watching as both the futures and basis are moving higher. Corn is being offered currently at 40 cents over July corn. Corn is now pricing into most rations at $13.50 cwt.. [/QUOTE]
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