Lon Felts with Producers Livestock Auction Company has the latest local, regional, and national agricultural and livestock news including head of cattle producers has on the yard, cattle futures, and replacement markets news.
Good morning. Today we start the sale with 762 head of cattle on the yard. We do have a special calf sale in conjunction with our regular sale. There are several nice sets of calves and yearlings along with some cows to px this morning. I do encourage you to pass along any weaning or vaccination information you have on your cattle. We pass this information along to the buyers and this can only help your cattle to bring top dollar. There is a special cow sale in conjunction with the regular sale on March 19. If you would like to consign early please give us a call and we will get your cattle into advertising. Then on Saturday the 21 is the sheep and goat replacement sale. This has been a good market for your stock the last couple of years. You will need to call if you would to consign for this sale. There is a minimum of 20 head for the replacement females.
San Angelo-Producers Livestock Auction sold 1005 head of cattle. Compared with our last true market test of two weeks ago, calves & yearlings sold fully 1.00 to 3.00 higher. Nice offering of replacement cows & cow/calf pairs sold much higher than we have seen lately. Slaughter cows & bulls sold steady to 1.00 higher
Better Quality Steers: 400-600 lbs, 135.00-185.00, mostly 145.00-165.00, 600-800 lbs, 120.00-160.00, mostly 125.00-145.00 Better Quality Heifers: 400-600 lbs, 120.00-160.00, mostly 125.00-145.00, 600-800 lbs, 105.00-130.00, mostly 115.00-125.00 Slaughter Cows: Average to high yielding 53.00-65.00, thinner or lower yielding 38.00-50.00 Slaughter Bulls: Average to high yielding 66.00-84.00, few of the very highest yielding 86.00-96.00 Bred Cows: Choice sets of heavy breds, 1100.00-1400.00 per head, average to better quality breds, 700.00-950.00 per head. Cow/Calf Pairs: Average to better quality sets, 1100.00 to 1425.00 per pair
San Angelo-Producers Livestock Auction sold 5157 head of sheep and goats. Wooled feeder lambs steady. Slaughter hair lambs sold firm. Slaughter ewes sold steady. Kid goats sold steady. Slaughter nannies 1.10 to 1.66 mostly 1.40 to 1.60, Mature billies 1.50 to 1.90 Wooled Feeder lambs: 2.02 to 2.34 Slaughter Lambs: light weight 2.10 to 2.60 heavies 1.60 to 2.36 Slaughter ewes: fleshy 90 to 1.30 thin ewes 70 to 1.10 Kid goats: 2.20-3.58 mostly 2.70 to 3.15
Live cattle futures for February closed at 121.30 down 12 cents and April closed at 120.80 up 20 cents with forward months mixed. Feeder cattle futures for March closed at 140.77 up 1.47 and April closed at 143.02 up 1.25 with forward months all higher.
In the cutout choice closed at 205.57 down 56 cents and select closed at 201.76 down 1.97 which is a spread of 3.81. The cutout prices were lower at mid week. The virus news has caused all beef dealers to stay short bought and has kept inventories low. If those same dealers sense a turn around in box prices, the inclination will be to extend those inventories to protect against higher prices and this will add fuel to rising prices.
Grain Futures. Corn prices are higher in early week trading. Farmers are debating the choices between soybeans and corn and price signals are not helping in the decision. Corn acres are expected to rise this planting season. The corn basis is at 60 over the March board in Guymon, Oklahoma. Corn is now pricing into ration at $8.00 cwt. in the Oklahoma Panhandle. Oklahoma City. The auction market report reported sharply higher prices for all classes of cattle. Recent rains stimulated demand for light cattle and heavier feeder cattle found good demand from feedlots looking for a bounce in the market.
The best bid for the online auction was $119.75 which failed to attract any sellers. At mid week, few to no cash trades have occurred. Packers are hoping for a down day in the futures allowing them to jump into the cash markets at steady prices but more likely is the necessity of raising bids. Carryover from last week’s small sales volumes left show list over last year but under the previous week. Packers will be purchasing for a larger planned slaughter next week and will need more cattle. Most asking prices will are $3-5 higher than last week’s cash trade that was mostly at $119 live and $190-192 dressed.
Cattle flows into and out of feedyards can be disrupted by large price changes in fed or feeder cattle. The three day rally in feeder futures will trigger additional marketing interest from sellers. Higher prices across all auction markets also will bring
more cattle to town. Feedlots have been dragging their feet on replacement bids believing prices were going to continue downward but now are wanting to fill empty pens.
Feedlots are now complaining about breakevens that are running dollars above the futures for summer months. With corn prices at current levels the rise in feeder prices seen across many markets this week is a large loser for cattle feeders with some losses forecast at $100/head.
Moisture will be key to demand for lighter grazing cattle. The southern plains has received generous moisture. Flooding in the extreme south will slow cattle movements and impair some cropland. Grazing demand for light cattle will be improved in all regions of the country.
The latest report shows carcass weights moved up 2# to 881# which remains 18# over last year. Quality grade grading improved .8% from prior week to 83.2%. This year’s carcass weights have failed to show normal seasonal declines and are well above prior year.
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