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Market Reports

Read new forecasts and indicators involving beef cattle and feed markets. Find out what factors are affecting prices.

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0811pc_marketreport_1Cattlemen entered the beginning of June and the unofficial start of summer weary from two straight months of receding prices off of the all-time records posted at the end of March. The fed cattle arena had seen a 15 percent loss in market position and the feeder markets were suffering a major hangover from the May cattle-on-feed report that included an April placement figure nearly 10 percent larger than the previous year, which was badly missed by industry analysts.

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USDA National Feeder Cattle Summary for June 24.

USDA-NASS released the June Cattle on Feed (COF) report on Friday, June 17. Most cattle market analysts were expecting a decline in cattle placed on feed given that relatively heavy placements had occurred in previous months. USDA indicated that 1.81 million head were placed during May, which was 220,000 head or 10.8 percent fewer than during the same month one year ago. Trade estimates had expected about a 7.5 percent reduction so placements were even lower than some expected.

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Corbitt Wall feeder cattle report for June 10.

Basis is the difference in the price of a commodity in a particular cash market and the underlying futures market. As such, basis varies across geographic areas according to local supply and demand factors. Lower supply or higher demand for a commodity in a local cash market relative to the overall price level represented by the futures market is reflected in higher (i.e., stronger, or more positive) basis values. Conversely, higher supply or lower demand results in lower (i.e., weaker, or more negative) basis values. The past several weeks have resulted in favorable basis changes for cattle feeders, despite price levels generally becoming less favorable.

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In the monthly report of World Agricultural Supply and Demand Estimates (WASDE), the USDA’s World Agricultural Outlook Board (WAOB) reduced the forecast of U.S. planted and harvested acreage of corn and rice. Forecasts for the other major crops were not changed from the forecasts in the March Prospective Plantings report.

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