Market Report 4/29/13

Trends:  The market was higher today compared with last week with calves mostly steady to 3.00 higher, spots up to 5-6 higher on high quality offerings. Slaughter cows and bulls were steady to 2.00-3.00 higher. Most of the talk after the sale centered around the corn planting and how fast the sodbusters could get the seed planted when the conditions allow. Corn futures were up the limit on all the talk of late planting and as a result feeder cattle were down 100+ points. I think we will be on this up and down ride until some solid information is known about how large the corn crop will be.

Receipts:  262    Last Week: 333     Year Ago:  310

                    Slaughter Cows Breaker 75-80%
 Head   Wt Range   Avg Wt    Price Range   Avg Price
    5    800-1200   1084     76.00-79.00       77.69
    1    800-1200    930        70.00          70.00   Low Dressing
    4   1200-1600   1288     76.50-80.50       78.08
    1   1600-2000   1650        75.50          75.50

                   Slaughter Cows Boner 80-85%
 Head   Wt Range   Avg Wt    Price Range   Avg Price
    4    800-1200   1046     76.50-81.00       79.69
    9   1200-1600   1324     78.00-83.00       80.81
    3   1200-1600   1335     84.50-87.50       85.69   High Dressing

                    Slaughter Cows Lean 85-90%
 Head   Wt Range   Avg Wt    Price Range   Avg Price
    3    800-1200   1007     72.00-74.00       72.95
    1    800-1200    900        67.00          67.00   Low Dressing

                    Slaughter Bulls Y.G. 1-2
 Head   Wt Range   Avg Wt    Price Range   Avg Price
    4   1500-3000   1860     93.50-98.50       96.25
    4   1500-3000   2098    102.00-103.50     102.64   High Dressing
    1   1500-3000   1885        84.50          84.50   Low Dressing

                Feeder Steers Medium and Large 1
 Head   Wt Range   Avg Wt    Price Range   Avg Price
    1    400-450     425       165.00         165.00
    2    500-550     522    141.00-147.00     143.99
    3    600-650     627    132.00-134.00     132.64
    2    650-700     690       124.00         124.00
    2    700-750     742    118.00-119.00     118.50
    1    850-900     850       112.00         112.00
    1    900-950     900       107.50         107.50

                Feeder Steers Medium and Large 2
 Head   Wt Range   Avg Wt    Price Range   Avg Price
    1    300-350     320       160.00         160.00
    4    600-650     628    120.00-135.00     127.35

                Feeder Steers Medium and Large 3
 Head   Wt Range   Avg Wt    Price Range   Avg Price
    1    400-450     430       140.00         140.00
    1    500-550     545       124.00         124.00

                Feeder Heifers Medium and Large 1
 Head   Wt Range   Avg Wt    Price Range   Avg Price
    4    300-350     328    155.00-162.50     158.66
    2    350-400     355       145.00         145.00
    4    400-450     412    140.00-145.00     142.42
    4    450-500     465    135.00-140.00     137.42
   11    500-550     531    128.00-136.00     131.15
   10    550-600     570    122.00-129.00     124.50
    4    600-650     638    118.00-125.00     119.69
    5    650-700     668    111.00-117.00     114.18
    1    750-800     750       104.00         104.00

                Feeder Heifers Medium and Large 2
 Head   Wt Range   Avg Wt    Price Range   Avg Price
    1    300-350     320       152.50         152.50
    4    400-450     430    134.00-135.00     134.51
    6    450-500     478    128.00-134.00     130.34
    7    500-550     519    121.00-128.00     124.36
    4    550-600     568    114.00-120.00     117.22
    3    600-650     628    112.00-113.00     112.67
    4    650-700     665    106.00-109.00     107.53
    1    700-750     705        99.00          99.00

                Feeder Heifers Medium and Large 3
 Head   Wt Range   Avg Wt    Price Range   Avg Price
    3    400-450     418    130.00-132.50     131.67
    3    450-500     457    124.00-128.00     126.66
    2    500-550     512    118.00-119.00     118.51

                 Feeder Bulls Medium and Large 1
 Head   Wt Range   Avg Wt    Price Range   Avg Price
    1    300-350     325       170.00         170.00
    2    350-400     365    165.00-167.50     166.20
    4    400-450     425    156.00-159.00     157.50
   12    450-500     469    140.00-148.00     144.15
    5    500-550     533    132.00-138.00     135.26
    3    550-600     587    131.00-135.00     132.30
    9    600-650     613    125.00-131.00     128.09
    1    650-700     680       122.00         122.00
    1    900-950     930        94.00          94.00

                 Feeder Bulls Medium and Large 2
 Head   Wt Range   Avg Wt    Price Range   Avg Price
    1    300-350     325       161.00         161.00
    1    350-400     360       155.00         155.00
    8    400-450     426    142.00-150.00     147.76
    5    450-500     475    132.00-140.00     136.98
    7    500-550     534    118.00-129.00     125.14
    5    600-650     630    118.00-122.00     120.02

                 Feeder Bulls Medium and Large 3
 Head   Wt Range   Avg Wt    Price Range   Avg Price
    4    400-450     428    138.00-140.00     138.99

Open and Bred Replacement Cows
Young to middle aged                  Aged

         Medium 2                     Medium 3
0-3 mos  1050.00                      -------------
4-6 mos  1090.00-1200.00              -------------

         Small 2                      Small 3 
0-3 mos  650.00-760.00                480.00-550.00
4-6 mos  800.00                       -------------
7-9 mos  1000.00                      -------------

Replacement Pairs
Young to middle aged cows with calves 100-300 lbs   Aged
         Large 2                                    Large 3
         ------------                               -------------

         Medium 2                                   Medium 3
         1175.00-1200.00                            -------------

         Small 2                                    Small 3
         925.00-1100.00                             725.00-775.00 

Corn Planting by State

Current Corn Crop Progress Reports

The 2013 U.S. corn crop is 5% planted.

Corn Planted - Selected States
[These 18 States planted 92% of the 2012 corn acreage]
-----------------------------------------------------------------
                 :            Week ending            :           
                 :-----------------------------------:           
      State      : April 28, : April 21, : April 28, : 2008-2012 
                 :   2012    :   2013    :   2013    :  Average  
-----------------------------------------------------------------
                 :                    percent                    
                 :                                               
Colorado ........:    20           -           4          18     
Illinois ........:    76           1           1          36     
Indiana .........:    67           1           1          30     
Iowa ............:    44           -           2          36     
Kansas ..........:    53           5           7          35     
Kentucky ........:    84          15          24          48     
Michigan ........:    26           -           -          17     
Minnesota .......:    43           -           -          33     
Missouri ........:    71          13          15          42     
Nebraska ........:    40           -           3          26     
North Carolina ..:    88          64          78          80     
North Dakota ....:    22           -           -          12     
Ohio ............:    54           1           2          25     
Pennsylvania ....:    25           2          11          17     
South Dakota ....:    28           -           -          12     
Tennessee .......:    92          31          47          63     
Texas ...........:    69          59          69          70     
Wisconsin .......:    16           -           -          12     
                 :                                               
18 States .......:    49           4           5          31     
-----------------------------------------------------------------

-  Represents zero.                                                 

Let's not succumb quite yet to fearmongering triggered by the prospects of a delayed start to corn planting in 2013. “Mudding in” a crop early to avoid planting late will almost always end up being an unwise decision. While important, planting date is only one of many yield-influencing factors for corn.
Another reason that it is probably too early to fearmonger about the anticipated late start to planting is that growers have the machinery capacity to "catch up" quickly once the weather and soil conditions become favorable for planting. The 1992 planting season began as one of the slowest but quickly recovered within two weeks to a respectable pace and finished the season with the largest POSITIVE departure from trend yield in the past 20 years. We also know from past years' experiences that, on average, 50% of a state's corn crop is typically planted over about an 21-day period.  Furthermore, it is not unheard of for growers to plant 45 to 50% of a state's crop in a single week given good working condition.

High Speed Casino

I hate to quote Jerry Garcia but "what a long strange trip we are on". Ok, I paraphrased some but it accurately describes the roller coaster ride the cattle market has been on lately. It is kind of like playing a hand of Texas holdem where your only options for betting are All In or to Fold. We started the week with everyone wondering were the bottom is and ended the week with every feeder cattle contract above the 34 day moving average. Jackpot!! Fundamentals seem to get about as much use as a 9th grade boys Greek Literature book and in case you have never been a 9th grade boy, let me tell you that isn't much. For example, the market completely ignored last week's seemingly grizzly bearish placement figures and turned into the Schlitz Malt liquor bull. Every crop centered publication in the Western Hemisphere has been printing non stop about the late planting and cold spring weather but corn futures are nose diving.  All it takes is one fake tweet to send the markets in a death spiral as the Stock Market proved this week as well. It takes a strong stomach to play the one armed bandit that the cattle market has become lately. After saying all that, all the fundamentals are lined up for a rally in feeder cattle. All of the big three indicators are bullish. Supply is well documented to be tight as Dick's hat band, demand is finally getting the spring time seasonal temperature moderation it needs to sell more product, and feed cost seem to be headed to a more reasonable figure. To add more fuel to the optimism I have seen a definite increase in the amount of heifers being held back as replacements which is going to make Dick's head really hurt in the short term.  All in all it has been a good week for sellers and if you have any cattle ready to market I say push the chips to the middle of the table and say "All In".

Linden Board Sale Results

Type	Base Weight	Delivery Date	Price
Steers	850(2 Load)	April 25-May 1st	126.80
Steers	865 (1 Loads)	April 25-May 1st	125.00
Steers	850 (3 Loads)	April 30-May 4th	126.00
Steers	900(1 Load)	April 25-May 1st	120.00
Heifers	800 (1 Load)	April 25-May 1st	117.00

Linden Stockyard Board Sale Videos 4/24/13

Keith Glover - Two Loads of Steers, Base weight - 850lbs. Greensboro, AL

Bain Etherege - Three Loads of Steers, Base weight 850lbs.  Forkland, AL

Eric Smith - One Load of Steers, Base weight 865lbs.  Reform, AL

Allen Clark - One Load of Steers. Base weight 900lbs. Forkland, AL

Allen Clark - One Load of Heifers. Base weight 800lbs. Forkland, AL

Market Report 4-22-13

Date: 4/22/2013                                      Receipts:   343                               

Trends:  The Market continues to be on uneasy footing with Feeder Cattle Futures continuing their downward trend. The Cattle on Feed report on Friday added to the bearish tone with larger than expected placements of 106 percent that caught most soothsayers by surprise. The larger placements this year is a little deceiving because last year April placements were at 93 percent of 2011, so other than the gnashing of teeth because everyone got it wrong it is really not a big deal.  The winter that will not end in the north continues to delay the much needed summer grilling push for the meat causing concerns about the growing inventory in Cold Storage.  On a positive note gas prices have lowered in the last week and most of the major grazing areas of the country continue to get moisture in the form of rain or snow. I have also be told by a few different Market Gurus that they think we are near the bottom of the feeder cattle market slide and expect higher prices throughout the summer.  Who knows why or if they are right but one thing is for sure, if you want to buy them you are going to have to fight because supplies are tight and everyone knows it.  Calf market here today was mixed again with cattle under about 600lbs that were suitable for grass staying steady with very active bidding. The larger yearlings that could be turned out stayed within 1-3 dollars of what they would have brought last week. Fleshy soft calves, especially over 550lbs were not as attractive and sold mostly 3-6 lower.  Light muscled or off colored calves also didn’t have as many takers and sold 3-6 lower as well.  Slaughter cows and bulls were mostly steady to a few dollars cheaper depending on quality.  

Class	Type	Price
Weigh Cows	Breaker	72-80
	Boner	75-84
	Lean	65-75
Weigh Bulls	1000 and Up	90-99
	Low Dressing	70-85
Steer/Bull	200-300	145-192.50
	300-400	125-175
	400-500	120-162
	500-600	115-142
	600-700	110-135
	700-800	95-115
Heifers
	300-400	125-150
	400-500	120-145
	500-600	115-130
	600-700	100-121
	700-800	N/A
Replacements	Bred	To Few
	Pairs	1200-1700