Market Report - Week of August 11, 2023

Cattle Market Report:‍

Although live cattle were down at the end of last week, they are still up overall for the last two weeks. Feeder on the other had have been on a bit of a ride the last two weeks and have ended close to where they started two weeks ago. We have seen that pretty evident in the LRP expected ending values with only a few dollars per hundred weight shifts.  There have been more moves by the packers to slow slaughter. In general, not much has changed over the last few weeks. I think we are still seeing a day by day market where packers are buying based on current information and not necessarily on a long term plan. 

Grain Market Report:

I feel a bit confused about the grain markets right now. Most of what I am hearing and reading indicates that corn and soybeans should be fairly strong right now, but the futures were on a steady march downward the last two weeks. If you know something I am missing, please let me know.  The USDA report came out but seemed to have little affect on the market even though it indicated yield estimates were lowered. It sounds like buyers are holding off since harvest is coming soon.

Cattle and Grain Markets for August 11, 2023

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Sheep Market Report:

San Angelo was $7-15 higher this week. Hamilton and Goldthwaite were higher. Fredericksburg was steady. New Holland was lower. The USDA estimated domestic lamb and mutton meat production for the week ending August 5th totaled 1.98 million pounds on a 32,000 head slaughter this week compared to 2.02 million pounds and 32,000 head the previous week. Imported lamb and mutton meat for the week ending July 29th totaled 4.83 million pounds compared to 2.02 million pounds of domestic production. 

Sheep markets for week ending August 11, 2023

*No Quote ** Not Applicable

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Hay Market Report:

It seems like we are finally starting to see some consensus in hay pricing. Demand for lower quality hay seems to be weak with plenty on the market, but not a lot being sold. Exporters still haven’t seen very strong demand returning from China. Recent rains have affected crops in the Great Basin region and the Pacific Northwest. High quality hay will continue to be it tighter supply. 

*Ross Bronson and Redd Summit Advisors are not financial advisors, and this market report is in no way intended to provide financial advice. This commentary is merely meant to be insight and input about current market conditions. It is recommended that any market commentary be compared to your own trusted sources, experience, and market evaluation. Especially those that are more specific to your regional market dynamics. 

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