Market Report - Week of November 20, 2023

Cattle Market Report:‍

The big talk end of week was the cattle on feed report. Those numbers didn’t seem to surprise anyone. One thing seems clear, we are still low on inventory over all even though the cattle on feed report shows placements up from last year. Feeder futures have taken a strong decline over the last month. I anticipated a decline, but I did not think it would be as strong and long as it has been. A lot of what I am ready has a negative tone. It is easy to look at the dollars left on the table if you brought calves to the market more recently, but I encourage you to keep in mind that Cattlefax is reporting the latest price, November 17^th, for a 550 lb steer, as $274.02 in 2023 vs 195.06 in 2022.

Live cattle have been in a decline as well, but it hasn’t been quite so aggressive. There has been more correction along the way. My hope is for a leveling off now and some stability through the winter months. A rally would be nice in late winter, but I question if it will be very aggressive. All signs point to continually low inventory in the industry which means that prices should hold for another season. I know at my local barn cull cows are still coming through in high numbers. ‍

Grain Market Report:‍

Corn and soybeans were both down over all for the last two weeks. There was plenty of fluctuation along the way. News of wetter weather in South America seem to have contributed to the more recent declines. China has shown interest in more soybeans, but the export market has yet to show that in numbers. 

Cattle and Grain Markets for November 17, 2023‍

Sheep Market Report:

San Angelo was $20-$20 higher for slaughter lambs. Goldthwaite was off by $10-$15 and Hamilton was off $5. Fredericksburg was a little higher and Billings was steady to $8 higher. The USDA estimated domestic lamb and mutton meat production for the week ending November 11 totaled 2.28 million pounds on a 38,000 head slaughter this week compared to 2.26 million pounds on a 36,000-pound slaughter the week before. Imported lamb and mutton meat for the week ending November 4th totaled 5.68 million pounds, or 251% of domestic production.

Sheep markets for week ending November 17, 2023‍

*No Quote ** Not Applicable

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‍Hay Market Report:

No hay report this week  

*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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