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Daily Update: May 16,
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CATTLE ON FEED DOWN 1 PERCENT—Cattle
and calves on feed for slaughter market in the United States for feedlots with
capacity of 1,000 or more head totaled 11.1 million head on May 1, 2008. The
inventory was 1 percent below May 1, 2007 and 4 percent below May 1, 2006.
Placements in feedlots during April totaled 1.54 million, 2 percent below 2007
and 5 percent below 2006. Net placements were 1.46 million head. During April,
placements of cattle and calves weighing less than 600 pounds were 315,000,
600-699 pounds were 278,000, 700-799 pounds were 428,000, and 800 pounds and
greater were 515,000.
Marketings of fed cattle during April totaled 2.01 million, 11 percent above
2007 and 13 percent above 2006. This is the highest fed cattle marketings for
the month of April since the series began in 1996.
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FARM BILL PASSES BOTH HOUSES OF
CONGRESS—Members of the House and Senate stood up for America’s farmers and
ranchers when they voted for the bipartisan farm bill conference report,
according to the American Farm Bureau Federation. The farm bill approved on
Capitol Hill this week gives U.S. farmers and ranchers assurance and stability
at a time when domestic food security is more important than ever.
American Farm Bureau Federation President Bob Stallman praised lawmakers who
stood steadfast with U.S. farmers and ranchers and urged them to maintain their
commitment to agriculture going forward.
“The farm bill approved by the House yesterday and the Senate today strikes a
key balance,” Stallman said. “The bill provides vital support for nutrition,
conservation, research, food safety and many other programs that benefit all
Americans.
Stallman said Farm Bureau members are disappointed that President Bush intends
to veto this bill. The legislation has broad national benefits, reform in farm
programs and is fully paid for through offsets, he said. Despite Bush’s threats,
the measure passed both houses with a strong majority that should allow Congress
to override a presidential veto. In the House the measure passed 318-106 and in
the Senate the vote tally was 81 in favor with 15 voting against passage of the
Farm Bill.
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FED CATTLE —Trading was moderate to
active in the Southern Plains with moderate to good demand. Compared to
last week, live sales in TX/OK/NM sold steady to .50 higher ranging from
94.00-94.50, mostly 94.50. In Kansas, live sales sold mostly steady at 94.00 and
dressed sales traded steady to .50 lower from 148.00-148.50. Trading was
light to moderate in the Northern Plains and Western Cornbelt on Friday
afternoon with light to moderate demand. Compared to last week, not enough
live sales reported to establish an adequate market trend. Compared to
Thursday, Nebraska and Iowa/Minnesota dressed sales sold mostly steady from
148.00-150.00. Compared to last week, dressed sales in Nebraska and
Iowa/Minnesota sold 1.00 higher from 148.00-150.00.
FEEDER CATTLE —This week, feeder and stocker cattle sold firm to 3.00
higher. Demand was very good for all weights and classes as cattlemen’s
attitudes were bullishly positive this week; despite high feedcosts, the
struggling economy, and record fuel prices. The weather has straightened
out in most areas, which has improved moods, but mainly the tight numbers of
beef cattle at all levels (that has been predicted) is finally starting to show
up in forms that producers and feeders can grasp. Slaughter cattle prices
have been on the rise for both fed cattle and cows and bulls as packers
increased their inventory to support Memorial Day grilling demand. The
year to date cow and bull slaughter is currently running 3 percent larger than
last year’s huge cull harvest, but 17.7 percent higher than 2006 and 11.5
percent heavier than the five year average. Even the most oblivious
producers have noticed that the cow and bull receipts at their local salebarn
have been much larger than normal. Drought, hay shortages, and row
cropping has forced breeding stock off their range over the last year and a half
and the results of this herd reduction are just now starting to show.
Weekly feeder cattle receipts in last year’s drought ravaged Southeast are
already running 9 percent lighter than 2007 and this shortage should become even
more prevalent as the summer progresses. The level of cattle production
cannot be turned up overnight and heifer retention is a tough decision for
producers to make amid handsome feeder prices, high feedcosts, and fierce
competition for acreage.
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This Week's News:
May 19, 2008 |
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Pine bark beetle has spread devastation across the forests of
the western U.S.
According to Forest Service officials, there is little hope the plague will end
soon.
Severe forest fires will continue to be a threat for years to come.
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