Steve Kay's Friday Market Update

FRIDAY AFTERNOON MARKET UPDATE  May 22, 2015

The cash live cattle trade Friday morning was extremely light. USDA’s mandatory price reporting service reported that Nebraska sold 1826 head at $252.37 per cwt dressed for a weekly total of 35,762 head. Iowa-southern Minnesota sold 5507 head at $159.43 live or $250.78 dressed for a weekly total of 24,631 head.

Kansas sold no cattle for a weekly total of 12,798 head. Texas sold 325 head at

$160 live for a weekly total of 3335 head. The totals include negotiated cash and negotiated grid sales. Live cattle futures closed mixed. June closed down 25 points at $152.12 per cwt (versus $152.52 last Friday), August closed down 20 points at $150.70, October closed down 2 points at $152.60 December closed up 27 points at $154.15, February closed up 40 points also at $154.15 and April closed up 35 points at $153.30.

The week’s cattle slaughter was an estimated 566,000 head (versus 604,631 head last year), with Friday’s kill 109,000 head and Saturday’s kill 4000 head. Year to date FI slaughter is an estimated 11.013M head, down 7.1% or 846,000 head from 2014’s 11.859 head. Hog slaughter year to date is up 5.7% or 2.421M head on last year. Boxed beef cutout values were lower on light demand and light to moderate offerings. The Choice cutout declined $1.97 per cwt from the day before to $260.25 per cwt (versus $261.93 last Friday) and the Select cutout declined

$1.70 to $247.62 (versus $251.10 last Friday). The Choice-Select price spread was $12.63 versus $10.83 last Friday. The reported spot boxed beef trade for the week was 461 loads of fabricated cuts, down 9.4% from the 509 loads last week.

Packer margins for the week were positive by $20.86 per head, compared to a positive $18.36 the week before, according to HedgersEdge.com.

Have an enjoyable Memorial Day holiday (if in the U.S.) and a good week,

Steve Kay

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