BUDGETS: cow calf, backgrounding, summer grazing

LMIC: Analysis and Comments, In the Cattle Market, Livestock Monitor

MARKET REPORTS: area market reports

PRESENTATIONS: meeting presentations

LEASE PUBLICATIONS - farm and ranch

Chart of the Month

In spite of record beef and total meat production and a 692,000 increase in the 2018 calf crop, 800 lb. feeder steer prices are at highs for the year and similar to last year’s $160/cwt. level. Price support has come from moderating corn prices and fed cattle prices which have climbed above last year.  In mid-May, December corn futures prices were $4.25/bu. and November feeder cattle futures were $1.39/cwt. By mid-September Dec. corn had declined 80 cents to $3.45/bu. due to the expected large crop. November feeder cattle futures increased $20 to $159, highlighting the opposite relationship between corn and feeder cattle prices. Fed cattle prices have been buoyed by robust demand from record beef exports and a strengthening U.S. economy.  For the upcoming backgrounded steer marketing season, January and March 2019 feeder cattle futures are currently at $153/cwt. If realized prices would decline seasonally but be almost identical to last year’s cash prices.