CattleFax - Weekly Recap

Fed cattle trade in the South was at $160 to $162 last week, steady to $3 higher compared to the previous week. Live cattle trade in the North was not established as of press time but the market tone was steady to firm compared to the previous week. The beef complex was lower last week but firmed at the end of the week as buyers stepped back into the market.

Feeder cattle were $3 to $5 higher last week. Calves also found support last week as they were steady to $6 higher. Cull cow prices were steady last week.

Corn was stronger last week as an early week rally provided strength to the corn market.

Check out today's Chart of the Day. For recent market news and analysis, visit CattleFax.com.

Economics of Bull Buying

How much can I afford to pay for a bull?

Submitted by Travis Meteer, U of I Beef Extension Specialist for Illinois Beef magazine

A popular question this time of year is “How much can I afford to pay for a bull.” My go-to answer is usually – “How much revenue loss would you have from a pasture full of open cows?” After all, we often de-value the role of the bull. We forget that he is a crucial part of the equation to making our product.

Now, the question is a good one to ask. Especially after watching calf prices climb seemingly all of 2014 and the prices paid for bred heifers at year-end, it is only logical to wonder what a good bull will cost this spring.

Old rules of thumb are good to reflect on. For instance, “two times the value of a fat steer” or “four to five times the value of a feeder calf”, are both common measures used by old-timers to determine the value of a bull. So, I tested these figures with historical prices from the Illinois Performance Tested Bull Sale and prices paid for feeders and fats from National Agricultural Statistics Service (NASS). As it turns out, using values from 1996 to 2014 (the last 19 years) the average bull price was four times the value of a feeder calf and 2.1 times the value of a fat steer. Looks like those old rules of thumb work pretty well.

Using these multipliers, we can speculate to the average price of bulls this coming sale season. Looking at recent market reports, 500-pound feeder calves are bringing $2.40 or more. Thus, value of a 5-weight feeder calf is conservatively $1,200. History tells us four times that value will get us close to the average. Thus 4 x $1,200 = $4,800 for an average bull price.

A conservative price for fat steers weighing 1,300 pounds is $1.60. Therefore the math tells us a fat steer values out at nearly $2,100. The previously stated multiplier of 2.1 times the value of a fat steer would yield an average bull price of just over $4,400. Thus, we have a conservative range of $4,400 to $4,800 for the average bull price.

That said, there will be many bulls that bring in excess of those figures. So, what factors contribute to bulls bringing more than the average? Are they worth the extra money?

For simplicity, let’s say a bull breeds 25 cows per year for four years resulting in 100 calves over his lifespan. With these conservative assumptions, even a small improvement in a valuable trait can greatly increase a bull’s value.

For instance, Calving Ease (CE) EPD is defined as the difference in percentage of unassisted births. So, let’s say you purchase a bull that is five points better in his CE than the breed average for current sires. For both Angus and Simmental, that would mean purchasing a bull in the top 10 percent of the breed for that trait – not an unrealistic buy. The 5-point improvement should translate to five percent more unassisted births. In the real world, it’s fair to say half of assisted births don’t make it. Thus, a five percent improvement in CED could easily translate to 2.5 percent more calves. Out of 100 calves sired over a lifetime, that’s 2.5 more calves. The added value from improved CE would be $3,000 (2.5 more calves x 500 lbs x $2.40/lb.).

The most common example for added value of a bull is improved EPDs for weaning weight (WW). Let’s say you purchase a bull with a WW EPD of 60 (breed average for Angus is 50). That’s 10 additional pounds at weaning per calf. If the bull sires 100 calves in a lifetime and a pound is worth $2.40, then the result is $2,400 more income over his lifetime when compared to the average of current sires.

Another figure bull buyers can look at are $ values (Weaned Calf Value ($W), Beef Value ($B), All-Purpose Index (API), Terminal Index (TI)). These values are expressed in dollars and if you match your herd needs with the correct index, they can help you be more profitable. In the January/February 2014 issue of Illinois Beef magazine, I discussed these indexes in a column titled “Understanding and UtilizingEconomic Indexes in Sire Selection”. You can find this piece archived on my blog.

When selecting your next herd sire, identify the traits that can add dollars to your operation. Don’t sacrifice functionality, structural soundness, docility, and other traits that can affect longevity. View purchasing a bull as an investment and treat it as such. Investing in a good bull that can improve profitable traits in your herd can allow your farm to be more competitive no matter the market dynamic.

Bottom line, bulls are a significant contributor to profit or loss in your cattle herd. The have an impact now and for years to come if you are retaining replacement females. Look for traits that hold value in your market. Find a bull that can inject those traits. The “expense” of a bull can be a great investment in the future of your cattle herd.

Cattlemens Webinar Series: End of Year Tax Strategies for Cattlemen

Register Now for the free webinar on Dec. 9, 2014!
6:00 p.m. Mountain (MST)

When the clock strikes midnight on December 31st, there are very few options that taxpayers have to reduce their tax bill. With higher revenue this year and many unknown tax changes that may or may not be passed by Congress, it is important to understand the strategies that producers in agriculture have to keep Uncle Sam out of their pocket.

Presentation Descriptions:

Larry Kopsa, CPA

Larry Kopsa, CPA is a member of the firm Kopsa Otte located in York, Nebraska. As a principal in the 28 person firm, he is involved in all aspects of the practice with an emphasis on tax planning, succession planning and business consultation, along with firm management. Besides serving on the board of directors of the Nebraska State Chamber of Commerce, Larry is active on numerous local, state and national organizations. He is a frequent speaker, has authored numerous articles for various magazines, and also serves as an adjunct professor at York College teaching Income Tax courses.


Colin Woodall, NCBA Senior Vice President, Government Affairs
and Kent Bacus, NCBA Associate Director, Legislative Affairs

NCBA is focused on addressing tax extenders during the lame duck session of Congress and will focus on tax reform in 2015. Priorities for the lame duck include reinstating Section 179 expensing and 50 percent Bonus Depreciation to 2013 levels, as well as extension of the Conservation Easement Tax Credit and key Charitable Deductions. During the webinar we will also discuss upcoming tax reform efforts for 2015 and key provisions NCBA supports like estate tax (Sec 2032A), cash accounting, depreciation schedules, 1031 Like-Kind Exchange. Tune in and learn about these important tax provisions and how they may impact your operation.

Register Now

CattleFax - Weekly Recap

Last week, live cattle were mixed, feeder cattle were lower as the grains were higher. Live cattle rebounded from being down early, finishing mixed, $0.65 lower to $1.00 higher. The gains occurred mostly in the upfront contracts. Feeder cattle were lower as deferred live cattle futures were lower. Feeder cattle closed $0.80 to $1.98 lower. The CME feeder cattle index was $240.69, $0.54 lower last Tuesday. Boxed beef values were stronger Tuesday as Choice was $1.17 stronger and Selects were $1.42 firmer. The grains had a positive day as soybeans led the way. Soybeans gained 14 to 17 ¼ cents. Wheat was close behind gaining 9 ¾ to 13 ¼ cents Tuesday. Corn was also strong adding 6 to 7 cents.

Check out today's Chart of the Day. For recent market news and analysis, visit CattleFax.com.

CattleFax - Weekly Recap

The fed cattle market in the North and South was not established at press time but the market tone was steady to stronger compared to the previous week. Boxed beef prices were higher for the week and are expected to strengthen over the next few weeks as supplies will remain tight and holiday buying will increase.

Feeder cattle were steady to $4 higher last week. Calves were steady up to $10 higher for calves that qualify for winter grazing programs. Slaughter cows were steady for the week.

Corn trended higher last week as harvest was only 4% behind the long-term average of 84% complete. The USDA's November grain production report came out last week, the USDA's November corn yield estimate was 173.4 bu/ac, .08 bu/ac below the October report.

Check out today's Chart of the Day. For recent market news and analysis, visit CattleFax.com.

CattleFax - Weekly Recap

The fed cattle market in the South was $167 last week, $1 lower compared to the previous week. The fed cattle market in the North was also $167, $1 lower than the previous week. There was a stronger tone for the remainder of the showlist in the North. Boxed beef prices were softer last week as demand is still waiting for holiday buying to start.


Feeder cattle were mostly steady with instances of $2 higher. Calves were also steady with instances of $4 higher. Slaughter cows were mixed, from $2 higher to $2 lower. Corn maintained a sideways trading range and closed several cents lower for the week.

Corn harvest is at 65% last week compared to the long-term average of 77% over the same time period.
Check out today's Chart of the Day. For recent market news and analysis, visit CattleFax.com.

CattleFax - Weekly Recap

The fed cattle market was not established in the North or South as of press time, but the market tone was steady to weak compared to the previous week. Boxed beef prices were softer last week but strengthened towards the end of the week as lower prices attracted buyers.

Feeder cattle were steady to $4 higher amidst increased cash receipts. Calves were mostly steady to narrowly mixed. Slaughter cows were steady to $2 lower for the week as the 90's lean trim showed some weakness midweek.

Corn traded several cents lower again last week as warm fall weather across most of the country aided crop maturity.

Check out today's Chart of the Day. For recent market news and analysis, visit CattleFax.com.

Illinois NRCS Announces EQIP Application Deadlines

Illinois State Conservationist for USDA’s Natural Resources Conservation Service (NRCS) Ivan Dozier announced that November 21, 2014 and January 16, 2015 will be the two Environmental Quality Incentives Program (EQIP) application deadlines. “Producers can sign-up for EQIP at any time throughout the year, but to compete for the upcoming funding periods, I encourage producers with resource concerns to submit an application by one of the application deadlines.” Dozier explains.

Many applicants have shown interest in the funding pool to address soil erosion and water quality issues on cropland. “There are also funding pools for grazing land operations, confined livestock operations, organic producers, and wildlife habitat improvement, just to name a few,” Dozier said.

In addition to conservation practices, EQIP provides funding for the development of plans, such as Comprehensive Nutrient Management Plans (CNMP), Grazing Plans, Drainage Water Management Plans, and others.

Producers interested in EQIP should submit a signed application (NRCS-CPA-1200 form) to the local NRCS field office. Applications that are submitted by November 21, 2014 and January 16, 2015 will be evaluated by NRCS staff. The staff will work with producers to complete worksheets and rankings in order to compete for funding.

For more information on EQIP, contact the local NRCS field office or visit www.il.nrcs.usda.gov.

CattleFax - Weekly Recap

The fed cattle market was not fully established in the North at press time, but the market tone was steady to softer last week. On trade that had occurred in the North it was in a range of $248 to $252, near steady with the previous week. In the South, live cattle traded at $161 to $162, $1 to $2 lower than the previous week.

Boxed beef prices were mixed for the week as Choice product closed steady and Selects closed lower, following the seasonal pattern as the spread widens into the fall.

Feeder cattle and calves were both steady to $5 higher for the week. Feeder cattle and calf receipts are increasing seasonally into the fall. Slaughter cows were steady for the week.

Corn trended lower again last week as the USDA's September Crop Production report showed an increase in yield of 4 bushels/acre over the August report, increasing the stocks to use ratio to 14.70 percent.

Check out today's Chart of the Day. For recent market news and analysis, visit CattleFax.com.

Finding More Grazing Days

by Travis Meteer, U of I Beef Extension Specialist

The current cattle market can be distracting. Record high prices, while certainly a good thing, can leave many cattlemen in a state of awe and amazement. Instead of getting caught watching high prices this fall, your time will be better spent monitoring the cost side of your cattle business.

Cow-calf producers can significantly reduce costs by extending the grazing season and delaying feeding of purchased feeds. Common sense and research both tell us cattle are most profitable when they are harvesting their own feed. Allowing cattle to graze into late fall and early winter is crucial to reducing costs. Even with lowering commodity prices, grazing is still the cheapest way to feed cows. Stockpiled forages, cover crop forages, and grazing crop residue are all options for extending the grazing season.

Cool season forages, especially fescue, are excellent candidates for stockpiling. While fescue may garner a bad reputation for endophyte issues and poor production in the summer months, fall is a time to shine for fescue. Cool temperatures in the fall negate complications with elevated body temperatures when cattle are consuming endophyte infected fescue. Re-growth in the fall is primarily green leaf tissue and the plant is not putting on seed heads which are a feared, concentrated source of the endophyte.

The stockpiling process starts with designating pastures that will be used for stockpiling. Cattle need to be removed from the selected pastures in early to mid-August. Applying supplemental nitrogen in August has proven beneficial to yields. When pastures were allowed to stockpile until Dec. 1, applying 50 pounds of actual N per acre in early to mid-August can add approximately 25 pounds of DM per pound of N added or 1,250 pounds of DM per acre.

Grazing management will greatly influence the ability to utilize stockpiled forages. Strip grazing is the common and most recommended practice. Strip grazing will allow close to a 70% utilization of the available forage, a 30% improvement over continuous grazing. Stockpiling fescue for 90-100 days will typically yield approximately 2000 lbs. DM per acre. Assuming a 1400 lb. cow eats 3% her body weight in DM, the cow would eat 42 lbs. DM per day. Using strip grazing, an acre of stockpiled fescue could support a cow for 33 days. Adding 50 lbs. of N can gain an extra 21 days of grazing under the same management and stocking rate.  

Illinois is blessed with very fertile farmland. Higher land prices, soil health benefits, and the ability to grow more feed are incentives to add cover crops to a diversified farming operation. Using cover crops following cash crop production for added forage is one of the best opportunities for Illinois cattlemen to lower production costs. There are numerous options for farmers depending on their crop rotation.

A popular choice after corn silage or in idle wheat ground is seeding a mixture of oats and turnips. Two bushel of oats and 4 pounds of turnips per acre will give a nice stand and offer around three to four tons of DM per acre. Annual Ryegrass is another cover crop that needs to be planted in late summer. Yields can be two to four DM tons per acre. Annual Ryegrass will overwinter and will require good management in the spring to achieve termination of the stand. Oats and turnips will winterkill.

Cereal rye, triticale, and mixes including them are good options for producers looking to provide forage possibilities in the early spring. Many will chop and bag these forages prior to planting beans in the spring. Weather can make this challenging; however yields of up to 4 dry tons per acre can be accomplished. As with any crop there will be variation in success depending on seed choice, weather, and management. Start a discussion with your seed dealer and investigate your options for cover crops.

The cost of grazing cornstalks is low; first because the cows graze and harvest their own feed and second, because all costs to produce the plant for grain production are attributed to the row-crop operation. Even with the cost of a temporary fence (which many farmers already have) and water, grazing cornstalks is more economical than feeding hay.

Cattle eat the more digestible and higher protein portions first. Therefore, a good mineral is probably the only supplementation needed for the first month unless the herd includes fall-calving cows or stocker calves.

Grazing stalks can also have benefits for subsequent crops. Cows grazing cornstalks for 60 days will remove approximately 30 to 40 percent of the residue. Residue buildup has been a well-documented problem in many corn-on-corn fields with new hybrids. Cows deposit nutrients in the form of manure back on the field. As they graze, they reduce volunteer corn, considered a weed and a yield-robber in soybean fields.

Using an equation developed at the University of Nebraska, a field that averages 170 bushels per acre yields 2,430 pounds of leaf and husk. Only 50 percent of the 2,430 pounds is available for the animal; the rest is trampled or lost in weathering. Thus, 1,215 pounds of DM husk and leaf per acre are available as feed.

A 1400-pound cow consumes 1,050 pounds of DM per month. At 170 bushels an acre, approximately 1 acre of cornstalks are needed to feed the cow for 30 days. To feed the same cow on cornstalks for 60 days, 1.5 to 2 acres would be needed.

Producers focused on keeping costs low will be the most profitable in 2014. Those profits could be substantial, allowing for updates and further investment into the cattle operation. Historically, the cow-calf business has been a break-even business. Thus, continuing to monitor the cost side will be important. Illinois cattlemen have the opportunity to use stockpiled forages, cover crops, and crop residues to keep cost low to allow large profits in 2014. 

*Previously printed in Illinois Beef magazine

Webinar - CattleFax TRENDS+ Cow-Calf Webinar

Webinar - CattleFax TRENDS+ Cow-Calf Webinar
DATE: Wednesday, September 17, 2014
TIME: 5:30 - 6:30 p.m. Mountain

The upcoming webinar will provide producers and industry leaders with a discussion on market factors affecting the cow-calf, stocker and backgrounding segments of the cattle industry this fall and winter. Elanco Animal Health is sponsoring the webinar - making it free for all cattle and beef producers to attend. To participate and access program details, producers and industry leaders simply need to register online.

CattleFax - Weekly Recap

The fed cattle market was not fully established in the North as of press time but the market tone was $8 to $10 higher for the week. On a dressed basis, cattle traded in a range of $248 to $252 and mostly $160 to $163 live. In the South, live cattle traded at $163, $8 higher than the previous week.

Boxed beef prices were modestly mixed for the week as Choice product closed higher and Selects closed lower, widening the spread. Feeder cattle were $2 to $10 higher for the week; calves were $4 to $10 higher against a limited number of receipts due to the extended holiday weekend. Slaughter cows were steady to $2 higher compared to last week.

Corn traded several cents lower last week as it broke out of its 6-week trading range to the downside, as record large crop expectations continue to apply downward pressure.

Check out today's Chart of the Day. For recent market news and analysis, visit CattleFax.com.

Disaster Funding Still Available for Illinois Cattlemen

After a dispiriting stretch of months and declining pasture and feed resources, things are finally looking up for cattlemen grazing in Illinois. But, it’s not too late to take advantage of the Livestock Forage Disaster Program (LFP) from USDA’s Farm Service Agency (FSA). With an ongoing sign up, the program helps producers with livestock forage losses associated with drought conditions that were experienced beginning in 2012.

The 2014 Farm Bill makes the LFP a permanent program and provides retroactive authority to cover eligible losses back to Oct. 1, 2011. The LFP provides compensation to eligible livestock producers that have suffered grazing losses for covered livestock on land used specifically for grazing. The grazing losses must be due to a qualifying drought condition during the normal grazing period for the county.

An eligible livestock producer must own or lease pasture physically located in a county rated by the U.S. Drought Monitor as having a D2 (severe drought) or D3 (extreme drought) – almost all counties in Illinois fall under those categories expect for a few counties in the Chicagoland area. Livestock must have been grazed during a normal grazing period for the region and have been owned, purchased or entered into a contract to purchase during the 60 days prior to the beginning date of a qualifying drought.

The U.S. Department of Agriculture (USDA) is encouraging producers who have suffered eligible disaster-related losses to act to secure assistance by Sept. 30, 2014, as congressionally mandated payment reductions will take place for producers who have not acted before that date. Livestock producers that have experienced grazing losses since October 2011 and may be eligible for benefits, but have not yet contacted their local FSA office should do so as soon as possible.

The Budget Control Act passed by Congress in 2011 requires USDA to implement reductions of 7.3 percent to the LFP in the new fiscal year, which begins Oct. 1, 2014. However, producers seeking LFP support who have scheduled appointments with their local FSA office before Oct. 1, even if the appointment occurs after Oct.1, will not see reductions in the amount of disaster relief they receive.

USDA is encouraging producers to register, request an appointment or begin a Livestock Forage Disaster Program application with their county FSA office before Oct. 1, 2014, to lock in the current zero percent sequestration rate. As an additional aid to qualified producers applying for LFP, the FSA has developed an online registration that enables farmers and ranchers to put their names on an electronic list before the deadline to avoid reductions in their disaster assistance. This is an alternative to visiting or contacting the county office. To place a name on the Livestock Forage Disaster Program list online, visit http://www.fsa.usda.gov/disaster-register.

Producers who already contacted the county office and have an appointment scheduled need do nothing more.

“Almost every beef producer in Illinois that was grazing cattle weighing more than 500 pounds during the drought should be eligible for the LFP,” said Rick Graden, Illinois FSA Executive Officer. “Thus far, more than $2 billion has been paid to U.S. cattlemen through the LFP and, as a permanent program, there is still a chance for producers to receive assistance by the Jan. 30, 2015, application deadline.”

However, with the USDA's most recent announcement, producers need to act fast to reap the program's full benefits.

Bill Graff of Middletown manages owned and rented pasture ground across two counties and utilizes a mob grazing management system for his cow-calf operation. He started the application process for the LFP earlier this summer and was recently approved for payment. He was initially disappointed with the total amount of payment he received due to the carrying capacity numbers set in his region. However, he estimates that with the few hours he spent reviewing his records to collect the necessary application data and the one or two trips made to his county FSA office, the process to receive payment was virtually “pain free” and did not take a lot of time.

“I encourage any beef producer that thinks he might quality for the LFP to visit his county office and go through the process. The people at FSA are good people and want to make sure things get done right so they can get you the assistance you need,” Graff said.

A visit to your county FSA office with your herd inventory numbers and pasture acreage certified will allow staff to fill out and submit an application for assistance. If pasture has not been certified it’s not a problem – a Late Filed Crop Acreage Certification can be filed free of charge. Pasture certification is crucial in the program to determine an operation’s stocking rate. The grazing carrying capacity for a county is established by the Illinois State FSA Committee with assistance from Natural Resources Conservation Service and U of I Extension grazing information.

“I know there are acres out there that producers’ graze that are not considered part of crop land, but can be used to determine the amount of acreage being grazed. For example, if a producer has 100 head of cows on 40 acres of pasture the LFP payment will most likely be reduced for overgrazing. But, there are probably other areas being grazed like timber edges and creek banks that can add acreage for a higher payment,” Graden said.

Once the application is completed, an FSA county committee reviews the paperwork to verify that acreage and animal units correspond.

Joni Bucher of Marietta manages a cow-calf operation with a rotational grazing system under an EQIP contract and enrolled in LFP in May; shortly after the program was made available on Apr. 15. She was pleased with the results – especially thanks to the work she’s done with EQIP. With her pastures already certified through EQIP, Joni was able to prove that pasture conditions have improved since the drought and her operation’s carrying capacity was already outlined in her contract. Bucher went through calving and vaccination records to determine her herd inventory at the time drought status was declared in her county.

“Most beef producers are doing the right thing – taking care of their cattle and their land – and should take advantage of programs that offer assistance for the feed resources lost during the tough times of the drought. Be honest when filling out the application and the process should go smoothly,” Bucher said.

Graden said producers might have applied for assistance earlier this year and were denied due to baling hay on a pasture before grazing. FSA recognized the issue and eliminated that detail from the submission process, so producers should resubmit their application in this instance.

While the deadline isn’t until the end of January, Graden recommends visiting your county office before the end of September as the FSA work load will start increasing with the ARC PLC program.

“Scherrie Giamanco, Illinois FSA State Executive Director appreciates the patience of livestock producers in Illinois with the LFP and encourages cattlemen to take advantage of assistance,” Graden said.

With specific questions about the program, producers should contact their county FSA office.

CattleFax - Weekly Recap

The fed cattle market was mostly $1 to $2.00 lower last week, with the full decline noted in the North. In the South, the bulk of the trade was at $145, while sales in the North were primarily at $146 to $147.50 live and $234 to $236 on a dressed basis. Boxed beef was steady on choice and modestly higher on selects last week. Lower slaughter levels helped to stabilize the boxed beef market. 

Feeder cattle prices were steady to as much as $4.00 higher for the week while calves were mostly steady to $3.00 firmer. Slaughter cows were steady to $2.00 higher as summer grilling demand moves to center stage. 

Corn prices worked lower last week as planting proceeds quickly in the Midwest. An Cattle On feed report was issued Friday. On feed came is at 99% percent of a year ago, trade estimates were 99.2%. Placed on feed was reported to be 95%, the trade was expecting 96.8%. Marketed was 98%, the pre-report estimate was 97.9%.

Check out today's Chart of the Day. For recent market news and analysis, visit CattleFax.com.

CattleFax - Weekly Recap

The fed cattle market was steady to $1.00 higher last week. In the South, sales occurred at $146, while in the North live trade was primarily at $148 to $149 on a live basis and $236 to mostly $238 dressed. Boxed beef traded sideways to firmer early in the week, but turned lower late as sellers were forced to discount prices in order to move some inventory. Feeder cattle prices were $1 to as much as $5.00 higher last week while calves were even to $2.00 higher. Slaughter cows were mostly steady to $2.00 higher. Demand is very good for all classes of feeder and stocker cattle with supplies, especially on lighter weight cattle becoming limited. Corn moved lower as the week progressed amid talk that planting was increasing and getting closer to the seasonal norm for this time of the year.

Check out today's Chart of the Day. For recent market news and analysis, visit CattleFax.com.

CattleFax - Weekly Recap

The fed cattle market had not been established for the week as went to press. Boxed beef moved lower again last week as buyer demand in front of Easter remained limited. Anticipate demand to improve after Easter as purchasing will begin for grilling season and spring holidays.

Feeder cattle prices were mainly steady to $3.00 higher for the week while calves were unevenly steady. Slaughter cows were mostly steady to $3.00 lower for the week. Summer turn-out is moving into full swing through much of the country, keeping demand stout for cattle eligible for summer grazing programs. Feedlots continue to aggressively seek feeder cattle keeping those prices well supported.

Corn prices declined last week as warmer weather forecasts for the Midwest is expected to keep planting season on track.

Check out today's Chart of the Day. For recent market news and analysis, visit CattleFax.com.

CattleFax Risk Management Seminar - June 18-19

Register today for the June 18-19 Risk Management Seminar. If you haven't already signed up for the seminar, don't wait. This is a great opportunity for those who want to incorporate new ideas in building a risk management plan or in refining their current strategy. Seating is limited, so don't delay. This seminar will fill up quickly.

For more information or to sign up, call 1-800-825-7525 or go to our website.

CattleFax - Weekly Recap

The fed cattle market was $2.00 to $4.00 lower last week. The bulk of the sales in the north are noted at $238 to $241 dressed and $150 on a live basis. In the south, trade occurred at $148 in light volume with some sellers passing that bid. Overall trade volumes were light.

Boxed beef lost ground last week as demand slowed with cold wet weather through much of the country, as well as larger slaughter levels over the past couple of weeks that resulted in more offerings. Lower prices were noted across most of the carcass.

Feeder cattle values were steady to $5.00 higher for the week while calves ranged from $2.00 higher to as much as $5.00 lower with the full decline on light weight calves. Slaughter cows were steady to $5.00 lower.

Corn prices moved higher on the week due to a bullish prospective plantings and ending stocks report issued last Monday by the USDA.

Check out today's Chart of the Day. For recent market news and analysis, visit CattleFax.com.

CattleFax - Weekly Recap

The fed cattle market was steady in the South last week at $148. Trade in the north was mostly $240 dressed, even to $2.00 higher than a week ago. Live trade was $150 to $152, steady to mostly $2.00 higher as well. The boxed beef cut-out advanced again last week, with loins being quoted higher while ends were even to modestly lower. By late in the week the cut-out was steady to softer as a result.

Feeder cattle prices were mixed, ranging from $2.00 higher to $2.00 lower while calves were quoted $2.00 to $5.00 higher. Slaughter cows closed the week steady to $5.00 higher also. Demand was good for all classes of replacement cattle, as well as cattle eligible for turn-out to grass. Strong trimming prices continued to support cull cow values at historically high levels.

Corn was higher last week, the unrest in the Ukraine, which is a large grain exporter, fueled the increase.

Check out today's Chart of the Day. For recent market news and analysis, visit CattleFax.com.

CattleFax - Weekly Recap

Fed cattle prices were mostly $2.00 lower for the week as cattle in the South sold for $147 to mostly $148, while trade in the North was mostly $150 live and $237 to $240 dressed. Boxed beef was sharply higher on the week with limited supplies noted while demand for trimmings and end cuts, as well as loins, was strong.

Feeder cattle values were steady to $3.00 higher for the week while calves were steady $2.00 higher. Stout demand for all classes of replacement cattle was evident and offerings of calves and feeder cattle were limited, especially early in the week due to winter weather in parts of the Central Plains. Slaughter cows were primarily steady to $4.00 higher on the week; supplies remain tight.

Corn prices moved higher on the week as concern surfaced about cold soil temperatures as we move closer to spring and planting.

Check out today's Chart of the Day. For recent market news and analysis, visit CattleFax.com.