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Morning Farm Report: Livestock prices jump to end the week

Live cattle prices rose on Thursday from $152.48 on Wednesday to $153.50 on Thursday. The $1.02 change brought the 27-day average price to $153.36. Feeder cattle prices saw a large increase on Thursday of $3.52 to hit $224.95.

Lean hogs also increased by 82 cents to $84.60, bringing the 27-day average price to $83.78.

Corn prices fared well with a four cent increase, with wheat also increasing one cent on Thursday.

Markets

Crude by rail receipts continue to be an important source of supply for West Coast refiners

This week in Petroluem has previously examined crude oil supply patterns on the West Coast, noting the increase in unaccounted-for supply, and then linking the increase to movements of crude by railroad. EIA’s recently launched crude-by-rail data enable a more detailed analysis of emerging crude oil supply patterns on the West Coast. The data indicate that most crude-by-rail deliveries into PADD 5 are destined for refineries in Washington state, and that despite recent delays in crude-by-rail projects in California, refineries in the San Francisco and Los Angeles areas are not entirely without access to domestic crude oil from other regions.

Markets

Wheat ends Thursday on a mixed note

Traders seemingly thought Wednesday’s grain losses were overdone today. Corn and wheat futures tumbled yesterday in apparent response to forecasts for drier weather next week, with the yellow grain decline putting the market at its lowest levels since last October. Talk of firm spot quotes as farmers work fields and ignore old-crop sales seemed to spark renewed bullishness. July corn futures rallied 4.0 cents to $3.535/bushel at Thursday’s close, while December added 3.25 to $3.70.

Markets

Boxed Beef Report: Beef prices drop

Choice boxed beef is down 58 cents on Thursday to $260.18. The drop brought the 27-day average price to $260.19. Select boxed beef dropped much harder from $250.10 on Wednesday to $248.48 on Thursday. This $1.62 fall brought the 27-day average price to $248.43.

Choice primal rib fell  by $3.31 on Thursday to hit $378.87. Choice primal brisket and choice primal flank were the only cuts that saw increases on Thursday, rising one cent and nine cents, respectively.

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