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For the week ending September 24th the Midwest sheep and goat market had a slight downturn from last weeks sharp uptick in the market. The downturn could have come with what appeared to be a slight increase in volume across all sales as well. Demand remains noted as moderate at best for most sales. Ethnic holiday demand could still be in the market for the next week or so, but if next weeks stays steady or pulls lower it likely shows that the Ethnic demand has been filled for the upcoming holidays. Looking at the Ethnic Calendar Rosh Hashanah or Jewish New year is September 25th-27th. For the Muslim Faith Prophets Birthday is Celebrated October 7th-8th. Friday saw a strong sell off in the stock market with the DOW Jones Industrial Average below 30,000 points. Meanwhile the Federal Reserve raised interest rates to their highest levels since before the Great Recession back in 2008. On top of all of that the US dollar is as strong as it has been since the early 2000s. Unfortunately all of this looks to go against consumer demand. There is some data that points to this as USDA cold storage data on Thursday noted a sizable increase for beef, pork and lamb. Currently the US has about 23.14 million pounds of lamb and mutton in commercial cold storage. That is a 14% increase from last month and up 32% from last year. However current cold storage stocks are still below the 40 million pounds just ahead of the pandemic. So far the market has had some bumps, but a drop in consumer demand still seems to be one of the biggest threats to the markets long term trends.
Highlighted quotes this week include Columbus Sales Pavilion selling 13 boer replacement does weighing 116 lbs for $303.75/hd. Columbus also sold 6 boer breeding buck goats for $480/hd. Colby Livestock sold 4 104 lb boer wethers for $320/cwt or $332.80/hd. Colby also sold 83 head of white faced slaughter lambs weighing 83 lbs $205/cwt or $170.15/hd. Sioux Falls Livestock sold 3 head of 138 pound does for $283/hd. Producers Livestock in San Angelo Texas sold 10 head of hair feeder lambs weighing 44 lbs for $300/cwt or $132/hd. The upper end of the draft brought $325/cwt or $143/hd. Producers also sold 15 head of open replacement yearling hair ewes weighing 84 lbs for $218/hd. On goats Producers livestock sold 126 head of 37 lb feeder goats for $367/cwt average or $136/hd. The upper end of the draft brought $397/cwt or $147/hd. Kalona Iowa sold 4 head of feeder wool lambs weighing 48 pounds for $305/cwt or $146.40/hd. Kalona also sold 25 head of 55 lbs slaughter goats for $362/cwt or $199/hd. The upper end of the draft brought $381/cwt or $210/hd. Centennial Livestock in Colorado sold 19 head of exposed running age hair ewes weighing 119 lbs for $140/cwt or $167/hd. Centennial also sold 51 head of 86 lbs wethers for an average of $270/cwt or $232/hd. The upper end of the draft brought $343/cwt or $295/hd
Other commodity markets were higher towards the beginning of the week, but Friday brought broad selling to the entire market complex, commodities included. Concerns about ample global supply of grains meeting demand with Russia increasing it’s attacks against Ukraine and likely cutting off safe passage for Ukrainian grain out of the Black Sea rallied the wheat market. The wheat market lent support to the corn market as harvest got underway across a good portion of the heartland. Soybeans watched Brazil get underway with it’s next round of planting and if the weather cooperates, could see a sizable crop this year. That put pressure on the soybeans along with a drop in Chinese demand for soybeans. That came as Argentina attracted over 5 MMT of soybeans with a special exchange rate for farmers selling grain. All of this was overshadowed on Friday when traders were concerned about global recession and sold off all risk assets including grain commodities. The market could bounce early next week if traders calm down over the weekend, but any news stories fan the flames of war or recession the risk off sentiment is likely to continue.
The haymarket in Nebraska, Kansas, Iowa, South Dakota and Wyoming reports was $5-$10/ton higher for most kinds of hay this past week. The continued warm weather has some in Nebraska and South Dakota thinking of trying a 4th or 5th cutting. Extended forecasts showing above normal temps and below normal precipitation through early October may support this decision. Others are concerned that not leaving enough organic matter ahead of winter and a possible dry winter in story may hurt the field. Demand is continuing to be strong with Southern plains in search of dairy quality alfalfa and looking well into the Northern plains. Business may start to slow down for the next few weeks as many farmers move into fall harvest mode.
Lamb slaughter this week was estimated at 33,000 head through Saturday. That is a decrease of 1,000 head from the previous week and down 2,000 head from last year. Year to date lamb slaughter at 1,266,000 head -9.2% or 128,000 behind the previous year’s lamb slaughter. Live lamb weights this week were 129 pounds. That is down 1 pounds from last week and up 10 pounds from last year. Dressed lamb weights were 65 pounds. That is down a pound from last week and an increase of 5 pounds from last year. Goat slaughter under federal inspection 8,138 head.
Here is a regional price range from all sales in the report.
Wool lambs
40-70 lbs $110-$305/cwt
70lbs & up $85-$220/cwt
Hair lambs
20-40 lbs $225-$325/cwt
40-70 lbs $142-$325/cwt
70 lbs and up $142-$325/cwt
Wool ewes
Stocker $80-$120/cwt
Slaughter $42-$110/cwt
Rams $100-$130/cwt
Hair Ewes
Replacement $145-$220/hd
Slaughter $60-$125/hd
Hair Rams $85-$205/cwt
Kid Goats
20-40 lbs $180-$397/cwt
40-70 lbs $200-$381/cwt
70 lbs & up $225-$340cwt
Wethers
70 lbs & up $255-$345/cwt
Does
Slaughter medium-fleshy $110-$283/hd
Replacement $140-$305/HD
Bucks
Slaughter $150-$265/cwt
Breeding $250-$480/hd
