1. Sponsored by
Vol. 11, No. 38 / February 25, 2013
The results of the latest cattle on feed survey will likely U.S. ALL CATTLE ON FEED: 1,000+ CAPACITY FEEDLOTS
be viewed as neutral to slightly bearish by futures markets on
Monday. The total inventory of cattle on feed as of February 1
Number, Thousand Head Current Year as % of Year Prior
was 11.073 million head, 738,000 head or 6.2% smaller than a
year ago. Pre-report estimates were also looking for a 6.2% de- 2011 2012 2013 Actual Estimates Difference
cline in feedlot inventories. Analysts ahead of the report were
split in their views of January placements. Some expected the
sharp decline in live cattle futures and generally steady grain pric-
Placed on Feed During Jan 1,889 1,847 1,876 101.6 100.3 1.3
es to limit the number of cattle feedlots were willing to place on
feed and thus further limit the number of cattle that will come to
market this summer. However, as we noted last week, the supply Fed Cattle Marketed Jan 1,774 1,816 1,917 105.6 104.7 0.9
of feeder cattle outside of feedlots as of January 1, 2013 was actu-
ally higher than the year before. This higher supply and general-
On Feed February 1 11,571 11,811 11,073 93.8 93.8 0.0
ly very high feed and forage prices this winter forced operators to
dramatically lower asking prices for feeders in order to push them MILLION Meat Protein Stocks in Cold Storage
onto feedlots. This increase in placements is the reason why we POUNDS Combined Inventory of Beef, Pork and Poultry in Refrigerated Warehouses
think the report had a slightly bearish tone. Still, keep in mind 2,400
that feedlot inventories remain well below year ago. The wild card
2,300
this spring and summer is drought and whether pasture condi-
tions improve. If drought conditions persist, we could see more of 2,200
these feeder cattle currently in backgrounding or stocker opera-
tions be squeezed into short marketing windows and pressuring 2,100
both feeder and live cattle prices. The number of cattle marketed
in January was 1.917 million head, 5.6% more than the same 2,000
month a year ago. There was one extra slaughter day this year ,
compared to the year before. When adjusting for this, daily cattle 1,900
marketings were just 0.8% higher than last year.
1,800
Supplies of meat protein in cold storage remain above
year ago levels. The total supply of beef, pork and poultry in cold 1,700
storage at the end of January was pegged at 2.109 billion pounds, JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
6.7% higher than a year ago. Below is a brief recap of the high- 5-Year Average 2008 - 2012 2012 2013
lights for individual meat proteins:
Pork: The supply of all pork in cold storage at the end of January than a year ago and 30.0% higher than the five year average. In-
was 605.3 million pounds, 3.4% higher than a year ago and 8.2% ventories of pork trimmings at 52.4 million pounds were 1.4%
higher than the five year average. Normally pork inventories in- higher than a year ago and 1.6% higher than the five year aver-
crease into January as buyers start putting product away for East- age.
er. The pace of inventory build was near five year average levels.
Ham inventories at the end of January were 109.3 million pounds, Beef: Beef inventories remain near year ago levels but higher
9.7% higher than a year ago and 21.3% higher than the five year than the five year average. Higher beef imports will likely keep
average. Pork belly stocks are significantly below year ago levels, beef inventories above year ago levels. Total boneless beef stocks
and this remains bullish for belly prices going into the spring. at the end of January were 420.2 million pounds, 1.8% lower than
Total belly inventory at the end of January were 36.377 million a year ago but still 7% higher than the five year average. Bone-
pounds, 32.2% lower than a year ago and 39% lower than the five less beef stocks, which include both fat and lean beef trim, have
year average. Inventories of pork ribs remain burdensome. Total declined sharply since April when negative press about LFTB
rib freezer inventories were 112.2 million pounds, 29.7% higher backed up significant supplies of 50CL beef trim in the freezers.
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Disclaimer: The Daily Livestock Report is intended solely for informa on purposes and is not to be construed, under any circumstances, by implica on or otherwise, as an offer to sell or a solicita-
on to buy or trade any commodi es or securi es whatsoever. Informa on is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or
possible where projec ons of future condi ons are a empted. Futures trading is not suitable for all investors, and involves the risk of loss. Past results are no indica on of future performance.
Futures are a leveraged investment, and because only a percentage of a contract’s value is require to trade, it is possible to lose more than the amount of money ini ally deposited for a futures
posi on. Therefore, traders should only use funds that they can afford to lose without affec ng their lifestyle. And only a por on of those funds should be devoted to any one trade because a
trader cannot expect to profit on every trade.

2. Page 2
Sponsored by
Vol. 11, No. 38 / February 25, 2013
USDA STOCKS IN COLD STORAGE REPORT
COMMODITY Stocks in All Warehouses Percent Of
31-Jan-12 31-Dec-12 31-Jan-13 Jan-12 Dec-12
1,000 Pounds
Frozen Pork
Picnics, Bone-In 10,898 7,839 12,674 116 162
Hams, Total 99,643 79,266 109,266 110 138
Bone-in 47,051 27,988 50,559 107 181
Boneless 52,592 51,278 58,707 112 114
Bellies 53,685 36,037 36,377 68 101
Loins, Total 48,851 41,364 43,839 90 106
Bone-in 18,374 15,304 13,644 74 89
Boneless 30,477 26,060 30,195 99 116
Ribs 86,457 109,235 112,162 130 103
Butts 26,869 25,881 30,949 115 120
Trimmings 56,565 52,684 57,379 101 109
Other 96,321 102,623 112,574 117 110
Variety Meats 35,904 27,404 28,320 79 103
Unclassified 70,114 69,177 61,726 88 89
Total 585,307 551,510 605,266 103 110
Frozen Beef
Boneless 427,750 395,953 420,119 98 106
Beef Cuts 57,309 69,763 63,884 111 92
Total 485,059 465,716 484,003 100 104
Other
Veal 2,996 5,221 4,982 166 95
Lamb & Mutton 19,275 21,379 18,716 97 88
Total 22,271 26,600 23,698 106 89
Total Red Meat 1,092,637 1,043,826 1,112,967 102 107
Chicken
Broilers (Whole) 15,430 14,601 18,780 122 129
Breasts and Breast Meat 116,924 130,909 130,128 111 99
Leg Quarters 84,503 97,177 115,370 137 119
Wings 35,657 68,410 59,212 166 87
Other Chicken 355,057 365,345 334,186 94 91
Total 607,571 676,442 657,676 108 97
Turkey
Whole Turkeys 109,990 95,854 148,637 135 155
Turkey Breast 49,726 54,140 64,024 129 118
Other 138,020 146,485 149,181 108 102
Total 297,736 296,479 361,842 122 122
Ducks 2,371 2,363 1,444 61 61
Total Poultry 907,678 975,284 1,020,962 112 105
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3. Page 3
Sponsored by
Vol. 11, No. 38 / February 25, 2013
PRODUCTION & PRICE SUMMARY Week Ending 2/23/2013
Current Y/Y %
Item Units Week Last Week Pct. Change Last Year Pct. Change YTD Change
23-Feb-13 16-Feb-13 25-Feb-12
Total Red Meat & Poultry mil lbs., cwe 1,660 1,725 -3.78% 1,658 0.09% 12,569 0.2%
FI Slaughter Thou. Head 573 596 -3.86% 587 -2.37% 4,677 -2.8%
C FI Cow Slaughter ** Thou. Head 119 123 -3.09% 124 -3.89% 746 -3.9%
A Avg. Live Weight Lbs. 1321 1325 -0.30% 1312 0.69% 1,328 1.6%
T Avg. Dressed Weight Lbs. 802 802 0.00% 792 1.26% 801 2.0%
T Beef Production Million Lbs. 458.7 476.7 -3.78% 463.6 -1.06% 3,703 -1.9%
L Live Fed Steer Price $ per cwt 122.76 122.81 -0.04% 127.87 -4.00%
E Dressed Fed Steer Price $ per cwt 195.58 195.76 -0.09% 200.73 -2.57%
OKC Feeder Steer, 600-700 $ per cwt N/A N/A N/A 170.39 N/A
& Choice Beef Cutout $ per cwt 182.51 183.07 -0.31% 195.42 -6.61%
Hide/Offal $ per cwt, live wt 13.84 13.62 1.62% 13.15 5.25%
B Rib, Choice $ per cwt 270.65 272.44 -0.66% 277.38 -2.43%
E Round, Choice $ per cwt 156.35 157.57 -0.77% 171.79 -8.99%
E Chuck, Choice $ per cwt 159.43 159.12 0.19% 161.44 -1.25%
F Trimmings, 50% $ per cwt 66.77 65.53 1.89% 100.14 -33.32%
Trimmings, 90% $ per cwt 214.30 213.20 0.52% 216.11 -0.84%
FI Slaughter Thou. Head 2,066 2,145 -3.68% 2,124 -2.74% 16,740 -2.5%
FI Sow Slaughter ** Thou. Head 57.1 55.3 3.29% 56.8 0.54% 332 -0.7%
H Avg. Dressed Weight Lbs. 207.0 207.0 0.00% 209.0 -0.96% 207 -0.7%
O Pork Production Million Lbs. 427.7 444.6 -3.80% 443 -3.45% 3,471 -3.1%
G Iowa-S. Minn. Direct Wtd. Avg. 79.18 83.29 -4.93% 86.55 -8.52%
S Natl. Base Carcass Price Wtd. Avg. 82.40 85.00 -3.06% 85.22 -3.31%
Natl. Net Carcass Price Wtd. Avg. 84.89 87.46 -2.94% 87.73 -3.24%
Pork Cutout 200 Lbs. 81.80 80.88 1.14% 85.76 -4.62%
Hams $ per cwt 63.62 64.18 -0.87% 67.15 -5.26%
Loins $ per cwt 92.36 88.75 4.07% 98.65 -6.38%
Bellies $ per cwt 128.86 128.70 0.12% 115.21 11.85%
72CL Pork Trim $ per cwt 62.00 57.26 8.28% 73.00 -15.07%
C Young Chicken Slaughter * Million Head 151.6 155.0 -2.22% 150.5 0.72% 1,053 1.2%
H Avg. Weight (Live) Lbs. 5.79 5.88 -1.53% 5.70 1.58% 5.83 2.0%
I Chicken Production (RTC) Million Lbs. 667.0 692.8 -3.71% 643.4 3.68% 4,665 4.6%
C Eggs Set Million 198.7 197.0 0.89% 194.7 2.09% 1,379 1.6%
K Chicks Placed Million Head 163.5 162.2 0.81% 161.3 1.38% 1,140 0.9%
E 12-City Broiler Price Composite 101.66 100.96 0.69% 90.5 12.33%
N Georgia Dock Broiler Price 2.5-3 Lbs. 100.39 100.11 0.28% 90.71 10.67%
Northeast Breast, B/S $/cwt 140.92 139.29 1.17% 122.34 15.19%
Northeast Legs $/cwt 68.08 67.64 0.65% 74.35 -8.43%
T Young Turkey Slaughter * Million Head 4.374 4.5 -2.80% 4.252 2.87% 29.207 1.0%
U Avg. Live Weight Lbs. 30.41 30.83 -1.36% 31.86 -4.55% 31.32 -0.9%
R Turkey Production (RTC) Million Lbs. 106.4 111.0 -4.19% 108.3 -1.84% 730 0.0%
K Eastern Region Hen Price 8-16 Lbs. 92.65 95.00 -2.47% 102.00 -9.17%
G Corn, Omaha $ per Bushel 7.15 7.19 -0.56% 6.51 9.83%
R DDGs, Minnesota $ per Ton 254.00 258.50 -1.74% 192.50 31.95%
A Wheat, Kansas City $ per Bushel 7.17 7.41 -3.24% 6.57 9.13%
I Soybeans, S. Iowa $ per Bushel 15.20 14.51 4.76% 12.84 18.38%
N Soybn Meal, 48% Decatur $ per Ton 450.30 422.70 6.53% 332.40 35.47%
* Chicken & turkey slaughter & production are 1 week earlier than the date at the top of this sheet.
** Cow and sow slaughter reflect levels from two weeks ago due to reporting lag.
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sustain it going forward, consider becoming a contributor by going to our website: www.DailyLivestockReport.com
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