Affecting cull cow prices, February cattle price projections for 2014 were raised from January’s estimate. The 2014 forecast is in a range of $132-$140/cwt., up $2-$3 from last month’s forecast. Prices are expected to be the strongest in the first and second quarters of 2014. The 2013 steer price was estimated at $125.89/cwt.
Feed price projections rise slightly
USDA’s World Ag Supply & Demand Estimates report said U.S. feed grain ending stocks for 2013/14 are expected lower. U.S. corn ending stocks are projected 150 million bushels lower, due to an increase in exports. Expected U.S. corn use for ethanol was unchanged at 5 billion bushels in 2013-14, up from 4.65 billion bushels in 2012-13.
The season-average farm price for corn was raised 10¢ on both ends of the projected range, to $4.20 to $4.80 per bushel. Season-average farm prices for the other feed grains are also projected slightly higher.
U.S. soybean supplies are increased 5 million bushels to 3.46 billion, on higher projected imports, mainly from Canada. Soybean exports for 2013/14 are projected at 1.51 billion bushels, up 15 million from last month reflecting the record pace of shipments and sales through January.
The 2013/14 season-average soybean price range is projected at $11.95 to $13.45/bushel, up 20¢ on both ends of the range. The soybean meal price is projected at $425 to $465/ton, up $10 on both ends of the range.