May 02 2018

Texas Daily Ag Market News Summary Posted 5 years 354 days ago by Administrator Account

Daily Market Summary for May 2nd

The Daily Market News Report bought to you by The Cattle Range. Please visit http://cattlerange.com/ex-static.htm for more information!

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Slaughter Cattle:

Thus far for Wednesday trading in Kansas, Northern Plains and Western Cornbelt has been limited on light demand. In the Texas Panhandle trading has been at a standstill. Not enough trades in any major feeding region for a market trend. Last week in the Southern Plains live cash trades moved from 121.00-124.00, mostly at 124.00. For the prior week in Nebraska live cash trades moved from 120.00-126.50, mostly at 126.00 and dressed trades moved from 192.00-199.00, mostly 195.00-198.00. In Colorado live cash trades moved from 118.00-126.50. For the previous week in the Western Cornbelt live cash trades moved from 123.00-126.00 and dressed trades moved from 193.00-198.00, mostly from 195.00-197.00.

 

Negotiated Sales:

Confirmed: 6,413    Week Ago: 2,472    Year Ago: 73,395

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 14,000

Weighted avg weight:        848.00

Weighted avg net price:    195.32

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Tuesday saw no new trade to report but there is a chance scattered trade could develop this afternoon. Based off the June live cattle contract technical prices levels have eased from the beginning of the week. To start the month off packers will likely be pulling hard on May contract cattle. Stronger prices over the past couple of weeks has encouraged producers to sell cattle ahead of schedule.

 

Livestock Slaughter under Federal Inspection:

                                 CATTLE    CALVES   HOGS       SHEEP

 Wednesday (est    117,000    2,000      465,000      7,000

Week ago (est)       118,000    2,000      465,000      8,000

Year ago (act)         116,000    2,000      444,000      6,000

Week to date (est) 353,000    6,000   1,389,000    20,000

Last Week (est)       355,000    6,000   1,395,000    24,000

Last Year (act)         337,000    6,000   1,279,000    20,000

 

Boxed Beef: 

Boxed beef cutout values higher on moderate to fairly good demand and light to moderate offerings. Select and Choice rib, chuck, round, and loin cuts steady to firm. Beef trimmings slightly to moderately lower on light demand and moderate offerings.

 

Cutout Values...            Choice       Select

Current Cutout Values:  227.30       207.88

Change from prior day:    +0.87         +0.79

Choice/Select spread:      19.42

 

Futures Summary: 

CME Feeder Cattle Index: 139.13… (0.14)

June Live Cattle Futures: 104.85… (0.97)

August Live Cattle Futures: 103.97… (0.10)

October Live Cattle Futures: 107.80… +0.73

May Feeder Cattle Futures: 138.62… +0.72

August Feeder Cattle Futures: 144.45… +0.98

September Feeder Cattle Futures: 145.37… +0.85

June Hog Futures: 73.50… (0.40)

 

National Grain Market Summary:

Compared to yesterday, cash bids for wheat and corn were mixed, soybeans were lower.  Weather forecasts show a chance of severe storms for the Midwest until Thursday turning mostly dry into the weekend. This may limit planting progress depending on soil conditions.  Ethanol manufacturing for week ending April 27th totaled 1.32 million barrels per day.  An increase of 47,000 barrels from the week prior.  Wheat was 1 to 10 cents lower.  Corn was mostly 2 cents lower.  Soybeans were 5 to 13 cents lower.

 

July Corn Futures: 4.0500… (0.0075)

July Soybean Futures: 10.4300… (0.1025)

July Wheat Futures: 5.2675… (0.0250)

Kansas City Corn: 3.91… (0.01)

Kansas City Soybeans: 10.18… (0.10)

Kansas City Wheat: 5.36… +0.02

 

Nearby Crude Oil Futures Contract: 67.93… +0.68

Dow Jones Industrial Average: 23,924.84… (174.21)

NASDAQ: 7,100.90… (29.80)

U.S. Dollar Index: 92.93… +0.68