Texas Daily Ag Market News Summary

Posted 259 days ago ago by Administrator Account

Daily Market Summary for May 10th

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

Slaughter Cattle:

Thursday in all major feeding regions trading has been limited on light demand. Not enough trades in any price range for a full market trend. Last week in the Southern Plains the bulk of live cash trades were at 126.00. For the prior week in Nebraska live cash trades were mostly from 123.00-126.00 and dressed trades ranged from 188.50-200.00. In Colorado live cash trades ranged from 117.50-125.00. For the previous week in the Western Cornbelt live cash trades ranged from 122.00-128.00 and dressed trades ranged mostly from 195.00-196.00.

Negotiated Sales:

Confirmed: 10,015    Week Ago: 59,871    Year Ago: 37,687


Formula Net - Dressed Steers & Heifers

Head count priced today: 13,800
Weighted avg weight:       838.00
Weighted avg net price:    199.65


Alberta Beef Producers Daily Report:

Alberta direct cattle sales Wednesday saw light trade develop with dressed sales ranging from 264.00-269.00 delivered. Initial bids 6.00-11.00 lower than last week. Live sales have been reported in the mid 150's and are 7.00 lower than last week's weighted average price. Some cattle were passed yesterday and will be carried over into next week.


Livestock Slaughter under Federal Inspection:

                                  CATTLE      CALVES    HOGS      SHEEP
Thursday (est         119,000    2,000      461,000       6,000
Week ago (est)       119,000    2,000      464,000      7,000
Year ago (act)         119,000    1,000      443,000       8,000
Week to date (est) 475,000    8,000   1,835,000    28,000
Last Week (est)      472,000    8,000   1,853,000    27,000
Last Year (act)        466,000    7,000   1,758,000    28,000


Boxed Beef: 

Boxed beef cutout values steady on light to moderate demand and offerings. Select and Choice rib, round, and loin cuts steady to firm while chuck cuts steady to weak. Beef trimmings unevenly steady on moderate demand and offerings.
Cutout Values...            Choice       Select
Current Cutout Values:  231.07       209.14
Change from prior day:    +0.11         +0.19
Choice/Select spread:      21.93


Futures Summary: 

Live cattle futures settled with most contracts 50 cents to $1.85 higher. Feeder cattle futures were up 82.5 cents to $1.45. The CME feeder cattle index was down 7 cents on May 9 at $137.93. Wholesale boxed beef values were higher on Thursday afternoon. Choice boxes were up 11 cents at $231.07, with Select boxes 19 cents higher at $209.14. Estimated FI cattle slaughter was 475,000 head through Thursday, up 3,000 head from last week and 9,000 head larger than the same week last year. Cash bids on Thursday were reported at $120-121 in the South and as high as $122 in the North. Export sales of beef in the week of 5/3 were indicated at 11,287 MT, up 4.7% from last year but 30.4% lower than last week. Quarterly beef production saw a 420 million pound reduction for 2018 at 27.215 billion pounds, with the second quarter down 305 million pounds from April in the WASDE report.


CME Feeder Cattle Index: 137.93… (0.07)
June Live Cattle Futures: 107.52… +1.85
August Live Cattle Futures: 104.30… +0.93
October Live Cattle Futures: 107.25… +0.50
May Feeder Cattle Futures: 138.60… +1.45
August Feeder Cattle Futures: 143.95… +1.25
September Feeder Cattle Futures: 144.12… +0.95
June Hog Futures: 77.32… +0.75


National Grain Market Summary:

Compared to yesterday, cash bids for corn and wheat were lower, soybeans were higher.  July soybeans gained 5 1/2 cents today, helped by USDA’s lower than expected soybean ending stocks totaling 945 million bushels, 530 mb of old crop and 415 mb of new crop.  Last week’s export sales and shipments totaled 27.4 million bushels and 70.3 million bushels of corn, 13 mb and 17.3 mb of soybeans, and 1.3 mb and 11.8 mb of wheat.


July Corn Futures: 4.0200… (0.075)
July Soybean Futures: 10.2125… +0.0550
July Wheat Futures: 5.0650… (0.0400)
Kansas City Corn: 3.88… (0.01)
Kansas City Soybeans: 9.98… +0.05
Kansas City Wheat: 5.08… (0.04)
Nearby Crude Oil Futures Contract: 71.36… +0.22
Dow Jones Industrial Average: 24,739.08… +196.54
NASDAQ: 7,404.97… +65.06
U.S. Dollar Index: 92.67… (0.46)