Texas Daily Ag Market News Summary

Posted 253 days ago ago by Administrator Account

Daily Market Summary for May 15th

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Slaughter Cattle:

Thus far Tuesday, trade was light to moderate on light demand in Nebraska and the Western Cornbelt. Compared to last week in Nebraska, early live purchases traded mostly 7.00 lower at 115.00 with a few up to 117.00. Dressed purchases last week traded from 189.00-195.00. In the Western Cornbelt early dressed purchases have traded mostly at 184.00. Early live purchases for the week have traded mostly from 121.00-122.00. Trade and demand was light in Kansas. Trade was inactive on light demand in the Texas Panhandle and Colorado. The latest established market in the Southern Plains was last week with live purchases at 122.00. In Colorado last week, live purchases traded from 119.00-122.00.


Negotiated Sales:

Confirmed: 15,208    Week Ago: 2,075    Year Ago: 609


Formula Net - Dressed Steers & Heifers

Head count priced today: 21,500
Weighted avg weight:        847.00
Weighted avg net price:    201.12


Alberta Beef Producers Daily Report:

Alberta direct cattle sales Monday saw no new trade to report. This week's showlist has been compiled with volumes larger than the previous week. Last week on a cash to cash basis Alberta fed prices were at a 2.00 premium over the Nebraska market. Packers have bought a lot of cattle over the past couple of week. That said packers might not be as long bought as they are suggesting as they are lifting cattle quicker than anticipated. Looking at the futures market both live and feed cattle futures are seeing triple digit losses this morning.


Livestock Slaughter under Federal Inspection:

                                  CATTLE      CALVES    HOGS      SHEEP
Tuesday (est             119,000    2,000     461,000     8,000
Week ago (est)        119,000    2,000     464,000     8,000
Year ago (act)          117,000    2,000     441,000     8,000
Week to date (est)  236,000    4,000     920,000    15,000
Last Week (est)       238,000    4,000     913,000    16,000
Last Year (act)         233,000    4,000     881,000    14,000


Boxed Beef: 

Boxed beef cutout values weak on Choice and firm on Select on light to moderate demand and moderate to heavy offerings. Select and Choice rib and loin cuts steady to firm while chuck and round cuts steady to weak. Beef trimmings sharply lower on light demand and offerings.
Cutout Values...            Choice       Select
Current Cutout Values:  231.64       209.51
Change from prior day:   (0.48)        +0.39
Choice/Select spread:      22.13


Futures Summary: 


CME Feeder Cattle Index: 135.92… (0.20)
June Live Cattle Futures: 102.97… (1.65)
August Live Cattle Futures: 100.40… (1.50)
October Live Cattle Futures: 103.75… (1.52)
May Feeder Cattle Futures: 133.55… (1.85)
August Feeder Cattle Futures: 138.45… (1.92)
September Feeder Cattle Futures: 138.95… (1.85)
June Hog Futures: 74.72… (1.43)


National Grain Market Summary:

Compared to yesterday, cash bids for corn were higher, wheat and soybeans were mixed, while sorghum was not quoted today.  After doing next to nothing for a day and a half, corn stormed higher late in Tuesday's session.  Winter wheat remains fundamentally bearish long-term.  Slow soybean sales to China are becoming more of a market factor.  While this is concerning, some analysts feel China will show up late in the marketing year and make enough purchases to catch us up.


July Corn Futures: 4.0225… +0.0575
July Soybean Futures: 10.1875… +0.0100
July Wheat Futures: 4.9350… +0.0225
Kansas City Corn: 3.92… +0.05
Kansas City Soybeans: 10.03… (0.01)
Kansas City Wheat: 4.95… Unchanged
Nearby Crude Oil Futures Contract: 71.31… +0.35
Dow Jones Industrial Average: 24,706.41… (193.00)
NASDAQ: 7,351.63… (59.69)
U.S. Dollar Index: 93.22… +0.56