Texas Daily Ag Market News Summary

Posted 229 days ago ago by Administrator Account

Daily Market Summary for June 6th

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Slaughter Cattle:

Thus far for Wednesday trading has been at a standstill in the Southern Plains and Nebraska. In the Western Cornbelt trading has been inactive on very light demand. Not enough trades for a market trend. Last week in the Southern Plains live cash trades moved at 110.00. For the prior week in Nebraska live cash trades were from 111.00-111.50 and dressed trades were mostly at 177.00 with a few up to 178.00. For the previous week in the Western Cornbelt live cash trades moved from 110.00-112.00 and dressed trades ranged from 176.00-178.00.


Negotiated Sales:

Confirmed: 282    Week Ago: 1,633    Year Ago: 473


Formula Net - Dressed Steers & Heifers

Head count priced today: 17,500
Weighted avg weight:        837.00
Weighted avg net price:    180.28


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 by this afternoon. Technical price levels have improved since Monday. Packers are not long bought which should support interest in the cash market. On the flip side of the coin packers will be puling hard on June contract cattle. Looking at the futures market, the June live cattle contract is trading over 100 points higher this morning. If these gains can hold today this would be the highest close since March 22nd.


Livestock Slaughter under Federal Inspection:

                                CATTLE     CALVES   HOGS        SHEEP
Wednesday (est     119,000    2,000      451,000      8,000
Week ago (est)       118,000    2,000      464,000      7,000
Year ago (act)         118,000    2,000      442,000      7,000
Week to date (est) 356,000    6,000   1,344,000    25,000
Last Week (est)       241,000    4,000     892,000    15,000
Last Year (act)         355,000    6,000   1,324,000    22,000


Boxed Beef: 

Boxed beef cutout values weak to lower on light demand and light to moderate offerings. Select and Choice rib, round, and loin cuts steady to weak while chuck cuts weak to lower. Beef trimmings sharply lower on light demand and moderate offerings.
Cutout Values...            Choice       Select
Current Cutout Values:  226.97       203.65
Change from prior day:     -0.61          -2.20
Choice/Select spread:      23.32


Futures Summary: 


CME Feeder Cattle Index: 139.21… +0.18
June Live Cattle Futures: 108.30… +1.10
August Live Cattle Futures: 104.57… +0.52
October Live Cattle Futures: 107.17… +0.27
August Feeder Cattle Futures: 146.75… +0.63
September Feeder Cattle Futures: 148.02… +0.67
November Feeder Cattle Futures: 148.45… +0.83
July Hog Futures: 79.95… +2.93


National Grain Market Summary:

Compared to yesterday, cash bids for wheat were higher, corn and soybeans were lower. Corn and Soybean markets traded lower today, influenced by good crop conditions in the US as well as precipitation in the forecast for much of the Midwest.  US energy department said ethanol production for week ending June 1st totaled 1.041 million barrels per day, unchanged compared to the week prior.


July Corn Futures: 3.7825… -0.0550
July Soybean Futures: 9.9425… -0.0700
July Wheat Futures: 5.1975… +0.0975
Kansas City Corn: 3.70… -0.03
Kansas City Soybeans: 9.89… -0.07
Kansas City Wheat: 5.34… +0.10
Nearby Crude Oil Futures Contract: 64.73… -0.79
Dow Jones Industrial Average: 25,146.18... +345.78
NASDAQ: 7,689.24... +51.38
U.S. Dollar Index: 93.65... -0.23