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Jun
08
2018

Texas Daily Ag Market News Summary

Posted 5 years 316 days ago by Administrator Account

Daily Market Summary for June 8th

The Daily Market News Report bought to you by The Cattle Range. Please visit https://cattlerange.com/cattle-market-reports-analysis/daily-summary/ for more information!

Slaughter Cattle:

So far for Friday trading has been at a standstill in the Southern Plains. In Nebraska and the Western Cornbelt trading has been limited on light to moderate demand. In Nebraska, a few, live cash trades moved at 114.00. In the Western Cornbelt, a few, live and dressed trades moved from 114.00-115.00 and 182.00, respectively. However, not enough trades in any price range for a full 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.

Trade developed late Friday afternoon in Texas and Kansas at $115.00 per cwt.

Negotiated Sales:

Confirmed: 16,895 Week Ago: 13,480 Year Ago: 14,838

Formula Net - Dressed Steers & Heifers

Head count priced today: 20,900

Weighted avg weight: 837.00

Weighted avg net price: 178.89

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Thursday saw light trade develop with dressed sales ranging from 240.00-242.00 delivered. Prices are fully steady with sales seen on Wednesday and steady to 1.00 lower than last week. Cash to futures basis levels did weaken this week. Fed prices are on track to establish new annual lows this week.

Livestock Slaughter under Federal Inspection:

CATTLE CALVES HOGS SHEEP

Friday (est 120,000 2,000 419,000 7,000

Week ago (est) 121,000 2,000 450,000 6,000

Year ago (act) 119,000 2,000 409,000 7,000

Week to date (est) 597,000 10,000 2,208,000 40,000

Last Week (est) 483,000 8,000 1,805,000 30,000

Last Year (act) 594,000 9,000 2,174,000 37,000

Saturday (est 61,000 0 63,000 0

Week ago (est) 99,000 0 225,000 0

Year ago (act) 42,000 0 26,000 0

Week to date (est) 658,000 10,000 2,271,000 40,000

Last Week (est) 582,000 8,000 2,030,000 30,000

Last Year* (act) 636,000 9,000 2,201,000 37,000

2018 YTD 14,102,00 232,000 53,932,000 878,000

2017 *YTD 13,680,00 219,000 52,437,000 848,000

Percent change +3.1% +6.0% +2.9% +3.5%

Boxed Beef:

Boxed beef cutout values steady on moderate demand and offerings. Select and Choice rib, chuck, and round cuts steady to weak while loin cuts steady to firm. Beef trimmings unevenly steady on light demand and light to moderate offerings.

Cutout Values... Choice Select

Current Cutout Values: 226.21 203.18

Change from prior day: -0.20 -0.23

Choice/Select spread: 23.03

Futures Summary:

CME Feeder Cattle Index: 140.49… +0.84

June Live Cattle Futures: 110.02… +1.65

August Live Cattle Futures: 105.77… +1.62

October Live Cattle Futures: 108.20… +1.05

August Feeder Cattle Futures: 147.27… +1.20

September Feeder Cattle Futures: 148.42… +0.87

November Feeder Cattle Futures: 148.35… +0.30

July Hog Futures: 80.72… +1.27

National Grain Market Summary:

Compared to last week, cash bids for wheat were mixed, corn, sorghum, and soybeans were lower. Soybeans are under bearish pressure this week from concerns of global trade disputes and news that China will be opening its government reserves of soybeans. Favorable weather and crop conditions may also be contributing to the bearish tone this week for corn and soybeans. US energy department said ethanol production for week ending June 1st totaled 1.041 million barrels per day, unchanged compared to the week prior.

Last week’s export sales and shipments totaled 33 million and 57 million bushels of corn, with soybean totals at 6.1 million and 19 million bushels. Wheat was mixed from 4 cents lower to 1 cent higher. Corn was 14 3/4 to 26 3/4 cents lower. Sorghum was 30 to 35 cents lower. Soybeans were 40 1/4 to 55 1/4 cents lower.