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Jun
08
2018

Texas Daily Ag Market News Summary

Posted 130 days ago 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.

 

July Corn Futures: 3.7775… +0.0500
July Soybean Futures: 9.6925… -0.0500
July Wheat Futures: 5.2000… -0.0675
Kansas City Corn: 3.71… +0.01
Kansas City Soybeans: 9.64… -0.05
Kansas City Wheat: 5.36… -0.06
 
Nearby Crude Oil Futures Contract: 65.74… -0.21
Dow Jones Industrial Average: 25,316.53… +75.12
NASDAQ: 7,645.51… +10.44
U.S. Dollar Index: 93.55… +0.12