Texas Daily Ag Market News Summary

Posted 201 days ago ago by Julia Newton

Daily Market Summary for August 3rd  

 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:

As of 3:00 PM Friday in the Southern Plains and Colorado trading has been at a standstill. In Nebraska and the Western Cornbelt trading has been inactive on very light demand. Not enough trades for a market trend. Last week in the Southern and Northern Plains live cash trades moved at 112.00 and in Nebraska a very light test of dressed cash trades moved at 178.00. For the prior week in the Western Cornbelt live cash trades moved at 110.00 and dressed cash trades moved at 178.00 on a very light test.


Negotiated Sales:

Confirmed: 1,605    Week Ago: 487    Year Ago: 9,140


Formula Net - Dressed Steers & Heifers

Head count priced today: 17,400
Weighted avg weight:        849.00
Weighted avg net price:    177.84


Alberta Beef Producers Daily Report:

Alberta direct cattle sale so far this week have seen light trade develop with dressed sales marked at 245.00 delivered. Sales are 3.00-8.00 lower than last week. Over the past three weeks fed prices have dropped 8.00. Cattle that they were bought this week were being scheduled for the week of August 20th delivery. Cash to futures basis did weaken this week.


Livestock Slaughter under Federal Inspection:                                  

                                  CATTLE     CALVES       HOGS           SHEEP
Friday (est               113,000      2,000         449,000         5,000
Week ago (est)       120,000      2,000         312,000         6,000
Year ago (act)         117,000      2,000         422,000         7,000
Week to date (est) 585,000    10,000     2,242,000       35,000
Last Week (est)       591,000    10,000     1,938,000       35,000
Last Year (act)          579,000     8,000      2,164,000       36,000
Saturday (est              41,000        0                 78,000         1,000
Week ago (est)           49,000        0                 49,000         1,000
Year ago (act)             50,000        0                 75,000         0
Week to date (est)   626,000     10,000    2,320,000       36,000
Last Week (est)         640,000     10,000    1,987,000       36,000
Last Year* (act)         630,000       9,000     2,238,000      36,000
2018 YTD                 19,184,00  317,000  71,495,000  1,169,000
2017 *YTD               18,641,00  292,000  69,719,000  1,137,000
Percent change            +2.9%    +8.5%        +2.5%       +2.8%


Boxed Beef: 

Boxed beef cutout values higher on Choice and steady on Select on moderate to fairly good demand and moderate offerings. Select and Choice rib, chuck, and round cuts steady. Choice loin cuts higher while Select weak. Beef trimmings sharply higher on good demand and moderate offerings.
Cutout Values...              Choice       Select
Current Cutout Values:    204.75     197.09
Change from prior day:      +0.95        -0.01
Choice/Select spread:          7.66


Futures Summary: 


CME Feeder Cattle Index: 148.92… -0.21
August Live Cattle Futures: 110.67… +2.07
October Live Cattle Futures: 112.00… +2.05
December Live Cattle Futures: 115.50… +1.68
August Feeder Cattle Futures: 152.85… +1.65
September Feeder Cattle Futures: 153.02… +1.67
November Feeder Cattle Futures: 153.02… +1.42
September Hog Futures: 50.77… +1.12
Nearby Crude Oil Futures Contract: 68.49… -0.47


National Grain Market Summary:

Compared to last week, cash bids for wheat and corn were mixed, while sorghum and soybeans were higher.  Reports of quality loss in storage of corn and soybeans are becoming a concern as weather during holding has not been favorable.  This has end users being stricter on the quality of product they purchase and the incentives they are willing to pay for it.  USDA said last week's export sales and shipments of corn totaled 11.5 and 64.0 million bushels respectively for 2017-18, a neutral showing for the week.  Total corn shipments are still 402 million bushels short of USDA's goal with five weeks left in the season.  On the other hand, soybeans are right on pace with USDA's export estimate. 
Last week's export sales and shipments of soybeans totaled 3.4 and 31.5 million bushels respectively.  Last week's export sales and shipments of 2018-19 wheat totaled 14.1 and 14.2 million bushels respectively, a neutral showing.  Total 2018-19 wheat shipments were kept down 38% from a year ago, far from the 8% gain USDA is expecting by the end of the season.   Wheat was from 22 1/4 cents lower to 35 1/4 cents higher.  Corn was from 9 3/4 cents lower to 14 ¼ cents higher.  Sorghum was 8 to 9 cents higher.  Soybeans were 6 1/4 to 16 1/4 cents higher.
September Corn Futures: 3.6975… +0.0300
August Soybean Futures: 8.9150… +0.0450
September Wheat Futures: 5.5625… -0.0425
Kansas City Corn: 3.65... +0.01
Kansas City Soybeans: 8.75... -0.01
Kansas City Wheat: 5.97... -0.02