Feb 08 2019

Texas Daily Ag Market News Summary Posted 5 years 71 days ago by Administrator Account

Daily Market Summary for February 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!

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Slaughter Cattle:  

As of 3:00 PM Friday, trade is limited on moderate demand in most feeding regions. A very limited amount of live purchases have traded ranging from 124.00-125.00 in Nebraska and the Western Cornbelt, however not enough for an adequate market test. The latest established market in any feeding region was last week, with live purchases in the Southern Plains and Nebraska at 124.00. Dressed purchases in Nebraska last week ranged from 198.00-199.00, bulk at 198.00. In the Western Cornbelt, last week live purchases traded from 123.00-126.00 with dressed purchases from 197.00-200.00.

 

Negotiated Sales:

Confirmed: 4,171    Week Ago: 4,328    Year Ago: 7,111

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 17,500

Weighted avg weight:       849.00

Weighted avg net price:   198.37

 

Alberta Beef Producers Daily Report:

Compared to last week, cash bids for wheat were steady to higher, corn was mixed, soybeans and sorghum were mostly higher.  Ethanol production for the week ending February 1st 2019 saw another drop of around 45,000 barrels per day compared to the week prior, putting ethanol stocks to 23.9 million barrels.   USDA said export sales and shipments figures for week ending December 27th totaled 19.8 million and 39.6 million bushels of corn, and 38.6 million and 33.8 million bushels of soybeans. Wheat was 3 cents lower to 35 cents higher.  Corn was 1 cent lower to 2 cents higher. Sorghum was 2 cents higher.  Soybeans were 2 cents lower to 3 cents higher.

 

Livestock Slaughter under Federal Inspection:                                  

                                    Cattle       Calves    Hogs         Sheep

Friday (est              115,000     2,000      442,000      8,000

Week ago (est)       104,000     2,000      467,000      7,000

Year ago (act)          111,000    3,000      432,000      5,000

Week to date (est)  585,000   10,000   2,299,000    38,000

Last Week (est)       567,000   10,000   2,076,000    34,000

Last Year (act)         574,000   10,000   2,286,000    36,000

Saturday (est             29,000        0           217,000        1,000

Week ago (est)          26,000        0           311,000        2,000

Year ago (act)             15,000        0           103,000         0

Week to date (est)   614,000   10,000   2,516,000     39,000

Last Week (est)        593,000   10,000   2,387,000     36,000

Last Year* (act)        589,000   10,000   2,389,000      36,000

2019 YTD               3,512,000   56,000  14,328,000   215,000

2018 *YTD             3,566,000   63,000  14,080,000   211,000

Percent change         -1.5%      -11.0%     +1.8%        +2.1%

Previous Day Estimated -- Steers & Heifers -- Cows & Bulls

                       Thursday:           93,000                  24,000

 

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. Choice chuck cuts lower and Select steady. Beef trimmings mostly slightly to moderately lower on light demand and offerings.

Cutout Values...                 Choice     Select

Current Cutout Values:     215.35     211.17

Change from prior day:       -1.36        -0.36

Choice/Select spread:            4.18

Total Load Count (Cuts, Trimmings, Grinds):  83

 

Cutter Cow Cutout: 163.43… +0.35

 

CME Feeder Cattle Index: 141.69… -0.12

 

Futures

Live Cattle:

February: 127.37… +1.07

April: 127.92… +1.10

June: 118.10… +0.95

Feeder Cattle:

March: 144.10… +0.85

April: 145.90… +1.03

May: 146.90… +1.00

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February Hogs: 55.05… -0.22

March Crude Oil: 52.72… +0.08

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March Corn: 3.7425… -0.0225

March Soybeans: 9.1450… +0.0125

March Wheat: 5.1725… +0.0400

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Grain Weekly Summary:

Compared to last week, cash bids for wheat were steady to higher, corn was mixed, soybeans and sorghum were mostly higher.  Ethanol production for the week ending February 1st 2019 saw another drop of around 45,000 barrels per day compared to the week prior, putting ethanol stocks to 23.9 million barrels.   USDA said export sales and shipments figures for week ending December 27th totaled 19.8 million and 39.6 million bushels of corn, and 38.6 million and 33.8 million bushels of soybeans. Wheat was 3 cents lower to 35 cents higher.  Corn was 1 cent lower to 2 cents higher. Sorghum was 2 cents higher.  Soybeans were 2 cents lower to 3 cents higher.

Grain Cash Bids:

Kansas City Corn: 3.66… -0.02

Kansas City Soybeans: 8.66… +0.05

Kansas City Wheat: 4.92… +0.04

 

Financial Markets:

Dow Jones Industrial Average: 25,106.33… -63.20

S & P 500: 2,707.88… +1.83

NASDAQ: 7,298.20… +9.85

U.S. Dollar Index: 96.63… +0.06

Cotton (www.ams.usda.gov): 

March Cotton Futures: 72.55… -0.26

Milk (www.cmegroup.com): 

February Class III Milk Futures: 13.98… +/-0.00