Texas Daily Ag Market News Summary

Slaughter Cattle: Tuesday negotiated cash trade and demand was moderate in the Southern Plains. A few early live purchases have traded in the Texas Panhandle at 127.00. Early live purchases in Kansas have traded from 126.00-127.00. Trade was mostly inactive on moderate demand in the Northern Plains. Not enough purchases in the Northern Plains for an adequate market test. Last week in Nebraska, live purchases traded mostly at 127.00 with dressed purchases mostly at 204.00. In Colorado last week, live purchases traded from 127.00-128.00. In the Western Cornbelt for the previous week, live purchases traded mostly from 126.00-128.00 with dressed purchases mostly at 204.00.

Negotiated Sales: Confirmed: 10,344   Week Ago: 3,495   Year Ago: 248

Formula Purchases: Net - Dressed 
Head count priced today: 16,700 
Weighted avg weight:       862.00 
Weighted avg net price:    200.95

Alberta Beef Producers Daily Report: Alberta direct cattle sales Monday saw no new trade to report. This week showlist has been compiled with volumes smaller than the previous week. Last week on a cash to cash basis Alberta fed prices were at a 0.50 premium to the Nebraska market. By the sounds of things there still are a few big cattle standing in Alberta feedlots. Last week there were a few producers looking for flat bids with no weight discounts. As a small percentage of their cattle would have carcass weighting over 1000 lbs.

Livestock Slaughter under Federal Inspection: 
                              Cattle      Calves   Hogs        Sheep 
Tuesday (est          118,000    2,000     461,000     7,000 
Week ago (est)      115,000    2,000     452,000      9,000 
Year ago (act)        113,000    2,000     429,000      7,000 
Week to date (est) 231,000    4,000     921,000    16,000 
Last Week (est)     234,000    4,000     902,000    18,000 
Last Year (act)       227,000    4,000     868,000    17,000 
 

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

Cutout Values...            Choice        Select 
Current Cutout Values:    223.73         216.75 
Change from prior day:       -0.17           -0.74 
Choice/Select spread:         6.98

Futures Summary: 

April Live Cattle Futures: 121.90...+0.35

June Live Cattle Futures: 113.15...-0.24

August Live Cattle Futures: 110.77...-0.05

March Feeder Cattle Futures: 141.55...-0.62

April Feeder Cattle Futures: 142.30...-0.27

May Feeder Cattle Futures: 143.12...-0.98

CME Feeder Cattle Index: 143.17...-0.217

April Lean Hog Futures: 67.72...+0.05

National Grain Market Summary: Compared to yesterday, cash bids for corn and wheat were mixed, while sorghum and soybeans were higher.  Corn stayed persistently close to its highest pricesin six months with ongoing support from Argentina's dry weather and USDA's latest U.S. ending stocks estimate of 2.127 billion bushels.  In spite of Brazil's big soybean crop, which is no secret, and the likelihood that U.S. soybean plantings will total at least 90.0 million in 2018, the trends in May soybeans and meal remain up for now, scarred by last week's bearish change in momentum.  Even though drought remains a concern and the trends in May Chicago 
and K.C. wheat are both still up, last week's lower prices brought a bearish change in momentum that may serve as an early warning to noncommercials that turned bullish.

Kansas City Corn: 3.74...+0.01

Kansas City Soybeans: 10.06...+0.08

Kansas City Wheat: 5.10...-0.02

March Corn Futures: 3.8550...+0.0125

March Soybean Futures: 10.4050....+0.072

March Wheat Futures: 4.8550...-0.0425

Nearby Crude Oil Futures Contract: 60.71...-0.65

Dow Jones Industrial Average: 25,007.03...-171.58

NASDAQ: 7,511.01...-77.31

U.S. Dollar Index: 89.74...-0.19