Texas Daily Ag Market News Summary

Slaughter Cattle: Wednesday negotiated cash trade was light to moderate on moderate demand in the Western Cornbelt. Compared to last week in the Western Cornbelt early live purchases have traded 2.00-3.00 higher from 128.00-131.00. Dressed purchases compared to last week have traded mostly 3.00 higher at 207.00. Trade was mostly inactive on light demand in the Southern and Northern Plains. The latest established market in the Southern Plains was on Tuesday with live purchases at 127.00. In Nebraska on Tuesday, early live purchases traded at 128.00. Last week dressed purchases traded mostly at 204.00. In Colorado last week, live purchases traded from 127.00-128.00.

Negotiated Sales: Confirmed: 14,479   Week Ago: 11,144   Year Ago: 5,542

Formula Purchases: Net - Dressed 
Head count priced today: 10,300 
Weighted avg weight:       879.00 
Weighted avg net price:   205.99

Alberta Beef Producers Daily Report: Alberta direct cattle sales Tuesday saw no new trade to report but there is a chance scattered trade could develop by this afternoon. Technical price levels have improved from the beginning of the week. Slaughter volumes have picked up, based on the most recent slaughter data it looks like all three western Canadian packers put in a five day work week.  Larger slaughter volumes would suggest packers will need to keep buying cattle.

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

Cutout Values...            Choice        Select 
Current Cutout Values:    224.11         217.01 
Change from prior day:      +0.38          +0.26 
Choice/Select spread:         7.10

Futures Summary: 

April Live Cattle Futures: 123.00...+1.10

June Live Cattle Futures: 113.25...+0.10

August Live Cattle Futures: 110.77...Unchanged

March Feeder Cattle Futures: 142.05...+0.50

April Feeder Cattle Futures: 142.72...+0.42

May Feeder Cattle Futures: 143.62...+0.50

CME Feeder Cattle Index: 143.25...+0.08

April Lean Hog Futures: 67.87...-0.85

National Grain Market Summary: Compared to yesterday, cash bids for corn, soybeans, and sorghum were lower, while wheat was mostly higher.  Two issues on traders' minds in the corn market are likely USDA's big export estimate of 2.225 billion bushels (bb) and USDA's Grain Stocks and Prospective Planting reports on March 29.  So far, there is not much evidence favoring USDA's higher export estimate and the other two reports have potential to be market movers, in either direction.  Fundamentally, soybeans continue to have plenty of bearish risk and the latest bearish change in short-term momentum has trends in soybeans and meal at risk of turning lower. Late Monday, the NASS office in Kansas reported 53% of winter wheat in either poor or very poor condition as extreme drought conditions show no sign of going away yet.  Red flag warnings are back in Kansas Wednesday with risk of wildfires over an even wider area.  Corn was 2 to 7 cents lower.  Sorghum was 5 1/4 cents lower.  Soybeans were 14 1/2 to 16 1/2 cents lower.  Wheat was steady to 4 ½ cents higher.

Kansas City Corn: 3.71...-0.03

Kansas City Soybeans: 9.89...-0.17

Kansas City Wheat: 5.15...+0.05

May Corn Futures: 3.8875...-0.0300

May Soybean Futures: 10.3225...-0.1650

May Wheat Futures: 4.8875...+0.0225

Nearby Crude Oil Futures Contract: 60.96...+0.25

Dow Jones Industrial Average: 24,758.12...-248.91

NASDAQ: 7,496.81...-14.20

U.S. Dollar Index: 89.74...+0.05