Texas Daily Ag Market News Summary

Slaughter Cattle: Monday trading has been at a standstill in all major feeding regions. Last week live cash trades were at 127.00 in the Southern Plains. For the prior week in Nebraska live cash trades were from 128.00-129.00 and dressed trades were at 205.00. For the previous week in Colorado live cash trades were mostly at 128.50. In the Western Cornbelt last week live cash trades ranged from 128.00-131.00 and dressed cash trades ranged from 205.00-207.00.

Negotiated Sales: Confirmed: 152   Week Ago: 243   Year Ago: 747

Formula Purchases: Net - Dressed 
Head count priced today: 36,700 
Weighted avg weight:       851.00 
Weighted avg net price:   201.57

Alberta Beef Producers Daily Report: Alberta direct cattle sales last week saw light trade develop with weighted average steer and heifer prices closing the week at 165.25 and 164.25 respectively. Prices are steady to 0.50 higher than the previous week. Both local and US buying interest was supportive. This is the first time since October fed prices have been below year ago levels. Looking at the non-fed market butcher cows traded fully steady through commercial action facilities.

Livestock Slaughter under Federal Inspection: 
                              Cattle      Calves   Hogs        Sheep 
Monday  (est          118,000    2,000     462,000     9,000 
Week ago (est)      113,000    2,000     460,000     9,000 
Year ago (act)        116,000    2,000     441,000    10,000 
 

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

Cutout Values...            Choice        Select 
Current Cutout Values:    224.87         217.29 
Change from prior day:      -0.72           +0.43 
Choice/Select spread:         7.58

Futures Summary: 

April Live Cattle Futures: 120.22...-1.03

June Live Cattle Futures: 110.15...-1.60

August Live Cattle Futures: 107.70...-1.42

March Feeder Cattle Futures: 138.45...-1.52

April Feeder Cattle Futures: 138.20...-2.00

May Feeder Cattle Futures: 139.02...-1.93

CME Feeder Cattle Index: 141.73...-0.98

April Lean Hog Futures: 63.15...-2.30

National Grain Market Summary: Compared to yesterday, cash bids for wheat, corn, soybeans, and sorghum were lower.  Sharp losses in the financial markets spilled over into all other markets today.  Reports that China only booked 3 U.S. soybean cargoes last week compared to 35 from Brazil were also negative.  Brazil's corn crop should be off to a good start and soil moisture conditions in the U.S. Corn Belt are mostly favorable as spring planting nears.  Like corn, soybeans' bearish risk is coming from excessive optimism among speculators.  It seems fair to say that the U.S. winter wheat crop will be lower in early 2018, but Monday's sell-off did serious 
damage to wheat prices' upward momentum and turned the trend lower.

Kansas City Corn: 3.57...-0.08

Kansas City Soybeans: 9.80...-0.27

Kansas City Wheat: 4.61...-0.29

May Corn Futures: 3.7500...-0.0775

May Soybean Futures: 10.2250...-0.2700

May Wheat Futures: 4.5075...-0.1700

Nearby Crude Oil Futures Contract: 62.06...-0.28

Dow Jones Industrial Average: 24,610.91...-335.60

NASDAQ: 7,344.24...-137.50

U.S. Dollar Index: 89.87...-0.34