Texas Daily Ag Market News Summary

Slaughter Cattle: Tuesday negotiated cash trade was light to moderate on moderate demand in the Southern 
and Northern Plains. Compared to last week in the Southern Plains, live purchases traded 1.00 lower at 126.00. In Nebraska compared to last week, early live purchases have traded 2.00-3.00 lower at 126.00. Last week in Nebraska, dressed purchases traded mostly at 205.00. In Colorado compared to last week, early live purchases traded 2.50 lower at 126.00. Trade and demand was light in the Western Cornbelt. Last week in the Western Cornbelt, live purchases ranged from 128.00-131.00 with dressed purchases from 205.00-207.00.

Negotiated Sales: Confirmed: 21,630   Week Ago: 10,344   Year Ago: 1,538

Formula Purchases: Net - Dressed 
Head count priced today: 18,100 
Weighted avg weight:       843.00 
Weighted avg net price:    201.74

Alberta Beef Producers Daily Report: Alberta direct cattle sales Monday saw no new trade to report. This week's showlist has been compiled with volumes larger than the previous week. Last Friday Canfax released its March 1st cattle on feed report. Placements for the month of February were down 11% compared to last year while fed cattle marketings were up 4%. Cattle on feed inventories are larger than last year but smaller than the five-year average.

Livestock Slaughter under Federal Inspection: 
                              Cattle      Calves   Hogs        Sheep 
Tuesday   (est       118,000    2,000     464,000      9,000 
Week ago (est)      118,000    2,000     461,000      7,000 
Year ago (act)       117,000    2,000     446,000      8,000 
Week to date (est) 236,000    4,000     926,000    18,000 
Last Week (est)     231,000    4,000     921,000    16,000 
Last Year (act)       233,000    4,000     887,000    18,000

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

Cutout Values...            Choice        Select 
Current Cutout Values:    223.35         216.74 
Change from prior day:       -1.52           -0.55 
Choice/Select spread:         6.61

Futures Summary: 

April Live Cattle Futures: 119.57...-0.65

June Live Cattle Futures: 109.00...-1.15

August Live Cattle Futures: 106.70...-1.00

March Feeder Cattle Futures: 137.77...-0.68

April Feeder Cattle Futures: 137.45...-0.75

May Feeder Cattle Futures: 138.25...-0.77

CME Feeder Cattle Index: 141.25...-0.48

April Lean Hog Futures: 63.25...+0.10

National Grain Market Summary: Compared to yesterday, cash bids for wheat was mixed, corn and sorghum were lower, while soybeans were higher.  Row crops in Argentina continue to suffer with another mostly dry forecast for this week.  Here in the U.S., Texas has started planting corn, and it looks like the eastern Midwest may see some fieldwork delays due to wet conditions this spring.  With Brazil taking in a near-record soybean harvest and the U.S. getting ready to possibly plant 90 million acres (ma) or more, more liquidation may be coming.  Not factoring in Kansas' most recent rain, the state NASS offices of Kansas, Oklahoma, and Texas gave their winter wheat crops poor-to-very poor ratings of 55%, 60%, and 66% respectively, late Monday -- three states that represent roughly 40% of the U.S. winter wheat crop.

Kansas City Corn: 3.57...Unchanged

Kansas City Soybeans: 9.86...+0.06

Kansas City Wheat: 4.60...-0.01

May Corn Futures: 3.7450...-0.0050

May Soybean Futures: 10.2825...+0.0575

May Wheat Futures: 4.5300...+0.0225

Nearby Crude Oil Futures Contract: 63.40...+1.34

Dow Jones Industrial Average: 24,728.72...+117.81

NASDAQ: 7,364.30...+20.06

U.S. Dollar Index: 90.40...+0.47