Texas Daily Ag Market News Summary

Slaughter Cattle: Wednesday trade and demand was moderate in Nebraska. Compared to Tuesday in Nebraska, live purchases traded unevenly steady from 125.00-126.50, bulk at 126.00. Compared to Tuesday dressed purchases have traded steady to 3.00 lower from 200.00-203.00. In Colorado and the Western Cornbelt trade was light to moderate on moderate demand. Compared to Tuesday in Colorado, live purchases traded mostly steady at 126.00 with a few up to 126.50. In the Western Cornbelt, compared to the bulk of Tuesday, dressed purchases have traded steady to 3.00 lower from 200.00-203.00. Live purchases on Wednesday, have ranged mostly from 126.00-127.00, on a light test. Trade was mostly inactive on light to moderate demand in the Southern Plains. Live purchases traded at 126.00 in the Southern Plains on Tuesday.

Negotiated Sales: Confirmed: 33,491   Week Ago: 14,479   Year Ago: 3,424

Formula Purchases: Net - Dressed 
Head count priced today: 13,800 
Weighted avg weight:       855.00 
Weighted avg net price:   204.60

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 eased from the beginning of the week. Over the past four days the April live cattle contract has dropped 350 points. Selling pressure continues this morning as front end live cattle contracts are trading 50 points lower. Given the negative market psychology this is little doubt packers will be looking to buy cattle cheaper.

Livestock Slaughter under Federal Inspection: 
                             Cattle      Calves   Hogs        Sheep 
Wednesday   (est  118,000    2,000      452,000     7,000 
Week ago (est)      117,000    2,000      463,000     6,000 
Year ago (act)        117,000    2,000      445,000     7,000 
Week to date (est) 354,000    6,000   1,378,000    25,000 
Last Week (est)     348,000    6,000   1,384,000    22,000 
Last Year (act)       350,000    6,000   1,332,000    25,000

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

Cutout Values...            Choice        Select 
Current Cutout Values:    224.38         216.39 
Change from prior day:      +1.03           -0.35 
Choice/Select spread:         7.99

Futures Summary: 

April Live Cattle Futures: 117.70...-1.87

June Live Cattle Futures: 107.37...-1.63

August Live Cattle Futures: 105.27...-1.43

March Feeder Cattle Futures: 136.77...-1.00

April Feeder Cattle Futures: 136.22...-1.23

May Feeder Cattle Futures: 136.95...-1.30

CME Feeder Cattle Index: 140.95...-0.30

April Lean Hog Futures: 62.57...-0.68

National Grain Market Summary: Compared to yesterday, cash bids for wheat, corn, and soybeans were mixed, while sorghum was higher.  The only significant bullish factor for corn so far this year has been Argentina's drought and that continues with another mostly dry seven-day forecast. However, the bullish impact of Argentina's news is likely fading while Brazil's planting of its second corn crop appears to be going well. Soybeans have plenty of bearish concerns ahead in 2018, ranging from Brazil's big harvest to prospects for another big planting season in the U.S. and ongoing trade tensions with China.  While drought remains a serious 
concern in the southwestern U.S. Plains and warnings of wildfire danger are still active in the region, winter wheat prices have fallen lower in March, trapping bullish traders in an awkward predicament.

Kansas City Corn: 3.59...+0.02

Kansas City Soybeans: 9.87...+0.01

Kansas City Wheat: 4.56...-0.04

May Corn Futures: 3.7500...+0.0500

May Soybean Futures: 10.2975...+0.0150

May Wheat Futures: 4.5350...+0.0050

Nearby Crude Oil Futures Contract: 65.17...+1.63

Dow Jones Industrial Average: 24,682.31...-44.96

NASDAQ: 7,345.29...-19.01

U.S. Dollar Index: 89.66...-0.74