Texas Daily Ag Market News Summary

Slaughter Cattle:  Tuesday in all major feeding regions trading has been very limited on very light demand. 
However, not enough cash trades for a market trend in any region. Last week in the Southern Plains live cash trades were at 126.00. For the prior week in Nebraska live cash trades were mostly from 125.00-126.00 and dressed trades were from 200.00-203.00. For the previous week in Colorado live cash trades were mostly at 126.00. Last week in the Western Cornbelt live cash trades were mostly from 126.00-128.00 and dressed trades mostly from 200.00-204.00.

Negotiated Sales: Confirmed: 5,328   Week Ago: 21,630   Year Ago: 2,618

Formula Purchases: Net - Dressed 
Head count priced today: 20,400 
Weighted avg weight:       849.00 
Weighted avg net price:   201.83

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 smaller than the previous week. Last week on a cash to cash basis Alberta fed prices traded at a 1.00 premium to the Nebraska market. Looking at the most recent export data, Canadian fed cattle export to the US totaled just over 6,300 head. This is the largest weekly export volume seen this year.

Livestock Slaughter under Federal Inspection: 
                             Cattle      Calves   Hogs         Sheep 
Tuesday  (est        119,000    2,000     461,000      9,000 
Week ago (est)      118,000    2,000     464,000      9,000 
Year ago (act)       116,000    2,000     443,000      9,000 
Week to date (est) 236,000    4,000     919,000    18,000 
Last Week (est)     236,000    4,000     926,000    18,000 
Last Year (act)       233,000    3,000     882,000    20,000

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

Cutout Values...            Choice        Select 
Current Cutout Values:    222.36         214.24 
Change from prior day:      -0.17            -1.22 
Choice/Select spread:         8.12

Futures Summary: 

April Live Cattle Futures: 115.42...+0.25

June Live Cattle Futures: 105.25...-0.05

August Live Cattle Futures: 103.97...+0.30

March Feeder Cattle Futures: 135.42...+0.50

April Feeder Cattle Futures: 135.35...+0.85

May Feeder Cattle Futures: 136.35...+0.80

CME Feeder Cattle Index: 136.22...-0.46

April Lean Hog Futures: 57.75...-0.27

National Grain Market Summary: Compared to yesterday, cash bids for wheat and soybeans were lower, corn was mixed, while sorghum was unchanged.  Corn use is likely to fall short of last year's record high 8.32 bb as exports are down 26% from a year ago.  In South America, crop conditions remain split with Argentina's forecast dry again this week while Brazil's second corn crop is getting adequate moisture.  Soybean use in the first half of 2017-18 is likely to stay below last year's record high of 2.78 bb as exports are running 12% below a year ago.  Even though the U.S. winter wheat crop will likely be lower in 2018, it is difficult to build a bullish cash for wheat prices without help from Europe, Ukraine, or Russia.

Kansas City Corn: 3.58...Unchanged

Kansas City Soybeans: 9.77...-0.06

Kansas City Wheat: 4.54...-0.04

May Corn Futures: 3.7400...Unchanged

May Soybean Futures: 10.1950...-0.0600

May Wheat Futures: 4.4900...-0.0525

Nearby Crude Oil Futures Contract: 65.25...+0.17

Dow Jones Industrial Average: 23,857.92...-344.68

NASDAQ: 7,008.81...-211.73

U.S. Dollar Index: 89.38...+0.06