Texas Daily Ag Market News Summary

Slaughter Cattle:  So far for Thursday in the Southern Plains trading has been limited on light demand. In the Northern Plains and Western Cornbelt for Wednesday trading has been inactive on very light demand. However, not enough trades for a full market trend in any feeding region. Last week in the Texas Panhandle live cash trades were from 117.00-118.00. In Kansas live cash trades were mostly at 118.00. For the prior week in Nebraska live cash trades were from 114.00-119.00 and dressed trades were from 184.00-190.00. In Colorado last week a very light test of live cash trades were at 119.50. In the Western Cornbelt for the previous week saw live cash trades from 116.00-120.00 and dressed trades mostly at 188.00.

Negotiated Sales: Confirmed: 5,259   Week Ago: 3,439   Year Ago: 64,499 
 

Formula Purchases: Net - Dressed 
Head count priced today: 13,100 
Weighted avg weight:       853.00 
Weighted avg net price:    190.60 
 

Alberta Beef Producers Daily Report:  Alberta direct cattle sales Wednesday saw light volume trade and prices steady to $1.00 lower than the previous week. Dressed prices were reported at $260.00 delivered and a handful of live trade was reported at $154.50. Follow up trade is anticipated today but some of this weeks large cash offering is expected to be carried over.

Livestock Slaughter under Federal Inspection: 
                             Cattle      Calves   Hogs        Sheep 
Thursday  (est       119,000    2,000      465,000      8,000 
Week ago (est)      118,000    2,000      465,000     7,000 
Year ago (act)        117,000    2,000     443,000      9,000 
Week to date (est) 475,000    8,000   1,832,000    31,000 
Last Week (est)     457,000    8,000   1,712,000    29,000 
Last Year (act)       458,000    8,000   1,778,000    40,000

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

Cutout Values...            Choice        Select 
Current Cutout Values:    212.48         200.67 
Change from prior day:      -0.59           +0.06 
Choice/Select spread:       11.81

Futures Summary: 

April Live Cattle Futures: 115.75...+2.25

June Live Cattle Futures: 103.70...+2.13

August Live Cattle Futures: 104.27...+1.90

April Feeder Cattle Futures: 138.87...+3.60

May Feeder Cattle Futures: 139.97...+4.42

Aug Feeder Cattle Futures: 144.95...+4.25

CME Feeder Cattle Index: 135.76...+0.91

May Lean Hog Futures: 67.07...+0.25

National Grain Market Summary:  Compared to yesterday, cash bids for wheat and corn were mixed, soybeans were higher, while sorghum was not quoted today.  Total corn shipments are now down 21% in 2017-18 from a year ago with less than five months to go.  The trend remains sideways for old-crop corn and gradually higher for new-crop corn. USDA said last week's export sales and shipments of U.S. soybeans totaled 55.5 mb and 15.4 mb respectively, a neutral-to-bearish showing for the week with total shipments now down 13% from a year ago.  It seems fair to say U.S. wheat exports aren't going to provide any bullish help to wheat prices in 2017-18.  USDA said last week's export sales and shipments of wheat totaled 4.4 mb and 16.0 mb respectively, another bearish combination for the week.  Total wheat shipments are now down 10% from a year ago and are making no dent in the heavy load of old-crop winter wheat supplies with less than two months remaining in the season

Kansas City Corn: 3.75...+0.02

Kansas City Soybeans: 10.27...+0.13

Kansas City Wheat: 4.98...-0.09

May Corn Futures: 3.8875...+0.0175

May Soybean Futures: 10.6075...+0.1300

May Wheat Futures: 4.8100...-0.0625

Nearby Crude Oil Futures Contract: 67.07...+0.25

Dow Jones Industrial Average: 24,483.05...+293.60

NASDAQ: 7,140.25...+71.22

U.S. Dollar Index: 89.76...+0.24