Apr 17 2018

Texas Daily Ag Market News Summary Posted 6 years 224 days ago by Administrator Account

Daily Market Summary for April 17th

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 The Daily Market News Report bought to you by The Cattle Range. Please visit http://cattlerange.com/ex-static.htm for more information!

Slaughter Cattle:

Trading in the Southern and Northern Plains of negotiated cash beef type cattle was at standstill. In the Western Cornbelt trading was inactive on very light demand. Not enough trades for a market trend. Last week in the Texas Panhandle live cash trades were at 117.00. In Kansas live cash trades were from 118.00-120.00. For the prior week in Nebraska live cash trades were mostly 122.00 and dressed trades were at 190.00. In the Western Cornbelt live cash trades were from 119.00-123.00 and dressed trades were at 190.00. In Colorado the last fully reported market wastwo weeks ago with live cash trades at 119.50.

 

Negotiated Sales:

Confirmed: 254   Week Ago: 272   Year Ago: 136

 

Formula Purchases: Net - Dressed

Confirmed:      446   Week Ago:              1,408   Year Ago:              715

Week to Date: 446   Week Ago to Date: 1,408   Year Ago to Date: 715

 

Negotiated , Formula, and Contract purchases delivered to packers today:

Today:             85,000   Week Ago:              94,000   Year Ago:              83,100

Week to Date: 85,000   Week Ago to Date: 94,000   Year Ago to Date: 83,100

 

Negotiated , Formula, and Contract committments today:

Today:            75,400   Week Ago:               96,500  Year Ago:              94,200

Week to Date: 75,400   Week Ago to Date: 96,500  Year Ago to Date: 94,200

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 59,700

Weighted avg weight:      837.00

Weighted avg net price:   188.36 

 

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. Looking at the most recent weekly export data. Canadian fed cattle exports to the US totaled just over 7,100 head. Even though this is the largest weekly export volume seen this year volumes are still 21% smaller compared to the same week last year.

 

Livestock Slaughter under Federal Inspection:

                          CATTLE    CALVES   HOGS       SHEEP

Tuesday (est           120,000    2,000     468,000      9,000

Week ago (est)       119,000    2,000     451,000      9,000

Year ago (act)          116,000    2,000     446,000      7,000

Week to date (est) 236,000    4,000     932,000    16,000

Last Week (est)       237,000    4,000     901,000    16,000

Last Year (act)         223,000    4,000     750,000    13,000

 

Boxed Beef:  

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

 

Cutout Values...            Choice       Select

Current Cutout Values:    212.13       199.58 

Change from prior day:     +0.34        -0.40    

Choice/Select spread:        12.55

 

Futures Summary: 

 

April Live Cattle Futures: 118.05... +0.90

June Live Cattle Futures: 104.90... +0.73

Aug Live Cattle Futures: 104.45... +0.25

April Feeder Cattle Futures: 138.72... -0.50

May Feeder Cattle Futures: 140.25... -0.12

August Feeder Cattle Futures: 145.07... +0.30

CME Feeder Cattle Index: 137.75... +0.16

May Hog Futures: 67.90... -0.27

 

National Grain Market Summary:

Compared to yesterday, cash bids for wheat and soybeans were mostly higher, corn was mixed, while sorghum was lower.  USDA said 3% of corn was in the ground.  Most planting has taken place in Texas as soil temperatures in the bulk of the Corn Belt remain too cold, still under snow in the Northern Plains.

Fundamentally, the outlook for corn prices remains neutral with plenty of uncertainty ahead in the new season.  The main hurdle for old-crop soybean prices lately has been the slow pace of demand so far in 2017-18 as exports are running 13% below last season. Trade tensions remain high with China, and it will be interesting to see how long they are able to keep avoiding buying U.S. soybeans.  Wildfire risk remains high in West Texas where windy conditions are taking temperatures into the 90s on Tuesday providing no help for the winter wheat crop.

Kansas City Corn: 3.67... -0.02

Kansas City Soybeans: 10.18... +0.04

Kansas City Wheat: 4.70... +0.02

May Corn Futures: 3.8025...-0.0225

May Soybean Futures: 10.4600...+0.0400

May Wheat Futures: 4.6625... +0.0400

 

Nearby Crude Oil Futures Contract: 66.52... +0.30

Dow Jones Industrial Average: 24,786.63... +213.59

NASDAQ: 7,281.10...+124.82

U.S. Dollar Index: 89.50... -0.06