Apr 19 2018

Texas Daily Ag Market News Summary Posted 6 years 223 days ago by Administrator Account

Daily Market Summary for April 19th
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Slaughter Cattle:

Thus far for Thursday in the Southern Plains trading and demand have been moderate. Compared to last week in the Texas Panhandle live cash trades moved 4.00 higher mostly at 121.00. Compared to the prior week in Kansas live cash trades moved 2.00 to 4.00 higher at 122.00. So far for Thursday in the Northern Plains and Western Cornbelt trading has been limited on light demand. Not enough trades for a market trend. 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 was two weeks ago with live cash trades at 119.50.

Negotiated Sales:

Confirmed: 28,525    Week Ago: 5,259    Year Ago: 9,165

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 22,400

Weighted avg weight:       896.00

Weighted avg net price:   196.71

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Wednesday saw no new trade to report but dressed bids have been reported in mid 260's on a delivered basis. Initial bids are 4.00-5.00 lower than the previous week. No live bids have been reported however using a 60% dressing percentage, dressed bids are working back to the upper 150's on a live basis. By the sounds of things packers are still looking for cattle for the end of April delivery. Looking at the futures market both live and feeder cattle futures are trading 60-130 points lower.

 

Livestock Slaughter under Federal Inspection: 

                               CATTLE    CALVES   HOGS       SHEEP

Thursday (est          115,000    2,000      464,000      8,000

Week ago (est)       119,000    2,000      465,000      8,000

Year ago (act)         118,000    2,000      446,000      7,000

Week to date (est) 470,000    8,000   1,858,000    31,000

Last Week (est)      475,000    8,000   1,832,000    31,000

Last Year (act)        457,000    8,000   1,640,000    26,000

 

Boxed Beef:  

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

 

Cutout Values...            Choice       Select

Current Cutout Values:    211.34       198.548

Change from prior day:     (0.30)         (0.09)   

Choice/Select spread:        12.86

 

Futures Summary:  

Live cattle futures posted losses of $1.175 to $2.275 on Thursday. Feeder cattle futures were down $1.525 to $2.35. The CME feeder cattle index was down 78 cents on April 18 at $137.12. Wholesale boxed beef values were lower on Thursday afternoon. Choice boxes were 30 cents lower at $211.34, with Select boxes down 9 cents at $198.48. Estimated week to date FI cattle slaughter was 470,000 head through Thursday. That is 5,000 below the previous week but up 13,000 head from the same week in 2017. Cash trade so far today has resulted in a few sales of $121 in TX and $122 in KS, with bids of $190 in the North. Export sales of beef for the week of 4/12 were shown at 19,919 MT by the USDA, down from last week but 1.4% larger than a year ago. Weekly beef export shipments totaled 15,235 MT, slightly higher than a week ago and 11.37% larger than last year.

 

April Live Cattle Futures: 1117.80... (1.17)

June Live Cattle Futures: 103.00... (2.27)

Aug Live Cattle Futures: 103.12... (2.03)

April Feeder Cattle Futures: 137.22... (1.53)

May Feeder Cattle Futures: 138.42... (2.25)

August Feeder Cattle Futures: 143.70... (2.35)

CME Feeder Cattle Index: 137.12... (0.78)

May Hog Futures: 70.15... +0.30

 

National Grain Market Summary:

Compared to yesterday, cash bids for wheat, corn, and soybeans were mixed, while sorghum was lower.  Early Thursday, USDA said last week's export sales and shipments of corn totaled 43.0 million bushels (mb) and 63.7 mb respectively, a neutral-to-bearish showing that has total corn shipments down 20% in 2017-18 from a year ago with just over 4 1/2 months remaining.  While China continues to avoid U.S. soybeans, total U.S. soybean shipments are down 13% from a year ago and are putting pressure on USDA to raise its estimate of U.S. ending stocks for 2017-18. Demand has been poor for winter wheat all season and that held true again Thursday.  USDA said last week's export sales posted net cancellations of 2.5 mb and shipments of 16.6 mb, another bearish combination that was a new marketing year low for sales and has total shipments down 11% in 2017-18 from a year ago

 

Kansas City Corn: 3.69... (0.01)

Kansas City Soybeans: 10.15... (0.04)

Kansas City Wheat: 4.85... +0.06

May Corn Futures: 3.8200... (0.0100)

May Soybean Futures: 10.3725... (0.0450)

May Wheat Futures: 4.7675... +0.0150

 

Nearby Crude Oil Futures Contract: 68.29... (0.18)

Dow Jones Industrial Average: 24,664.89... (83.18)

NASDAQ: 7,238.06...(57.18)

U.S. Dollar Index: 89.85... +0.24