Apr 20 2018

Texas Daily Ag Market News Summary Posted 6 years 222 days ago by Administrator Account

Daily Market Summary for April 20th

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

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Slaughter Cattle:

Friday in Nebraska trading has been slow to moderate on moderate demand. A few live cash trades have moved at 119.00 and a few dressed cash trades have moved from 192.00-195.00. In the Western Cornbelt trading has been limited on light to moderate. A few dressed cash trades have moved at 195.00. However, not enough trades for a full market trend in these regions. Last week in Nebraska live cash trades were mostly at 122.00 and dressed trades were at 190.00. For the prior week in the Western Cornbelt live cash trades moved from 119.00-123.00 and dressed cash trades moved at 190.00. Thus far for Friday in the Southern Plains and Colorado trading has been at a standstill. In the Southern Plains the last reported market was on Thursday. In the Texas Panhandle live cash trades were mostly at 121.00. In Kansas live cash trades were at 122.00. In Colorado the last fully reported market was from two weeks ago with live cash trades at 119.00.

 

Negotiated Sales:

Confirmed: 24,805    Week Ago: 15,493    Year Ago: 5,074

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 16,800

Weighted avg weight:       845.00

Weighted avg net price:    191.74 

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Thursday saw light trade develop with dressed sales marked at 265.00delivered. Prices are steady to 1.00 higher than sales seen on Wednesday and are 4.00-5.00 higher than last week. All three western Canadian packers were showing interest on the cash market. Sale volumes are shaping up to be rather light this week as many feedlot operators are indicating fed calves need more days on feed before they are marketed. 

 

Livestock Slaughter under Federal Inspection: 

                             CATTLE    CALVES   HOGS       SHEEP

Friday (est              114,000    2,000       454,000        6,000

Week ago (est)      116,000    2,000        457,000        6,000

Year ago (act)        107,000    2,000       443,000        5,000

Week to date(est) 584,000   10,000   2,312,000       37,000

Last Week (est)     591,000   10,000   2,289,000       37,000

Last Year (act)       564,000   10,000   2,083,000       32,000

Saturday (est          40,000        0           124,000             0

Week ago (est)       14,000        0             83,000          1,000

Year ago (act)          38,000       0            214,000            0

Week to date (est) 624,000   10,000   2,436,000       37,000

Last Week (est)       605,000   10,000   2,372,000       38,000

Last Year* (act)       601,000   10,000   2,297,000       32,000

2018 YTD              9,600,000  162,000  38,030,000   612,000

2017 *YTD            9,382,000  159,000  36,957,000   608,000

Percent change         2.3%        1.9%          2.9%          0.7%

 

Boxed Beef:  

Boxed beef cutout values firm to higher on light to moderate demand and moderate to heavy offerings. Select and Choice rib, round, and loin cuts steady to firm while chuck cuts steady to weak. Beef trimmings mostly firm on moderate demand and light 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 finished Friday trade with most contracts 50 to 72.5 cents higher. April was up $1.55 on the day, gaining 2.4% on the week. Feeder cattle futures were steady to 90 cent in the green. April was down 1.5% this week. The CME feeder cattle index was down 58 on April 19 at $136.56. Wholesale boxed beef values were higher on Friday afternoon. Choice boxes were up 64 cents at $211.98, with Select boxes $1.65 higher at $200.13. Estimated weekly FI cattle slaughter is at 624,000 head through Saturday. That would be 19,000 more than the previous week and up 23,000 head from the same week in 2017. Cash traded at $121 in TX and $122 in KS on Thursday, with sales of $122-124 live and $193-195 dressed in the North today. This afternoon’s Cattle on Feed report showed April 1 on feed numbers 7.42% larger than last year at 11.729 million head. Placements in March were 9.26% lower than last year at 1.921 mil head, with March marketings at 3.87% below a year ago at 1.84 mil head.

April Live Cattle Futures: 119.35... +1.55

June Live Cattle Futures: 103.72... +0.72

Aug Live Cattle Futures: 103.80... +0.68

April Feeder Cattle Futures: 137.30... +0.08

May Feeder Cattle Futures: 139.32... +0.90

August Feeder Cattle Futures: 144.50... +0.80

CME Feeder Cattle Index: 136.56... (0.56)

May Hog Futures: 69.95... (0.20)

 

National Grain Market Summary:

Compared to last week, cash bids for wheat were mostly lower, while corn, soybeans, and sorghum were lower.   Last week’s export sales were mixed.  Old crop corn sales totaled a large 43 million bu which was above estimates and weekly needs as well.  Soybean sales were split with 38.2 million bu of old crop and a large 40.1 million bu on new crop.  Wheat sales were a negative 2.5 million bu on old crop from cancellations, and also on the light side for new crop with 8.8 million bu. 

Some traders are not showing much concern with the slow loading pace on U.S. corn.  Their opinion is that corn demand will build in the next few weeks and hold strong through the end of summer.  This is from the fact that the United States will be the primary source of corn for the global market over this period.  Trade is becoming increasingly concerned with U.S. weather conditions.  April is set to go down as one of the coldest in history with nearly half of the month to go.  This has delayed fieldwork in much of the Corn Belt, as the cold temperatures have also prevented soils from drying.  In many cases this will push planting into May, and even later in northern regions of the belt.  Wheat was mixed from 13 cents lower to 5 1/4 cents higher.   Corn was 1 3/4 to 7 3/4 cents lower.  Sorghum was 9 to 13 cents lower. Soybeans were 13 1/2 to 23 1/2 cents lower.

Kansas City Corn: 3.68... (0.01)

Kansas City Soybeans: 10.12... (0.03)

Kansas City Wheat: 4.83... (0.02)

May Corn Futures: 3.7650... (0.0550)

May Soybean Futures: 10.2875... (0.0850)

May Wheat Futures: 4.6325... (0.1350)

 

Nearby Crude Oil Futures Contract: 68.38... +0.09

Dow Jones Industrial Average: 24,463.01... (201.88)

NASDAQ: 7,146.13... (91.93)

U.S. Dollar Index: 90.33... +0.43

 

National Feeder & Stocker Cattle Summary

RECEIPTS:       Auctions         Direct          Video/Internet            Total

This Week        182,800           62,500              700                      246,000

Last Week        205,400           53,300            18,600                   277,300

Last Year          195,400           65,900            4,100                     265,400

Compared to last week, feeder steers and heifers sold steady to 4.00 higher in the North and South Plains while the Southeast sold 3.00 to 6.00 higher. The North Plains region is starting to dig out from the blizzard over last weekend. Some main transmission lines left many producers without power for days as remnants of the winter storm stretched from Montana through Minnesota, encompassing a vast area that would have just started their calving seasons. Many Northern-tiered states are content to start their calving seasons later as they are accustomed to having a severe winter blast in the month of March. Occasionally April weather wreaks havoc and brings everyone back to reality and Mother Nature shows who is still in control. Calving has been challenging for a wide area of producers this spring with temperature fluctuations and excessive moisture being reported. Pens in South Dakota and Nebraska have been reported to be in muddy conditions for the last several weeks and this one was no different. With the extra slogging around the pen a fed steer must do, it just burns up mega-calories that normally goes into gain.

Live Cattle futures are trying to rally back after a continual slide through the month of March. However, on Thursday of this week, futures were weak despite higher negotiated cash trade. Fed cattle in the Southern Plains sold 2.00 to 4.00 higher at 121.00 to 122.00. Analysts are expecting the fed cattle prices to have downward pressure in the coming months as calf-feds make their way to the packing plant. The winter wheat pasture grazing programs that backgrounders had relied on for years was virtually nonexistent due to drought in the Southern Plains this year. The marketing pattern of those cattle have yet to be determined, however those cattle probably were on a finishing ration sooner than normal due to lower cost feed ingredients. With all those factors to take into consideration the Southern Plains feedlots will probably see a rise in marketings in the next month or so.

Calf prices are still lofty in the country this week. On Monday at the Russell Livestock Market in Russell IA, a package of 708 lb steers sold at 166.50. On Tuesday at Lolli Brothers Livestock in Macon, MO three small packages that combined to make a half load weighing 702-706 lbs sold for a weighted average of 170.73. The bigger brothers there weighing 758 lbs sold at 158.50. On Wednesday at Green City Livestock Auction in Green City, MO a package of 560 lb thin steers sold at 199.00, while the St Joseph, MO Stockyards sold a half load of 815 lb steers at 154.00. On Thursday at Pratt Livestock in Pratt, KS a half load of 751 lb steers brought 152.00, while a load of 861 lb steers at Valentine Livestock in Valentine NE sold at 142.25. Top quality heifers are still in demand with breeding season getting closer every day. On Monday at Tri-State Livestock in McCook, NE a load of 736 lb replacement heifers sold at 150.50. On Thursday in Valentine NE a short load of 517 lb heifers sold at 187.00 while another short load of their thinner, bigger sisters weighing 685 lb sold at 157.25. The Cattle-on-Feed for April 1 released today were all within industry guesses and would be viewed as a neutral report. On Feed reported at 107 percent of a year ago; Placements at 91 percent and Marketings at 96 percent. Auction volume this week included 53 percent weighing over 600 lbs and 42 percent heifers.