Apr 23 2018

Texas Daily Ag Market News Summary Posted 6 years 218 days ago by Administrator Account

Daily Market Summary for April 23rd

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:

Thus far Monday, negotiated cash trade was mostly inactive on light demand in all feeding regions. Not enough purchases in any feeding region for and adequate market test. The latest established market was last week with live purchases in the Texas Panhandle mostly at 121.00. In Kansas last week, live purchases traded at 122.00. In the Northern Plains last week, live purchases ranged from 119.00-124.00 with dressed purchases in Nebraska at 195.00. In the Western Cornbelt for the previous week, live purchases traded from 122.00-125.00 with dressed purchases at 195.00.

 

Negotiated Sales:

Confirmed: 1,523    Week Ago: 254    Year Ago: 1,657

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 42,600

Weighted avg weight:        842.00

Weighted avg net price:    189.59

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales last week saw light trade develop with weighted average steer and heifer prices closing the week at 157.50 and 156.25 respectively. Prices are 2.00 higher than the previous week. All reported cash sales traded locally. Looking at the non-fed market butcher cows and bulls traded steady to 2.00 lower through commercial auction facilities last week. Non-fed prices are trading 13.00-17.00 lower than the same time last year. 

 

Livestock Slaughter under Federal Inspection:

                               CATTLE    CALVES   HOGS       SHEEP

Monday (est      117,000    2,000     464,000     7,000

Week ago (est)  116,000    2,000     464,000     7,000

Year ago (act)    115,000    2,000     443,000     7,000

 

Boxed Beef: 

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

 

Cutout Values...              Choice       Select

Current Cutout Values:    215.11       201.72

Change from prior day:      +3.13         +1.59  

Choice/Select spread:        13.39

 

Futures Summary: 

 

April Live Cattle Futures: 121.72… +2.37

June Live Cattle Futures: 104.87… +1.15

Aug Live Cattle Futures: 105.07… +1.27

April Feeder Cattle Futures: 139.02… +1.72

May Feeder Cattle Futures: 140.60… +1.28

August Feeder Cattle Futures: 147.12… +2.62

CME Feeder Cattle Index: 138.13… +1.57

May Hog Futures: 68.00... (1.95)

 

National Grain Market Summary:

Compared to Friday, cash bids for soybeans were lower, wheat was mixed, and corn was higher.  Sorghum was not quoted today.  The Corn Belt is expecting highs in the 60s and may see some 70s Monday with mostly dry conditions west of Ohio this week.  It is still not clear if corn exports will reach USDA's goal of 2.225 billion bushels in 2017-18, but last week's inspections were more encouraging, coming in at 67.7 million bushels and giving corn a chance.  Total shipments are now down 13% in 2017-18 from a year ago and represent a threat that USDA's 550 million bushel estimate of U.S. ending stocks will need to be increased.  Drought remains a serious concern for winter wheat with no significant relief in sight yet.  With plentiful supplies of old-crop wheat available around the globe, demand for U.S. wheat has not done well in 2017-18 and that trend continues.

 

Kansas City Corn: 3.70… +0.02

Kansas City Soybeans: 10.04... (0.08)

Kansas City Wheat: 4.84... +0.01

May Corn Futures: 3.7850… +0.0200

May Soybean Futures: 10.2075... (0.0800)

May Wheat Futures: 4.6150... (0.0175)

 

Nearby Crude Oil Futures Contract: 68.64... +0.26

Dow Jones Industrial Average: 24,448.69... (14.25)

NASDAQ: 7,128.60... (17.53)

U.S. Dollar Index: 90.93... +0.57