May 07 2018

Texas Daily Ag Market News Summary Posted 6 years 204 days ago by Administrator Account

Daily Market Summary for May 7th

 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:

So far for Monday trading has been very limited on very light demand in the Texas Panhandle, Nebraska and the Western Cornbelt. In Kansas and Colorado trading has been at a standstill. Not enough trades for a market trend in any major feeding region. Last week in the Southern Plains the bulk of live cash trades were at 126.00. For the prior week in Nebraska live cash trades were mostly from 123.00-1236.00 and dressed trades ranged from 188.50-200.00. In Colorado live cash trades ranged from 117.50-125.00. For the previous week in the Western Cornbelt live cash trades ranged from 122.00-128.00 and dressed trades ranged mostly from 195.00-196.00.

 

Negotiated Sales:

Confirmed: 2,966    Week Ago: 300    Year Ago: 272

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 44,900

Weighted avg weight:        825.00

Weighted avg net price:    198.15

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales last week saw weighted average prices firm $1.00-1.50 higher than the previous week with the bulk of live sales at $162.00. Dressed sales started out at $272.00 delivered and surged to $275.00 delivered as the week progressed. Canadian steer carcass weights for the week ending April 28th slipped 15 lbs lower than the previous week to average 876 lbs.

 

Livestock Slaughter under Federal Inspection:

                              CATTLE      CALVES    HOGS          SHEEP

Monday (est         119,000    2,000     449,000     8,000

Week ago (est)     118,000    2,000     458,000     7,000

Year ago (act)       115,000    2,000     432,000     7,000

 

Boxed Beef: 

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

 

Cutout Values...            Choice       Select

Current Cutout Values:  229.14       211.20

Change from prior day:    +0.84         +1.71

Choice/Select spread:      17.94

 

Futures Summary: 

 

CME Feeder Cattle Index: 138-10… +0.20

June Live Cattle Futures: 105.17… (0.88)

August Live Cattle Futures: 104.10… (0.97)

October Live Cattle Futures: 107.10… (1.35)

May Feeder Cattle Futures: 137.62… (2.78)

August Feeder Cattle Futures: 143.70… (2.62)

September Feeder Cattle Futures: 144.50… (2.27)

June Hog Futures: 74.17… +0.65

 

National Grain Market Summary:

Compared to Friday, cash bids for wheat, corn, and soybeans were lower, while sorghum was not quoted today.  Corn planting should have made good progress over the weekend and some areas will have a couple more days of good weather before moderate to heavy rains return to the Midwest this week.  The fact U.S. soybeans are over-valued was a primary reason for the selling in that complex. Ongoing global trade uncertainties and reports of active planting across the Corn Belt added to the negative tone.  Not much spring wheat has been planted yet, but soil temperatures are gradually rising.  On the demand side, USDA said 12.0 mb of wheat were inspected for export last week, another bearish showing while world wheat supplies remain tough to compete with.

 

July Corn Futures: 4.0075… (0.0550)

July Soybean Futures: 10.1150… (0.2525)

July Wheat Futures: 5.1150… (0.1475)

Kansas City Corn: 3.87… (0.05)

Kansas City Soybeans: 9.87… (0.25)

Kansas City Wheat: 5.21… (0.16)

 

Nearby Crude Oil Futures Contract: 70.73… +1.01

Dow Jones Industrial Average: 24,357.25… +94.74

NASDAQ: 7,265.21… +55.59

U.S. Dollar Index: 92.75… +0.16