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May
18
2018

Texas Daily Ag Market News Summary

Posted 6 years 193 days ago by Administrator Account

Daily Market Summary for May 18th

The Daily Market News Report bought to you by The Cattle Range. Please visit https://cattlerange.com/cattle-market-reports-analysis/daily-summary/ for more information!

Slaughter Cattle:

Thus far for Thursday in Kansas, Northern Plains and the Western Cornbelt trading has been limited on light to moderate demand. Not enough trades in any price range for a full market trend. The last reported market in Kansas was on Wednesday with live trades from 114.00-115.00. In the Northern Plains the last reported market was on Wednesday with live trades, in Nebraska, from 112.00-115.00 and dressed from 180.00-185.00. In Colorado live trades were from 112.00-113.00. In the Western Cornbelt the last reported live trade market was on Wednesday with live trades from 112.00-117.00. The last reported dressed trade market was on Tuesday mostly at 184.00. So far for Thursday in the Texas Panhandle trading has been at a standstill. Wednesday was the last reported market with live trades mostly at 115.00.

Negotiated Sales:

Confirmed: 12,800 Week Ago: 10,111 Year Ago: 29,504

Formula Net - Dressed Steers & Heifers

Head count priced today: 29,500

Weighted avg weight: 878.00

Weighted avg net price: 195.87

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Wednesday saw no new trade to report. Dressed bids have been reported at 245.00 delivered. Initial bids are 17.00-25.00 lower than the previous week. Live bids have been reported in the low to mid 140's and are roughly 12.00 lower than last week's weighted average price. With this big of a price drop selling interest has ground to a halt.

Livestock Slaughter under Federal Inspection:

CATTLE CALVES HOGS SHEEP

Thursday (est 120,000 2,000 453,000 8,000

Week ago (est) 119,000 2,000 461,000 6,000

Year ago (act) 106,000 1,000 440,000 7,000

Week to date (est) 474,000 8,000 1,833,000 30,000

Last Week (est) 475,000 8,000 1,835,000 28,000

Last Year (act) 455,000 7,000 1,760,000 28,000

Boxed Beef:

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

Cutout Values... Choice Select

Current Cutout Values: 232.68 208.24

Change from prior day: +1.65 (0.26)

Choice/Select spread: 24.44

Futures Summary:

Live cattle futures finished the Thursday session with contracts steady to $1.225 higher. Feeder cattle futures were 37.5 cents to $2 higher. The CME feeder cattle index was down 84 cents on May 16 at $134.83. Wholesale boxed beef values were mixed on Thursday afternoon. Choice boxes were up $1.65 at $232.68, with Select boxes 26 cents lower at $208.24. Week to date FI cattle slaughter was estimated at 474,000 head through Thursday. Actual slaughter numbers from the week of May 5 totaled 652,247 head, the largest weekly total since 2013. Light cash trade of $114 was reported this morning, down from yesterday’s $115-116. Beef export sales were shown at 10,962 MT in the week of 5/10, 44.9% larger than this week last year. Shipments were 16,356 MT, 16.52% larger than the same week last year.

CME Feeder Cattle Index: 134.83… (0.84)

June Live Cattle Futures: 103.05… +1.23

August Live Cattle Futures: 99.10… +0.05

October Live Cattle Futures: 102.30… Unchanged

May Feeder Cattle Futures: 133.10… +0.38

August Feeder Cattle Futures: 138.72… +2.00

September Feeder Cattle Futures: 139.07… +1.70

June Hog Futures: 76.47… +0.57

National Grain Market Summary:

Compared to yesterday, cash bids for corn were lower, wheat and soybeans were mixed, while sorghum was not quoted today. Export sales for the week ending May 10th favored corn over the other commodities. Corn sales were above trade estimates and the volume needed on a weekly basis with 38.8 million bu on old crop and 5.1 million bu new crop. Wheat sales were split with 2.3 million bu old crop and 4.8 million bu new crop, which were in line with estimates but short of the needed amounts. Soybean bookings came out at 10.4 million bu old crop and 8.3 million bu new crop, below expectations but well above weekly needs.