May 25 2018

Texas Daily Ag Market News Summary Posted 6 years 186 days ago by Administrator Account

Daily Market Summary for May 25th

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!

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Slaughter Cattle:

So far for Friday in Nebraska trading has been slow on light demand. A few live cash trades moved at 109.00. In Kansas, Colorado and the Western Cornbelt trading has been limited on very light demand. In the Texas Panhandle trading has been at a standstill. Not enough trades for a full market trend in any feeding region. Last week in the Texas Panhandle live trades were from 115.00-116.00.

In Kansas live trades moved from 114.00-117.00. For the prior week in Nebraska live trades were from 112.00-115.00 and dressed trades moved from 180.00-185.00. In Colorado live trades were from 112.00-113.00. For the previous week in the Western Cornbelt live trades ranged from 112.00-122.00 and dressed trades, on a light test, were mostly at 184.00.

 

Negotiated Sales:

Confirmed: 22,759    Week Ago: 4,946    Year Ago: 20,957

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 19,100

Weighted avg weight:        843.00

Weighted avg net price:    185.05

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales so far this week have seen light with dressed sales ranging from 240.00-246.00 delivered. Sales are steady with the previous week. Cash to futures basis levels did weaken this week. Selling pressure was limited this week as many producers were indicating cattle could stay on feed for an additional month.

 

Livestock Slaughter under Federal Inspection:

                                  CATTLE     CALVES   HOGS      SHEEP

 Friday (est                119,000    2,000      442,000      6,000

Week ago (est)        119,000     2,000      436,000      7,000

Year ago (act)          117,000     2,000      426,000      6,000

Week to date (est) 598,000   10,000   2,275,000    38,000

Last Week (est)       593,000   10,000   2,262,000    37,000

Last Year (act)         586,000     9,000   2,196,000    39,000

 

Saturday (est            49,000        0               27,000      1,000

Week ago (est)         67,000        0              86,000       1,000

Year ago (act)            37,000        0                5,000         0

Week to date (est) 647,000   10,000   2,302,000     39,000

Last Week (est)       660,000   10,000   2,348,000     38,000

Last Year* (act)       623,000     9,000   2,202,000     39,000

2018 YTD              12,850,00 212,000 49,651,000   800,000

2017 *YTD            12,482,00 203,000 48,257,000   779,000

Percent change       +3.0%     +4.5%     +2.9%        +2.7%

 

Boxed Beef: 

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

 

Cutout Values...            Choice       Select

Current Cutout Values:  227.43       204.62

Change from prior day:    (1.57)        (0.31)

Choice/Select spread:       22.81

 

Futures Summary: 

 

CME Feeder Cattle Index: 135.94… +1.50

June Live Cattle Futures: 104.65… +0.25

August Live Cattle Futures: 102.30… +0.53

October Live Cattle Futures: 105.82… +0.57

August Feeder Cattle Futures: 144.92… +1.62

September Feeder Cattle Futures: 144.45… +1.35

November Feeder Cattle Futures: 144.32… +1.12

June Hog Futures: 74.20… (0.62)

 

National Grain Market Summary:

Compared to last week, cash bids for wheat, corn, sorghum, and soybeans were higher.  Soybean traders seem relieved of news that China's proposed tariffs are off the table, but export sales are still a challenge for old-crop soybeans thanks to Brazil's record harvest.  In terms of winter wheat, drought is plaguing the Texas Panhandle and putting a damper of this year's crop.  Early Thursday, USDA said last week's export sales and shipments of corn totaled 33.6 and 57.8 million bushels respectively, a neutral showing for the week that has total corn shipments down 12% in 2017-18 from a year ago as of May 17.  Soybean shipments totaled 33.2 million bushels for the week, a bearish combination that has total shipments now down 11% in 2017-18 from a year ago.  Last week's export sales and shipments of old-crop wheat totaled 4.1 and 13.3 million bushels, another bearish showing for the week.  Wheat was 7 1/4 to 57 cents higher.  Corn was 9 to 19 1/4 cents higher.  Sorghum was 16 to 87 cents higher.  Soybeans were 40 3/4 to 45 3/4 cents higher.

 

July Corn Futures: 4.0600… +0.0175

July Soybean Futures: 10.4150… +0.0575

July Wheat Futures: 5.4300… +0.1275

Kansas City Corn: 3.94… (0.01)

Kansas City Soybeans: 10.32… +0.06

Kansas City Wheat: 5.54… +0.15

 

Nearby Crude Oil Futures Contract: 67.88… (2.83)

Dow Jones Industrial Average: 24,752.47… (59.29)

NASDAQ: 7,433.85… +9.42

U.S. Dollar Index: 94.19… +0.41