May 29 2018

Texas Daily Ag Market News Summary Posted 6 years 182 days ago by Administrator Account

Daily Market Summary for May 29th

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Slaughter Cattle:

Thus far Tuesday, 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 in the Texas Panhandle was two weeks ago, with live purchases from 115.00-116.00. Last week in Kansas, live purchases traded at 110.00 on a light test. Live purchases in Nebraska ranged from 109.00-110.50 with a light test of dressed purchases from 176.00-180.00. In Colorado last week, live purchases traded at 110.00. In the Western Cornbelt last week, a light test of live and dressed purchases were reported ranging from 110.00-114.00 and from 180.00-182.00.

 

Negotiated Sales:

Confirmed: 1,250    Week Ago: 158    Year Ago: 257

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 53,700

Weighted avg weight:       821.00

Weighted avg net price:    186.93

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Monday were typically quiet with no significant trade inquiry. The showlist for this week is smaller than the previous week with a moderate cash offering. Feedlot asking prices are expected to start out in the mid $250's. Business is not anticipated until Wednesday.

 

Livestock Slaughter under Federal Inspection:

                                CATTLE     CALVES   HOGS        SHEEP

Tuesday (est           120,000    2,000     431,000     8,000

Week ago (est)       119,000    2,000     458,000     9,000

Year ago (act)         118,000    2,000     441,000     9,000

Week to date (est) 123,000    2,000     433,000     8,000

Last Week (est)       239,000    4,000     915,000    17,000

Last Year (act)         123,000    2,000     443,000    10,000

 

Boxed Beef: 

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

 

Cutout Values...            Choice       Select

Current Cutout Values:  227.56       203.65

Change from prior day:    +0.13        (0.97)

Choice/Select spread:       23.91

 

Futures Summary: 

 

CME Feeder Cattle Index: 135.04… +0.58

June Live Cattle Futures: 103.12… (1.53)

August Live Cattle Futures: 101.45… (0.85)

October Live Cattle Futures: 104.85… (0.97)

August Feeder Cattle Futures: 144.97… +0.05

September Feeder Cattle Futures: 144.72… +0.27

November Feeder Cattle Futures: 144.37… +0.05

June Hog Futures: 75.67… +1.47

 

National Grain Market Summary:

Compared to Friday, cash bids for wheat were mixed, soybeans and corn were lower, while sorghum was not quoted today.  Brazil's second corn crops remain under stress from dry weather, with little possible relief in the next seven days.  Here in the U.S., most of the Corn Belt is expecting rain this week, except for northern Missouri where conditions have been dry.  Movement of U.S. soybeans continues to be a bearish concern for old-crop prices, especially after tariffs against China were announced again today after being taken off the table last week.  In spite of Tuesday's losses, the trends are currently higher for all three wheats.

 

July Corn Futures: 4.0000… (0.0600)

July Soybean Futures: 10.3050… (0.1100)

July Wheat Futures: 5.3650… (0.0650)

Kansas City Corn: 3.88… (0.06)

Kansas City Soybeans: 10.21… (0.11)

Kansas City Wheat: 5.47… (0.07)

 

Nearby Crude Oil Futures Contract: 66.73… (1.15)

Dow Jones Industrial Average: 24,361.86... (391.23)

NASDAQ: 7,396.59... (37.26)

U.S. Dollar Index: 94.85... +0.73