Jun 06 2018

Texas Daily Ag Market News Summary Posted 6 years 174 days ago by Administrator Account

Daily Market Summary for June 6th

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:

Thus far for Wednesday trading has been at a standstill in the Southern Plains and Nebraska. In the Western Cornbelt trading has been inactive on very light demand. Not enough trades for a market trend. Last week in the Southern Plains live cash trades moved at 110.00. For the prior week in Nebraska live cash trades were from 111.00-111.50 and dressed trades were mostly at 177.00 with a few up to 178.00. For the previous week in the Western Cornbelt live cash trades moved from 110.00-112.00 and dressed trades ranged from 176.00-178.00.

 

Negotiated Sales:

Confirmed: 282    Week Ago: 1,633    Year Ago: 473

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 17,500

Weighted avg weight:        837.00

Weighted avg net price:    180.28

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Tuesday saw no new trade to report but there is a chance scattered trade could develop by this afternoon. Technical price levels have improved since Monday. Packers are not long bought which should support interest in the cash market. On the flip side of the coin packers will be puling hard on June contract cattle. Looking at the futures market, the June live cattle contract is trading over 100 points higher this morning. If these gains can hold today this would be the highest close since March 22nd.

 

Livestock Slaughter under Federal Inspection:

                                CATTLE     CALVES   HOGS        SHEEP

Wednesday (est     119,000    2,000      451,000      8,000

Week ago (est)       118,000    2,000      464,000      7,000

Year ago (act)         118,000    2,000      442,000      7,000

Week to date (est) 356,000    6,000   1,344,000    25,000

Last Week (est)       241,000    4,000     892,000    15,000

Last Year (act)         355,000    6,000   1,324,000    22,000

 

Boxed Beef: 

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

 

Cutout Values...            Choice       Select

Current Cutout Values:  226.97       203.65

Change from prior day:     -0.61          -2.20

Choice/Select spread:      23.32

 

Futures Summary: 

 

CME Feeder Cattle Index: 139.21… +0.18

June Live Cattle Futures: 108.30… +1.10

August Live Cattle Futures: 104.57… +0.52

October Live Cattle Futures: 107.17… +0.27

August Feeder Cattle Futures: 146.75… +0.63

September Feeder Cattle Futures: 148.02… +0.67

November Feeder Cattle Futures: 148.45… +0.83

July Hog Futures: 79.95… +2.93

 

National Grain Market Summary:

Compared to yesterday, cash bids for wheat were higher, corn and soybeans were lower. Corn and Soybean markets traded lower today, influenced by good crop conditions in the US as well as precipitation in the forecast for much of the Midwest.  US energy department said ethanol production for week ending June 1st totaled 1.041 million barrels per day, unchanged compared to the week prior.

 

July Corn Futures: 3.7825… -0.0550

July Soybean Futures: 9.9425… -0.0700

July Wheat Futures: 5.1975… +0.0975

Kansas City Corn: 3.70… -0.03

Kansas City Soybeans: 9.89… -0.07

Kansas City Wheat: 5.34… +0.10

 

Nearby Crude Oil Futures Contract: 64.73… -0.79

Dow Jones Industrial Average: 25,146.18... +345.78

NASDAQ: 7,689.24... +51.38

U.S. Dollar Index: 93.65... -0.23