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Jul
13
2018

Texas Daily Ag Market News Summary

Posted 6 years 137 days ago by Administrator Account

Daily Market Summary for July 13th

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 Friday negotiated cash trading has been inactive on very light demand in the Southern Plains, Nebraska and the Western Cornbelt. Not enough trades for a full market trend. The latest established market was last week, with live purchases in the Texas Panhandle mostly at 113.00. Last week in Kansas, live purchases traded mostly at 112.00 with a few up to 113.00. Last week in

Nebraska, the bulk of live purchases traded from 113.50-114.00 with dressed purchases mostly at 180.00. In the Western Cornbelt for the previous week, live purchases traded mostly at 112.00, with dressed purchases ranging from 175.00-180.00.

Negotiated Sales:

Confirmed: 3,700 Week Ago: 99,268 Year Ago: 4,397

Formula Net - Dressed Steers & Heifers

Head count priced today: 20,200

Weighted avg weight: 845.00

Weighted avg net price: 178.79

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Thursday saw light trade develop with live sales ranging from 151.00-155.00. Prices were largely dependent on delivery dates. Most of the cattle that traded this week were being scheduled for the second half of July delivery. However, there were a few cattle booked for early August delivery. Cash to futures basis levels did strengthen this week. Cash to cash and cash to futures basis levels remain historically strong for this time of year.

Livestock Slaughter under Federal Inspection:

CATTLE CALVES HOGS SHEEP

Friday (est 118,000 2,000 438,000 6,000

Week ago (est) 119,000 2,000 451,000 7,000

Year ago (act) 115,000 2,000 406,000 7,000

Week to date (est) 597,000 10,000 2,249,000 36,000

Last Week (est) 474,000 8,000 1,840,000 31,000

Last Year (act) 586,000 9,000 2,165,000 37,000

Saturday (est 53,000 0 36,000 0

Week ago (est) 91,000 0 148,000 1,000

Year ago (act) 38,000 0 32,000 0

Week to date (est) 650,000 10,000 2,285,000 36,000

Last Week (est) 565,000 8,000 1,988,000 32,000

Last Year* (act) 624,000 9,000 2,197,000 37,000

2018 YTD 17,278,000 282,000 64,819,000 1,061,000

2017 *YTD 16,767,000 264,000 63,044,000 1,028,000

Percent change +3.0% +6.8% +2.8% +3.2%

Boxed Beef:

Boxed beef cutout values sharply lower on Choice and weak on Select on light to moderate demand and offerings. Select and Choice rib and round cuts steady to weak while chuck cuts weak to lower. Choice loin cuts lower while Select firm. Beef trimmings not fully established. All beef export sales in the week of 7/5 rose to 16,226 MT, with shipments shown at 15,285 MT. The USDA showed total US beef consumption in 2018 up 25 million pounds to 27.15 billion in their months S&D update.

Cutout Values... Choice Select

Current Cutout Values: 204.14 196.37

Change from prior day: -2.44 -0.64

Choice/Select spread: 7.77

Futures Summary:

CME Feeder Cattle Index: 148.16… +1.00

August Live Cattle Futures: 104.55… -0.47

October Live Cattle Futures: 107.37… -0.23

December Live Cattle Futures: 111.40… -0.17

August Feeder Cattle Futures: 150.72… -0.30

September Feeder Cattle Futures: 151.07… +0.10

November Feeder Cattle Futures: 151.35… +0.08

August Hog Futures: 70.15… -0.27

National Grain Market Summary:

Compared to last week, cash bids for wheat were mixed, corn and sorghum were mixed, while soybeans were lower. On Tuesday the US proposed another $200 billion worth of tariffs against China, setting a bearish tone early in the week. On Thursday, USDA released the most recent WASDE reports lending some support back to grain markets. These new reports put US ending stocks for old crop corn at 1.552 billion bushels and new crop at 2.027 billion bushels, old crop soybeans estimated at 465 million bushels with new crop totaling 580 million bushels. New US ending stocks could be viewed as bullish for corn and neutral for soybeans. Updated average yield estimates show soybeans increased to 48.5 bushels per acre, and corn yield was unchanged at 174 bushels per acre. Wheat was mixed from 24 cents lower to 18 cents higher. Corn was mixed from 6 1/2 cents lower to 15 1/2 cents higher. Sorghum was mixed from 12 cents lower to 46 cents higher. Soybeans were 3 1/2 to 8 1/2 cents lower.