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Jul
23
2018

Texas Daily Ag Market News Summary

Posted 6 years 127 days ago by Administrator Account

Daily Market Summary for July 23rd

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 Monday negotiated cash trading has been at a standstill in the Southern Plains, Nebraska and the Western Cornbelt. Last week in the Southern Plains and Nebraska live cash trades moved at 113.00 and dressed cash trades in Nebraska moved from 178.00-181.00. For the prior week in the Western Cornbelt live cash trades moved mostly at 112.00 and dressed trades moved from 178.00-180.00.

Negotiated Sales:

Confirmed: 76 Week Ago: 70 Year Ago: 802

Formula Net - Dressed Steers & Heifers

Head count priced today: 45,300

Weighted avg weight: 845.00

Weighted avg net price: 177.35

Alberta Beef Producers Daily Report:

Alberta direct cattle sales last week saw light to moderate trade develop with weighted average steer and heifer prices closing the week at 153.25 and 151.25 respectively. Prices are 1.00-2.00 lower than the previous week. Fed cattle prices are now sitting 8.00-9.00 higher than last year. Looking at the non-fed market butcher cows and bulls traded 1.00-3.00 higher through commercial auction facilities last week.

Livestock Slaughter under Federal Inspection:

CATTLE CALVES HOGS SHEEP

Monday (est 111,000 2,000 421,000 7,000

Week ago (est) 116,000 2,000 431,000 8,000

Year ago (act) 110,000 1,000 412,000 7,000

Boxed Beef:

Boxed beef cutout values firm to higher on moderate to fairly good demand and moderate offerings. Select and Choice rib, chuck, round, and loin cuts steady to firm. Beef trimmings unevenly steady on moderate demand and offerings.

Cutout Values... Choice Select

Current Cutout Values: 204.82 198.03

Change from prior day: +0.65 +1.03

Choice/Select spread: 6.79

In July’s Cold Storage Report issued today, USDA reported that total red meat supplies in freezers on June 30, 2018 were down 7 percent from the previous month but up 5 percent from last year. Total pounds of beef in freezers were down 3 percent from the previous month but up 8 percent from last year.

Futures Summary:

CME Feeder Cattle Index: 148.49… +0.47

August Live Cattle Futures: 108.72… -0.20

October Live Cattle Futures: 110.60… +0.35

December Live Cattle Futures: 114.90… +0.70

August Feeder Cattle Futures: 153.25… -0.42

September Feeder Cattle Futures: 154.32… -0.23

November Feeder Cattle Futures: 155.15… +0.38

August Hog Futures: 66.42… -0.03

Nearby Crude Oil Futures Contract: 67.89… -0.37

National Grain Market Summary:

Compared to Friday, cash bids for wheat, corn, and soybeans were mixed, while sorghum was higher. Soybeans are too cheap for anyone to get excited about selling and supplies are looking too plentiful to motivate potential buyers. And, of course, part of the reason U.S. soybeans are plentiful is due to a 25% tariff and trade troubles with China. For the week the United States loaded out 51.7 million bu of corn, 26.5 million bu of soybeans, and 14.6 million bu of wheat for export. While in line with estimates, these totals were all below what is needed to reach yearly expectations. This is more concerning for corn and soybeans where there is only six weeks left in the marketing year.