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Jul
27
2018

Texas Daily Ag Market News Summary

Posted 6 years 123 days ago by Administrator Account

Daily Market Summary for July 27th

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:

As of 3:00 PM CDT on Friday, trading in the Texas Panhandle has been at a standstill. In Kansas, Nebraska and the Western Cornbelt trading has been inactive on very light demand. However, not enough trades for a market trend. 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: 487 Week Ago: 5,044 Year Ago: 20,929

Formula Net - Dressed Steers & Heifers

Head count priced today: 22,300

Weighted avg weight: 849.00

Weighted avg net price: 179.62

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Thursday saw light trade develop and a softer price tone was noted from Wednesday to Thursday. Dressed sales on Thursday were reported at 250.00 delivered and live sales were reported at 148.00 FOB lot. Dressed sales are 5.00-10.00 lower than last week and live sales are 5.00 lower than last week's weighted average price.

Livestock Slaughter under Federal Inspection:

CATTLE CALVES HOGS SHEEP

Friday (est 120,000 2,000 312,000 6,000

Week ago (est) 119,000 2,000 434,000 6,000

Year ago (act) 117,000 3,000 427,000 7,000

Week to date (est) 591,000 10,000 1,938,000 35,000

Last Week (est) 595,000 10,000 2,234,000 36,000

Last Year (act) 581,000 10,000 2,171,000 35,000

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

Week ago (est) 40,000 0 148,000 1,000

Year ago (act) 47,000 0 63,000 0

Week to date (est) 640,000 10,000 1,987,000 36,000

Last Week (est) 635,000 10,000 2,382,000 37,000

Last Year* (act) 627,000 9,000 2,234,000 35,000

2018 YTD 18,558,00 305,000 69,180,000 1,134,000

2017 *YTD 18,011,00 283,000 67,481,000 1,101,000

Percent change +3.0% +7.8% +2.5% +3.0%

Boxed Beef:

Boxed beef cutout values steady on moderate demand and moderate offerings. Select and Choice rib, chuck, round, and loin cuts steady. Beef trimmings slightly higher on moderate demand and offerings.

Cutout Values... Choice Select

Current Cutout Values: 205.14 198.27

Change from prior day: +0.23 - 0 -

Choice/Select spread: 6.87

Futures Summary:

CME Feeder Cattle Index: 149.57… +0.36

August Live Cattle Futures: 108.62… +0.67

October Live Cattle Futures: 110.47… +1.10

December Live Cattle Futures: 114.15… +0.50

August Feeder Cattle Futures: 152.30… +0.88

September Feeder Cattle Futures: 152.37… +0.35

November Feeder Cattle Futures: 152.75… -0.12

August Hog Futures: 63.65… -1.25

Nearby Crude Oil Futures Contract: 68.69… -0.92

National Grain Market Summary:

Compared to last week, cash bids for wheat, corn, sorghum, and soybeans were higher. The White House avoided another tariff battle this week with Europe agreeing to buy more soybeans and liquid natural gas. While this is helpful, there is still no progress on the tariff front with China. The International Grains Council increased its 2018-19 world soybean production estimate from 358 to 359 million metric tons (mmt) Thursday and also increased the world ending stocks estimate from 41 to 44 mmt. USDA said last week's export sales and shipments of soybeans totaled 19.8 mb and 30.3 mb respectively, a neutral amount for the week. New-crop soybean sales totaled 35.4 mb.

On Thursday, the International Grains Council posted even more bullish estimates for world corn, expecting ending stocks of the world's top four corn exporters to total 49 mmt, down 25% from a year ago and less than USDA's ending stocks estimate of 56 mmt. USDA said last week's export sales and shipments of corn for 2017-18 totaled 13.3 million bushels (mb) and 50.5 mb respectively, a bearish combination for the week that is aiming 200 mb below USDA's export estimate of 2.4 billion bushels (bb). The International Grains Council said Thursday it expects ending wheat stocks in the top eight exporting countries to be down 25% in 2018-19. They also expect world wheat production to be down 5% in 2018-19. USDA said last week's export sales and shipments of wheat totaled 14.2 mb and 15.0 mb respectively. The sales showed modest improvement from the previous week, but both numbers are well below USDA's anticipated pace for 2018-19. Wheat was 10 to 56 cents higher. Corn was 2 1/4 to 15 1/4 cents higher. Sorghum was 18 to 27 cents higher. Soybeans were 4 1/4 to 20 1/4 cents higher.