Aug 10 2018

Texas Daily Ag Market News Summary Posted 6 years 109 days ago by Administrator Account

Daily Market Summary for August 10th

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Slaughter Cattle:  

On Thursday, negotiated cash trade and demand was moderate in Nebraska and the Western Cornbelt. In Nebraska compared to last week, the bulk of dressed purchases have traded mostly 3.00 lower at 175.00, with a few early purchases up to 179.00. Compared to last week, live purchases were 2.50-3.00 lower from 110.00-111.50. In the Western Cornbelt compared to bulk last week, live purchases have traded mostly 2.00 lower from 109.00-112.00, bulk at 110.00. Dressed purchases traded 2.00-4.00 lower mostly from 174.00-176.00.

Trade developed late Friday afternoon in most feeding areas at mostly $111.00 and dressed purchases at $175.00.

 

Negotiated Sales:

Confirmed:  59,995        Week Ago: 4,193                 Year Ago: 10,443

Week to Date: 73,597   Week Ago to Date: 14,891   Year Ago to Date: 124,106

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 36,800

Weighted avg weight:       869.00

Weighted avg net price:    181.22

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sale Thursday saw light trade develop with dressed sales marked at 237.00 delivered. Sales are 8.00 lower than the previous week. Cash to futures basis levels did weaken, sale volumes are shaping up to be very light this week. Many producers were indicating cattle could stay on feed for an additional couple of weeks. If fed marketings are delayed feedlots are at risk of losing currentness.

 

Livestock Slaughter under Federal Inspection:                                  

                                  CATTLE     CALVES   HOGS          SHEEP

Friday (est               116,000     2,000      425,000           6,000

Week ago (est)       113,000     2,000      449,000           5,000

Year ago (act)         113,000     3,000      425,000            6,000

Week to date (est)  593,000   10,000   2,197,000         37,000

Last Week (est)       585,000   10,000   2,242,000         35,000

Last Year (act)         581,000   10,000    2,150,000        36,000

 

Saturday (est            52,000        0              136,000         1,000

Week ago (est)          41,000        0                78,000         1,000

Year ago (act)            56,000        0              134,000         0

Week to date (est)  645,000    10,000     2,333,000       38,000

Last Week (est)       626,000    10,000     2,320,000       36,000

Last Year* (act)       636,000    10,000     2,284,000       36,000

2018 YTD               19,828,00  327,000  73,842,000  1,208,000

2017 *YTD             19,277,00  302,000  72,003,000  1,173,000

Percent change        +2.9%      +8.4%       +2.6%         +3.0%

 

Boxed Beef: 

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

 

Cutout Values...              Choice       Select

Current Cutout Values:    206.61     197.77

Change from prior day:      +0.55       -0.32

Choice/Select spread:          8.84

 

Futures Summary: 

 

CME Feeder Cattle Index: 151.12… +0.67

August Live Cattle Futures: 108.25… Unchanged

October Live Cattle Futures: 109.25… +0.20

December Live Cattle Futures: 113.10… +0.13

August Feeder Cattle Futures: 149.90… +0.55

September Feeder Cattle Futures: 149.52… +0.50

November Feeder Cattle Futures: 149.47… +0.27

 

September Hog Futures: 51.17… -0.23

Nearby Crude Oil Futures Contract: 67.63… +0.82

 

National Grain Market Summary:

Compared to last week, cash bids for corn and soybeans were mixed, while sorghum and wheat were mostly higher.  Even though we have seen tariffs placed on U.S. exports in recent weeks, we continue to see elevated demand for our offerings in the global market, especially on soybeans.  Soybean sales for 2019/20 have already topped 300 million bu, over twice the volume that was sold that far ahead a year ago at this time.  China has even booked some soybeans for that year, proving they will need our offerings even with tariffs in place.  Export sales totals for the week ending August 2nd were favorable for the market.  Corn sales were split with 21.8 million bu old crop and 25.9 million bu new crop.  Soybean bookings came in at 15.5 million bu old crop and 19.6 million bu new crop.  Wheat sales reached 11.6 million bu.  These were all at the top end or above trade expectations.  Wheat was steady to 32 cents higher. Corn was mixed from 7 1/2 cents lower to 2 1/2 cents higher.  Sorghum was 4 to 6 cents higher.  Soybeans were mixed from 3 1/2 cents lower to 9 1/2 cents higher.

 

September Corn Futures: 3.5775… -0.1150

August Soybean Futures: 8.4600… -0.4700

September Wheat Futures: 5.4675… -0.1775

Kansas City Corn: 3.54… -0.11

Kansas City Soybeans: 8.31… -0.42

Kansas City Wheat: 5.89… -0.19

 

Financial Markets: 

Dow Jones Industrial Average: 25,313.27… -195.96

S & P 500: 2,833.22… -20.36

NASDAQ: 7,839.11… -52.67

U.S. Dollar Index: 96.34… +0.73

Cotton (www.ams.usda.gov): 

October Cotton Futures: 85.86… -1.40

Milk (www.cmegroup.com): 

August Class III Milk Futures: 15.04… +0.05