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Aug
24
2018
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Posted 4 years 214 days ago ago by Administrator Account
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Daily Market Summary for August 24th
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:
Limited trade today… On Thursday, cattle traded at mostly 109.00 and 174.00 on a dressed basis, $1.00 to $1.50 lower than last week.
Negotiated Sales:
USDA Report Unavailable
Formula Net - Dressed Steers & Heifers
USDA Report Unavailable
Alberta Beef Producers Daily Report:
Alberta direct cattle sales Thursday saw light trade develop with dressed sales ranging from 237.00-240.00 delivered. Sales are steady to 2.00 lower than last week. The way things are shaping up fed prices are on track to establish new annual lows. This week on a cash to cash basis Alberta fed prices are trading about par with the Nebraska market.
Livestock Slaughter under Federal Inspection:
CATTLE CALVES HOGS SHEEP
Friday (est 113,000 2,000 456,000 6,000
Week ago (est) 119,000 2,000 437,000 7,000
Year ago (act) 115,000 3,000 427,000 6,000
Week to date (est) 583,000 10,000 2,310,000 37,000
Last Week (est) 593,000 10,000 2,296,000 37,000
Last Year (act) 586,000 12,000 2,193,000 37,000
Saturday (est 53,000 0 216,000 1,000
Week ago (est) 67,000 0 155,000 0
Year ago (act) 59,000 0 146,000 0
Week to date (est) 636,000 10,000 2,526,000 38,000
Last Week (est) 660,000 10,000 2,451,000 37,000
Last Year* (act) 645,000 11,000 2,338,000 37,000
2018 YTD 21,124,00 349,000 78,841,000 1,285,000
2017 *YTD 20,557,00 323,000 76,682,000 1,246,000
Percent change +2.8% +8.2% +2.8% +3.1%
Boxed Beef:
USDA Report Unavailable
USDA Report Unavailable – Thursday’s Close
Cutout Values... Choice Select
Current Cutout Values: 214.37 203.99
Change from prior day: +0.33 +0.02
Choice/Select spread: 10.38
Futures Summary:
CME Feeder Cattle Index: 150.85… +0.21
August Live Cattle Futures: 106.25… -1.70
October Live Cattle Futures: 106.70… -2.02
December Live Cattle Futures: 111.20… -1.77
August Feeder Cattle Futures: 149.20… +0.18
September Feeder Cattle Futures: 147.47… -1.68
November Feeder Cattle Futures: 146.72… -2.08
September Hog Futures: 51.77… +0.60
Nearby Crude Oil Futures Contract: 68.72… +0.89
National Grain Market Summary:
Compared to last week, cash bids for corn, wheat, sorghum, and soybeans were mostly lower. Trade disputes continue to chase more uncertainty. President Trump has stated that he has no timetable to establish any new trade deals. This could have major implications down the road for the US market share of exportable grains incentivizing other countries to invest aggressively to meet their growing export demand they have replaced from the US giving future US exports less demand to fill. Old-crop corn shipments of 2.154 billion bushels (bb) have two weeks left to reach USDA's 2.400 bb estimate, but that does not look likely. New-crop corn sales however, already total 390 million bushels (mb), which is up 61% from last year's depressed start. USDA said the U.S. shipped 2.003 bb of soybeans in the first 50 weeks of 2017-18, 107 mb shy of USDA's 2.110 bb estimate with two weeks to go. Old-crop exports will likely fall short of USDA's goal, but 464 mb of new-crop soybean sales are a good start, up 27% from a year ago. New estimates from the International Grains Council reduced the estimate of world wheat production from 721 million metric tons (mmt) to 716 mmt (26.3 bb) on Thursday, now 5.5% less than a year ago. The new season's lower supplies should help U.S. wheat exports in the future. USDA said last week's export sales and shipments of wheat totaled 8.8 mb and 16.9 mb respectively, another bearish week that has total wheat shipments down 34% in 2018-19 from a year ago. Wheat was from 20 cents lower to a 1/2 cent higher. Corn was from 12 1/2 to 25 1/2 cents lower. Sorghum was 32 to 33 cents lower. Soybeans were 43 to 66 cents lower.
September Corn Futures: 3.4850… +0.0175
August Soybean Futures: 8.4200… Unchanged
September Wheat Futures: 5.1475… -0.0725
USDA Report Unavailable – Thursday’s Close
Kansas City Corn: 3.35
Kansas City Soybeans: 8.14
Kansas City Wheat: 5.57
Financial Markets:
Dow Jones Industrial Average: 25,790.78… +133.80
S & P 500: 2,874.76… +17.77
NASDAQ: 7,945.98… +67.52
U.S. Dollar Index: 95.13… -0.51
Cotton (www.ams.usda.gov):
October Cotton Futures: 81.81… +0.08
Milk (www.cmegroup.com):
August Class III Milk Futures: 15.03… +0.03