Aug 24 2018

Texas Daily Ag Market News Summary Posted 6 years 95 days ago by Administrator Account

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!

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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