Sep 05 2018

Texas Daily Ag Market News Summary Posted 6 years 83 days ago by Administrator Account

Daily Market Summary for September 5th  

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:  

Thus far Wednesday, negotiated cash trade was very limited on light to moderate demand in Nebraska and the Western Cornbelt, with a few early dressed purchases at 170.00. Trade was inactive on light demand in the Southern Plains and Colorado. Not enough sales for and adequate market test in any feeding regions. The latest established market in any feeding region was last week, with live purchases in the Southern Plains and Colorado at 107.00. Last week in Nebraska, live purchases traded from 107.00-107.50 with dressed purchases at 170.00. For the previous week in the Western Cornbelt, live purchases traded from 106.00-108.50 with dressed purchases from 168.00-170.00.

 

Negotiated Sales:

Confirmed: 1,693    Week Ago: 2,840    Year Ago: 966

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 28,600

Weighted avg weight:        857.00

Weighted avg net price:    174.24

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Tuesday saw no new trade to report but there is a chance scattered trade could develop by this afternoon. With the softer Canadian dollar and a strong close on the live cattle futures contracts yesterday, from a technical perspective we are in good shape heading into this week. That said there are still ample fed cattle supplies around Western Canada. Over the past 23 years September has the highest probability of seeing summer lows.

 

Livestock Slaughter under Federal Inspection:                                  

                                CATTLE     CALVES    HOGS       SHEEP

Wednesday (est     118,000    2,000      471,000      7,000

Week ago (est)       117,000    2,000      450,000      6,000

Year ago (act)         117,000    2,000      447,000      7,000

Week to date (est) 235,000    4,000      936,000    14,000

Last Week (est)      355,000    6,000   1,384,000    21,000

Last Year (act)        237,000    4,000      897,000    17,000

 

Boxed Beef: 

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

 

Cutout Values...              Choice       Select

Current Cutout Values:    210.40     200.91

Change from prior day:       -0.42        -1.30

Choice/Select spread:          9.49

 

Futures Summary: 

 

CME Feeder Cattle Index: 150.62… +1.21

October Live Cattle Futures: 109.05… -0.82

December Live Cattle Futures: 113.75… -0.65

February Live Cattle Futures: 117.57… -0.15

September Feeder Cattle Futures: 151.72… Unchanged

October Feeder Cattle Futures: 151.47… -0.35

November Feeder Cattle Futures: 151.57… +0.07

 

September Hog Futures: 51.97… +0.90

Nearby Crude Oil Futures Contract: 68.72… -1.15

 

National Grain Market Summary:

Compared to yesterday, cash bids for wheat, soybeans, and sorghum were mostly lower, while corn was mixed.  More rain fell over already saturated areas from Kansas to southern Wisconsin again on Wednesday.  Wisconsin and Nebraska may get a break the next seven days, but the forecast expects more heavy amounts across the central and eastern Midwest, adding to crop quality and harvest concerns. Tropical Depression Gordon is also bringing rain into Alabama, headed to the Mississippi Delta while corn and the beginnings of soybean harvest is underway in the South.

 

September Corn Futures: 3.5175… -0.0275

August Soybean Futures: 8.2550…-0.0650

September Wheat Futures: 4.9375… -0.0900

Kansas City Corn: 3.38… -0.04

Kansas City Soybeans: 7.93… -0.06

Kansas City Wheat: 5.28… -0.10

 

Financial Markets: 

Dow Jones Industrial Average: 25,975.60… +23.12

S & P 500: 2,888.69… -8.02

NASDAQ: 7,995.17… -96.08

U.S. Dollar Index: 95.14… -0.27

Cotton (www.ams.usda.gov): 

October Cotton Futures: 81.71… -1.07

Milk (www.cmegroup.com): 

September Class III Milk Futures: 16.55… +0.03