Sep 07 2018

Texas Daily Ag Market News Summary Posted 6 years 81 days ago by Administrator Account

Daily Market Summary for September 7th  

 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:  

As of 3:00 Friday afternoon, trade has been light on moderate demand in Kansas, Nebraska and the Western Cornbelt. In Nebraska compared to last week, dressed purchases traded mostly at 170.00. A few early live purchases were reported at 107.00, however not enough for an adequate market test. In Kansas and the Western Cornbelt a few live purchases were reported at 107.00, however not enough for an adequate market trend. The latest established market the Western Cornbelt was on Thursday with purchases from 107.00-108.50 and 170.00 respectively. The latest established market in in the Southern Plains and Colorado was last week, with live purchases at 107.00. Last week in Nebraska, live purchases traded from 107.00-107.50 with dressed purchases at 170.00.

Trade development late Friday afternoon at mostly $108.00.

 

Negotiated Sales:

Confirmed: 17,362    Week Ago: 10,313    Year Ago: 11,123

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 23,800

Weighted avg weight:        888.00

Weighted avg net price:    173.62

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Thursday saw light trade develop with live sales marked at 142.25. Sales are steady to 1.00 higher than last week's weighted average price. Dressed sales were reported at 238.00 delivered, steady with the previous week. Cattle that were bought this week were being scheduled for the week of September 24th delivery. Cash to futures basis levels did weaken but remain stronger than the five-year historical average.

 

Livestock Slaughter under Federal Inspection:                                  

                                  CATTLE      CALVES    HOGS           SHEEP

Friday (est               119,000      2,000      466,000         7,000

Week ago (est)       118,000     2,000       456,000         6,000

Year ago (act)          119,000     3,000       454,000         7,000

Week to date (est) 473,000     8,000    1,873,000       29,000

Last Week (est)       591,000   10,000   2,308,000       34,000

Last Year (act)         476,000     9,000    1,808,000       32,000

 

Saturday (est             90,000        0             342,000         2,000

Week ago (est)          47,000        0            147,000          1,000

Year ago (act)            90,000        0             390,000         0

Week to date (est) 563,000      8,000    2,215,000        31,000

Last Week (est)       638,000    10,000    2,455,000       35,000

Last Year* (act)       565,000      9,000    2,198,000        32,000

2018 YTD              22,331,00  370,000  83,514,000  1,355,000

2017 *YTD            21,745,00  342,000  81,202,000  1,322,000

Percent change        +2.7%       +8.2%       +2.8%           +2.5%

 

Boxed Beef: 

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

 

Cutout Values...              Choice       Select

Current Cutout Values:    206.56     197.09

Change from prior day:       -2.19        -0.74

Choice/Select spread:          9.47

 

Futures Summary: 

 

CME Feeder Cattle Index: 151.32… +0.28

October Live Cattle Futures: 109.95… +1.05

December Live Cattle Futures: 114.42… +0.70

February Live Cattle Futures: 118.37… +0.75

September Feeder Cattle Futures: 152.97… +1.20

October Feeder Cattle Futures: 152.95… +1.43

November Feeder Cattle Futures: 152.72… +1.30

 

September Hog Futures: 55.65… +0.68

Nearby Crude Oil Futures Contract: 67.75… -0.02

 

National Grain Market Summary:

Compared to last week, cash bids for wheat were mostly lower, while corn, sorghum, and soybeans were higher.  Widespread rainfall has been the main concern this week as its impact on harvest is being felt already while its potential impact on crop progress and condition is being taken into consideration.  Trade disputes continue to be a market factor as more potential tariffs between the U.S. and China are being discussed.  The weekly export sales report showed the 2017/18 row crop marketing year ended with 30,100 metric tons of corn sold and 600 metric tons of soybeans sold in the week leading up to August 30.  The new crop 2018/19 sales data was much better for corn with 1,032,900 metric tons of sales while neutral for soybeans with 672,600 metric tons of sales.  The weekly export sales report was bearish for wheat, with only 379,800 metric tons of sales documented.  Wheat was from 20 1/4 cents lower to 3 cents higher.  Corn was 10 1/4 to 25 1/4 cents higher.  Sorghum was 19 to 80 cents higher.  Soybeans were 7 3/4 to 17 3/4 cents higher.

 

September Corn Futures: 3.5425… +0.0075

August Soybean Futures: 8.3200… +0.0525

September Wheat Futures: 4.8625… +0.0025

Kansas City Corn: 3.40… +0.01

Kansas City Soybeans: 7.99… +0.05

Kansas City Wheat: 5.15… -0.02

 

Financial Markets: 

Dow Jones Industrial Average: 25,917.08… -78.79

S & P 500: 2,871.76… -6.29

NASDAQ: 7,902.54… -20.19

U.S. Dollar Index: 95.39… +0.36

Cotton (www.ams.usda.gov): 

October Cotton Futures: 82.13… +0.75

Milk (www.cmegroup.com): 

September Class III Milk Futures: 16.21… -0.08