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Sep
12
2018

Texas Daily Ag Market News Summary

Posted 6 years 76 days ago by Administrator Account

Daily Market Summary for September 12th

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:

So far for Wednesday negotiated cash trading has been at a standstill in the Southern and Northern Plains. In the Western Cornbelt trading has been inactive on very light demand. Not enough trades for a market trend. Last week in the Southern Plains and Colorado live cash trades moved at 108.00. For the prior week in Nebraska live cash trades moved mostly from 107.00-108.00 and dressed cash trades moved at 170.00. For the previous week in the Western Cornbelt live cash trades moved from 107.00-108.50 and dressed cash trades moved mostly at 170.00.

Negotiated Sales:

Confirmed: 422 Week Ago: 1,693 Year Ago: 1,308

Formula Net - Dressed Steers & Heifers

Head count priced today: 20,400

Weighted avg weight: 859.00

Weighted avg net price: 172.42

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. Technical price levels have eased since Monday. Last week on a cash to cash basis Alberta fed prices were trading par with the Nebraska cash market.

Livestock Slaughter under Federal Inspection:

CATTLE CALVES HOGS SHEEP

Wednesday (est 119,000 2,000 410,000 7,000

Week ago (est) 118,000 2,000 471,000 7,000

Year ago (act) 118,000 2,000 458,000 7,000

Week to date (est) 357,000 6,000 1,338,000 23,000

Last Week (est) 235,000 4,000 936,000 14,000

Last Year (act) 350,000 6,000 1,369,000 24,000

Boxed Beef:

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

Cutout Values... Choice Select

Current Cutout Values: 204.79 197.27

Change from prior day: -1.28 -1.04

Choice/Select spread: 7.52

Futures Summary:

CME Feeder Cattle Index: 152.63… +0.54

October Live Cattle Futures: 111.47… +2.17

December Live Cattle Futures: 115.52… +1.60

February Live Cattle Futures: 119.50… +1.10

September Feeder Cattle Futures: 154.62… +2.50

October Feeder Cattle Futures: 155.02… +2.57

November Feeder Cattle Futures: 154.82… +2.40

September Hog Futures: 55.80… +1.33

Nearby Crude Oil Futures Contract: 70.37… +1.12

National Grain Market Summary:

Compared to yesterday, cash bids for wheat, corn, and sorghum were mostly lower, while soybeans were mixed. Wednesday's USDA WASDE report was viewed as bearish for both domestic and global corn and soybean markets. Average yield for the 2018 crop was estimated at 181.3 bushels/acre. Corn production is estimated at 14.827 billion bushels, up 1.5% from 2017. U.S. soybean yield was estimated at 52.8 bpa, resulting in an estimated record production of 4.693 billion bushels. In wheat, the domestic estimates were unchanged with global production increasing.