Oct 16 2018

Texas Daily Ag Market News Summary Posted 6 years 42 days ago by Administrator Account

Daily Market Summary for October 16th  

   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:  

Tuesday trading in the Southern Plains and Colorado has been at a standstill. Last week in these feeding regions live cash trades moved at 111.00. So far for Tuesday in Nebraska trading has been very limited on very light demand. A very few dressed cash trades moved at 174.00. However, not enough for a full market trend. Last week live cash trades moved at 111.00 and dressed cash trades moved at 174.00. Thus far for Tuesday in the Western Cornbelt trading has been inactive on very light demand. Not enough trades for a market trend. Last week live cash trades ranged from 108.00-110.00 and dressed cash trades moved at 174.00.

 

Negotiated Sales:

Confirmed: 2,451    Week Ago: 845    Year Ago: 112

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 18,700

Weighted avg weight:        862.00

Weighted avg net price:    177.68

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Monday saw no new trade to report. This week's showlist has been compiled with volumes steady with the previous week. Western Canadian slaughter volumes for the week ending October 6th totaled just over 41,000 head. Slaughter volumes are 1% smaller than the same time last year. Looking at the most recent beef export data. Beef exports from January through to August are up 4% compared to last year.

 

Livestock Slaughter under Federal Inspection:                                  

                                 Cattle        Calves    Hogs          Sheep

Tuesday (est           119,000    2,000     477,000     9,000

Week ago (est)       118,000    2,000     451,000     9,000

Year ago (act)         118,000    2,000     453,000     9,000

Week to date (est) 234,000    4,000     936,000    17,000

Last Week (est)       232,000    4,000     924,000    17,000

Last Year (act)         229,000    4,000     898,000    17,000

 

Boxed Beef: 

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

 

Cutout Values...              Choice       Select

Current Cutout Values:    204.61     192.55

Change from prior day:      -0.19        +0.66

Choice/Select spread:       +12.06

 

Futures: 

October Live Cattle Futures: 112.65… -0.72

December Live Cattle Futures: 117.77… -0.20

February Live Cattle Futures: 121.82… +0.12

October Feeder Cattle Futures: 154.02… -1.08

November Feeder Cattle Futures: 154.22… -1.00

January Feeder Cattle Futures: 149.95… -0.57

 

CME Feeder Cattle Index: 155.36… -0.90

December Hog Futures: 56.87… +0.12

Nearby Crude Oil Futures Contract: 71.92… +0.14

 

National Grain Market Summary:

Compared to yesterday, cash bids for corn, sorghum, and soybeans were lower, while wheat was mixed.  The USDA Crop Progress report shows 39% of corn harvested for the week ending October 14, 2018, which is actually 4% ahead the five year average and 12% ahead of last year.  Crop Progress shows 38% of soybeans harvested, down 9% from this time last year and down 15% from the five year average.  Crop Progress also shows 65% of winter wheat planted so far, down 2% from the five year average, but up 7% from last year.  Concerns remain for soybean quality due to moisture with reports from producers of pods opening up and dropping beans.

 

December Corn Futures: 3.7525… -0.0300

November Soybean Futures: 8.8475… -0.0675

December Wheat Futures: 5.2350… -0.0150

Kansas City Corn: 3.52… -0.03

Kansas City Soybeans: 8.50… -0.07

Kansas City Wheat: 5.28… -0.04

 

Financial Markets: 

Dow Jones Industrial Average: 25,797.34… +546.79

S & P 500: 2,809.96… +59.17

NASDAQ: 7,645.49… +214.75

U.S. Dollar Index: 95.05… +0.01

Cotton (www.ams.usda.gov): 

December Cotton Futures: 78.33… -0.39

Milk (www.cmegroup.com): 

October Class III Milk Futures: 15.62… +0.02