Nov 09 2018

Texas Daily Ag Market News Summary Posted 6 years 18 days ago by Administrator Account

Daily Market Summary for November 9th  

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:  

Friday trade was moderate on light to moderate demand in the Southern Plains, Nebraska and the Western Cornbelt. Compared to last week in the Texas Panhandle, live purchases have traded 1.00 to 2.00 lower from 114.00-115.00. In Kansas compared to last week, live purchases traded mostly 2.00 lower at 114.00, with a few up to 115.00. In Nebraska compared to last week, comparable live purchases traded mostly 2.00 lower on from 113.00-114.50, bulk from 114.00-114.50. Compared to Thursday, dressed purchases traded steady to 1.00 lower from 179.00-180.00. In the Western Cornbelt, live purchases compared to Thursday, traded 1.00 lower from 111.00-113.00. Dressed purchases compared to Thursday traded steady to 3.00 lower from 177.00-180.00.  In Colorado, trade was light on light to moderate demand. Compared to last week, early live purchases traded 1.00-2.00 lower at 114.00.

 

Negotiated Sales:

Confirmed: 60,020    Week Ago: 3,951    Year Ago: 10,307

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 20,100

Weighted avg weight:       854.00

Weighted avg net price:    183.06

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales so far this week have seen moderate trade develop with most of the dressed sales marked at 248.00 delivered. Sales are fully steady with the previous week. Buyers were indicating cattle that they bought this week would be lifted in three weeks. Cash to futures basis levels did strengthen, this week's cash offering has been cleaned up.

 

Livestock Slaughter under Federal Inspection:                                  

                                  Cattle        Calves      Hogs              Sheep

Friday (est               114,000     2,000          473,000        7,000

Week ago (est)       117,000     2,000          463,000        7,000

Year ago (act)         112,000     2,000           455,000       6,000

Week to date (est) 587,000   10,000       2,371,000     38,000

Last Week (est)       589,000   10,000      2,346,000      36,000

Last Year (act)         580,000   10,000       2,301,000      38,000

Saturday (est             53,000        0                218,000         0

Week ago (est)          54,000        0                240,000         0

Year ago (act)            44,000        0                192,000         1,000

Week to date (est) 640,000     10,000      2,589,000       38,000

Last Week (est)       643,000     10,000      2,586,000       36,000

Last Year* (act)       624,000     10,000      2,492,000        39,000

2018 YTD               28,141,00  477,000  106,078,000  1,699,000

2017 *YTD             27,465,00  432,000  103,636,000  1,658,000

Percent change         +2.5%     +10.4%         +2.4%          +2.5%

 

Boxed Beef: 

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

   

Cutout Values...              Choice       Select

Current Cutout Values:    215.20     198.72

Change from prior day:       -0.87       -0.39

Choice/Select spread:       +16.48

 

Futures: 

Live Cattle…

December: 114.57… -1.98

February Live: 117.80… -2.07

April: 120.25… -1.62

Feeder Cattle…

November: 149.00… -1.17

January: 143.80… -2.47

March: 142.17… -2.30

   

CME Feeder Cattle Index: 151.63… -0.60

December Hog Futures: 55.80… +0.18

Nearby Crude Oil Futures Contract: 60.19… -0.48

 

National Grain Market Summary:

Compared to last week, cash bids for corn, sorghum, and soybeans were higher, while wheat was mixed.  USDA lowered its estimate of U.S. ending corn stocks from 1.813 billion to 1.736 billion bushels (bb), based on a lower yield of 178.9 bushels per acre (bpa), but increased its estimate of world ending corn stocks from 159.4 million to 307.51 million metric tons (mmt) after a Chinese revison.  USDA increased its estimate of U.S. ending soybean stocks from 885 million to 955 million bushels (mb), more than expected after cutting the export estimate by 160 mb to 1.900 bb. The production estimate was reduced from 4.69 bb to 4.60 bb, based on a lower yield estimate of 52.1 bpa.  USDA also increased its estimate of world ending soybean stocks from 110.0 mmt to 112.08 mmt.  USDA reduced its estimate of ending wheat stocks slightly, from 956 mb to 949 mb.  However, wheat exports were left unchanged. USDA increased its estimate of world ending wheat stocks from 260.2 mmt to 266.71 mmt.  Overall, world wheat production is expected to be down 4% in 2018-19 and world ending stocks are expected to be down a little more than 4%.  Wheat was from 4 cents lower to 13 cents higher.  Corn was 4 3/4 to 17 cents higher.  Sorghum was 11 to 39 cents higher.  Soybeans were 10 to 20 cents higher.

   

December Corn Futures: 3.6975… -0.0375

November Soybean Futures: 8.7525… +0.0775

December Wheat Futures: 5.0200… -0.0575

Kansas City Corn: 3.65… -0.03

Kansas City Soybeans: 8.49… +0.08

Kansas City Wheat: 4.97… -0.10

 

Financial Markets: 

Dow Jones Industrial Average: 25,989.30… -201.92

S & P 500: 2,781.01… -25.84

NASDAQ: 7,406.90… -123.99

U.S. Dollar Index: 96.92… +0.29