Feb 01 2019

Texas Daily Ag Market News Summary Posted 5 years 300 days ago by Administrator Account

Daily Market Summary for February 1st  

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:  

Friday negotiated cash trading has been at a standstill in the Texas Panhandle. In Kansas, Nebraska and the Western Cornbelt negotiated cash trading has been very limited with light demand. However, not enough cash trades for a market trend in these regions. Last week in Kansas and Nebraska live cash trades moved at 123.00. Dressed cash trades in Nebraska moved 197.00. For the prior week in the Western Cornbelt live cash trades moved from 123.00-126.00 and dressed cash trades moved mostly at 197.00. Two weeks ago live cash trades moved at 124.00 in the Texas Panhandle.

 

Negotiated Sales:

Confirmed: 4,328    Week Ago: 65,173    Year Ago: 1,491

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 23,000

Weighted avg weight:       855.00

Weighted avg net price:    195.97

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Thursday saw light volumes of western Canadian fed cattle trade into the US with prices steady to a slight premium over local sales. Local packers did lower bids from Wednesday top Thursday. With lower cash prices and weaker basis levels producers were not motivated to sell cattle. Packers were indicating cattle that they bought this week would not be lifted until the end of February.

 

Livestock Slaughter under Federal Inspection:                                  

                                  Cattle       Calves      Hogs         Sheep

Friday (est               104,000     2,000       467,000      7,000

Week ago (est)        116,000     2,000       473,000      7,000

Year ago (act)          115,000     3,000      457,000      4,000

Week to date (est)   567,000   10,000   2,076,000    34,000

Last Week (est)       584,000   10,000   2,289,000    37,000

Last Year (act)         586,000   10,000    2,318,000    35,000

Saturday (est             26,000        0             311,000     2,000

Week ago (est)          26,000        0            212,000      1,000

Year ago (act)            27,000        0             116,000         0

Week to date (est)   593,000   10,000     2,387,000    36,000

Last Week (est)       610,000   10,000     2,501,000    38,000

Last Year* (act)       613,000   10,000     2,433,000     35,000

2019 YTD               2,898,000   46,000  11,812,000   176,000

2018 *YTD             2,977,000   53,000  11,691,000   175,000

Percent change        -2.7%       -12.8%        +1.0%        +0.8%

Previous Day Estimated -- Steers & Heifers -- Cows & Bulls

                           Thursday        90,000                   24,000

 

Boxed Beef: 

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

Cutout Values...                 Choice     Select

Current Cutout Values:     214.26     213.15

Change from prior day:        -1.13       +0.27

Choice/Select spread:            1.11

Total Load Count (Cuts, Trimmings, Grinds): 73

 

CME Feeder Cattle Index: 141.86… -0.71

 

Futures

Live Cattle:

February: 125.45… +0.65

April: 126.27… -0.03

June: 116.15… +0.20

Feeder Cattle:

March: 142.52… -0.03

April: 144.00… -0.27

May: 144.60… -0.20

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February Hogs: 56.35… +0.10

March Crude Oil: 55.26… +1.47

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March Corn: 3.7825… +0.0175

March Soybeans: 9.1775… +0.0250

March Wheat: 5.2425… +0.0775

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Weekly Grain Review:

Compared to last week, cash bids for wheat were mostly lower, corn, soybeans and sorghum were mixed.  Ethanol production for the week ending January 25th saw another drop of around 19,000 barrels compared to the week prior, putting ethanol stocks to 23.98 million barrels.  USDA is working to get caught up on export sales and shipments figures for the first part of this year. Recently they have released figures for the week of December 20th showing corn exports and sales for that week at 66.9 million and 35.4 million bushels, soybeans at 87.9 million and 22.5 million bushels and wheat at 19.3 million and 18.8 million bushels.  Wheat was 16 cents lower to 20 cents higher.  Corn was 1 cent lower to 5 cents higher.  Sorghum was 1 cent lower to 42 cents higher.  Soybeans were 6 cents lower to 4 cents higher.

Grain Cash Bids:

Kansas City Corn: 3.70… +0.02

Kansas City Soybeans: 8.64… +0.02

Kansas City Wheat: 4.99… +0.08

 

Financial Markets:

Dow Jones Industrial Average: 25,063.89… +64.22

S & P 500: 2,706.53… +2.43

NASDAQ: 7,263.87… -17.87

U.S. Dollar Index: 95.59… +0.03

Cotton (www.ams.usda.gov): 

March Cotton Futures: 73.64… -0.76

Milk (www.cmegroup.com): 

February Class III Milk Futures: 14.03… +0.01