Feb 15 2019

Texas Daily Ag Market News Summary Posted 5 years 286 days ago by Administrator Account

Daily Market Summary for February 15th   

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 PM Thursday, negotiated cash trading in the Southern Plains was at a standstill. In Nebraska and the Western Cornbelt negotiated cash trading was limited on light demand. In the Western Cornbelt a few live cash trades moved from 124.00-127. However, not enough trades for a market trend. For the prior week in the Southern Plains live cash trades moved at 125.00. Last week in Nebraska live cash trades moved mostly from 125.00-125.50 and dressed cash trades moved at 200.00. For the prior week in the Western Cornbelt live cash trades ranged from 124.50-126.00 and dressed cash trades moved at 200.00.

 

Negotiated Sales:

Confirmed: 5,379    Week Ago: 3,178    Year Ago: 1,189

Week to Date: 12,849    Week Ago to Date: 6,507    Year Ago to Date: 4,265

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 43,000

Weighted avg weight:             866

Weighted avg net price:    200.01

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales so far this week have seen light trade develop with live sales ranging from 147.00-147.50, sales are 3.00-4.00 lower than last weeks weighted average price. Dressed bids have been reported anywhere from 243.00-252.00 delivered. Bids are 2.00-7.00 lower than the previous week. Cash to futures basis levels continue to weaken, basis levels are at the weakest point since February 2016. US packers are indicating they have enough Canadian fed cattle contracted and buying interest was next to non-existent on the cash market.

  

Livestock Slaughter under Federal Inspection:                                  

                                  Cattle       Calves     Hogs          Sheep

Friday (est               111,000      2,000      465,000      8,000

Week ago (est)       115,000      2,000      442,000      8,000

Year ago (act)         114,000      3,000      442,000      7,000

Week to date (est)  570,000   12,000   2,296,000    38,000

Last Week (est)       585,000   10,000   2,299,000    38,000

Last Year (act)         579,000   10,000   2,299,000    36,000

Saturday (est             26,000        0            218,000      1,000

Week ago (est)          35,000        0            217,000      1,000

Year ago (act)            23,000        0               87,000         0

Week to date (est)   596,000   12,000    2,514,000    39,000

Last Week (est)        620,000   10,000    2,516,000    39,000

Last Year* (act)        589,000   10,000    2,389,000    36,000

2019 YTD               3,541,000   65,000  14,430,000  216,000

2018 *YTD             4,155,000   73,000  16,468,000  247,000

Percent change       -14.8%       -11.1%       -12.4%     -12.4%

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

                           Thursday       93,000                   24,000

 

Boxed Beef: 

Boxed beef cutout values firm to higher on moderate to fairly good demand and moderate offerings. Select and Choice rib, chuck, round, and loin cuts steady to firm. Beef trimmings mostly slightly higher on moderate to good demand and moderate offerings.

Cutout Values...                 Choice     Select

Current Cutout Values:     216.85     210.99

Change from prior day:       +0.78       +0.58

Choice/Select spread:           5.86

Total Load Count (Cuts, Trimmings, Grinds):  102

 

Cutter Cow Cutout: 164.68… +0.76

 

CME Feeder Cattle Index: 141.31… -0.19

 

Futures

Live Cattle:

February: 126.62… +0.50

April: 127.17… -0.20

June: 118.07… -0.20

Feeder Cattle:

March: 142.60… -1.47

April: 145.22… -1.28

May: 146.57… -1.10

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April Hogs: 59.52… +0.82

March Crude Oil: 55.59... +1.18

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March Corn: 3.7475… Unchanged

March Soybeans: 9.0750… +0.0400

March Wheat: 5.0425… -0.0275

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Weekly National Grain Market Review:

Compared to last week, cash bids for wheat were higher, corn, soybeans and sorghum were mixed.  Export inspections for week ending February 7th totaled 29.2 million bushels of corn, 39 million bushels of soybeans and 20.6 million bushels of wheat. All export inspection figures were lower when compared to the week prior.  Ethanol production for the week ending February 8th saw a 62,000 barrel per day increase compared to the week prior, totaling 1.029 million barrels per day.  USDA said export sales figures for week ending January 3rd totaled 18.1 million bushels of corn, 22.5 million bushels of soybeans, and 4.8 million bushels of wheat.  Wheat was 6 to 15 cents lower.  Corn was 2 cents lower to 5 cents higher.  Sorghum was 6 cents lower to 24 cents higher.  Soybeans were 9 cents lower to 3 cents higher.

 

Grain Cash Bids:

Kansas City Corn: 3.72… Unchanged

Kansas City Soybeans: 8.65… +0.05

Kansas City Wheat: 4.79… -0.03

 

Financial Markets:

Dow Jones Industrial Average: 25,883.45… +444.06

S & P 500: 2,775.59… +29.86

NASDAQ: 7,472.41… +45.46

U.S. Dollar Index: 96.87… -0.15

Cotton (www.ams.usda.gov): 

March Cotton Futures: 70.22… +0.09

Milk (www.cmegroup.com): 

February Class III Milk Futures: 13.97… -0.01