Mar 08 2019

Texas Daily Ag Market News Summary Posted 5 years 265 days ago by Administrator Account

Daily Market Summary for March 8th  

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 Friday, negotiated cash trade has been light on light to moderate demand in Nebraska and the Western Cornbelt with a few live purchases from 127.00-128.00 and a few dressed purchases at 205.00 in both regions. However not enough for an adequate market trend. In Nebraska, the latest established market was Thursday with live purchases trading from 128.00-128.50 and dressed purchases at 205.00. In the Western Cornbelt, the latest established market was last week with live purchases trading from 128.00-130.00 and dressed purchases from 205.00-206.00, bulk at 205.00. Trade was inactive on light demand in the Southern Plains with the latest established market being on Thursday with live purchases trading at 128.00.

  

Negotiated Sales:

Confirmed: 10,231 --- Week Ago: 38,758 --- Year Ago: 7,908

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 20,500

Weighted avg weight:             835

Weighted avg net price:    204.32

   

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Thursday saw light trade develop with dressed sales ranging from 256.00-258.00 delivered. Sales are 4.00 higher than last week. After buying a few loads of Canadian fed cattle on Wednesday, US packers pulled their bids in on Thursday. Cash to futures basis levels remain very weak. Fed cattle supplies are expected to tighten into the spring. Cold temperatures over the past month has impacted cattle performance. 

  

Livestock Slaughter under Federal Inspection:                                  

                                   Cattle       Calves    Hogs          Sheep

Friday (est               112,000     2,000        474,000     7,000

Week ago (est)       115,000     2,000        471,000     7,000

Year ago (act)         111,000      3,000       459,000      6,000

Week to date (est) 578,000   12,000    2,363,000    36,000

Last Week (est)       584,000   12,000    2,257,000    37,000

Last Year (act)         580,000   10,000    2,279,000    39,000

Saturday (est             25,000        0             185,000        1,000

Week ago (est)          19,000        0             192,000        1,000

Year ago (act)            20,000        0              130,000       2,000

Week to date (est)  603,000    12,000    2,548,000     37,000

Last Week (est)        603,000    12,000    2,449,000     38,000

Last Year* (act)        599,000    10,000    2,410,000     41,000

2019 YTD               5,937,000  116,000  24,250,000   357,000

2018 *YTD             5,953,000  103,000  23,685,000   365,000

Percent change         -0.3%     +12.4%       +2.4%       -2.2%

Previous Day (Estimated)     Steers & Heifers     Cows & Bulls

                          Thursday            92,000                    24,000

 

Boxed Beef: 

Boxed beef cutout values steady on light to moderate demand and offerings. Select and Choice rib, chuck, and round cuts steady to firm. Select and Choice loin cuts weak. Beef trimmings not fully established.

Cutout Values...                 Choice     Select

Current Cutout Values:     226.13     218.78

Change from prior day:      +0.09       +0.24

Choice/Select spread:          7.35

Total Load Count (Cuts, Trimmings, Grinds): 95

 

Cutter Cow Cutout: 166.51… +0.20

 

CME Feeder Cattle Index: 140.03… +0.27

 

Futures

Live Cattle:

April: 129.67… +0.72

June: 120.95… +0.60

August: 117.17… +0.65

Feeder Cattle:

March: 143.92… +1.02

April: 147.70… +1.70

May: 148.52… +1.45

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April Hogs: 60.55… +2.83

April Crude Oil: 56.07… -0.59

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May Corn: 3.6425… -0.0100

May Soybeans: 8.9575… -0.0675

May Wheat: 4.3950… +0.0125

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Weekly National Grain Market Review

Compared to last week, cash bids for wheat, corn and soybeans were mostly lower, sorghum was higher.  Export inspections for week ending February 28th totaled 34 million bushels of corn, 31 million bushels of soybeans, and 16.1 million bushels of wheat. Corn inspections were higher than the previous week while soybean and wheat inspections came in lower. Ethanol production for week ending March 1st totaled 1.024 million barrels per day, a slight decrease compared to the week prior.  Export sales for week ending February 28th totaled 38.2 million bushels of corn, 11.4 million bushels of soybeans, and 22.8 million bushels of wheat.  Wheat was 1 to 25 cents lower.  Corn was steady to 10 cents lower.  Sorghum was 11 cents lower to 6 cents higher.  Soybeans were 8 cents lower to 8 cents higher.  In the USDA WASDE report released on Friday, the 2018/19 U.S. corn outlook is for lower corn used for ethanol, reduced exports, and larger stocks.  The outlook for 2018/19 U.S. wheat this month is for larger supplies, lower exports, reduced domestic use, and higher ending stocks.

Grain Cash Bids:

Kansas City Corn: 3.57… -0.01

Kansas City Soybeans: 8.56… -0.08

Kansas City Wheat: 4.14… +0.01

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Financial Markets:

Dow Jones Industrial Average: 25,450.24… -22.99

S & P 500: 2,743.07… -5.86

NASDAQ: 7,408.14… -13.32

U.S. Dollar Index: 97.36… -0.24

Cotton (www.ams.usda.gov): 

May Cotton Futures: 73.49… +0.38

Milk (www.cmegroup.com): 

March Class III Milk Futures: 14.97… -0.12