May 24 2019

Texas Daily Ag Market News Summary Posted 5 years 188 days ago by Administrator Account

Daily Market Summary for May 24^th

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 trading in Kansas, Nebraska and the Western Cornbelt has been inactive on very light demand. In the Texas Panhandle negotiated cash trading has been at a standstill. Not enough trades in any of these feeding regions for a market trend. In the Southern Plains the last fully reported market was on Wednesday. In the Texas Panhandle live cash trades moved at 115.00. In Kansas live cash trades moved from 114.00-115.00. In Nebraska the last fully reported live cash market was on Thursday with trades at 116.00. The last fully reported dressed cash trade market, in Nebraska, was on Wednesday with trades from 183.00-185.00. In the Western Cornbelt the last fully reported market was on Wednesday with live cash trades from 116.00-118.00 and dressed cash trades from 185.00-186.00 on a light test of dressed trades.

   

Negotiated Sales:

Confirmed: 2,244 --- Week Ago: 2,798 --- Year Ago: 22,759

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 29,300

Weighted avg weight:             819

Weighted avg net price:    186.83

 

Alberta Beef Producers Daily Report: Alberta CA

Alberta direct cattle sales Thursday saw no new trade to report. Dressed bids were reported at 248.00 delivered. Bids are 5.00-7.00 lower than last week. Lift dates are all over the map, but the fact of the matter remains packers are comfortably bought out in front. Around 30% of the cattle that traded this week wold not be lifted until the first week in July. The way things are looking new annual lows will be established this week. Cash to futures basis levels did weaken this week.

 

Livestock Slaughter under Federal Inspection:                                 

                                 Cattle        Calves    Hogs          Sheep

Friday (est                119,000     2,000      403,000      8,000

Week ago (est)        117,000     2,000      455,000      7,000

Year ago (act)          121,000     2,000      437,000      7,000

Week to date (est)  596,000    10,000   2,285,000    44,000

Last Week (est)       601,000    10,000   2,300,000    41,000

Last Year (act)         602,000    10,000   2,266,000    40,000

Saturday (est            45,000        0              40,000         0

Week ago (est)         59,000        0              71,000         0

Year ago (act)           51,000        0              25,000       1,000

Week to date (est) 641,000    10,000     2,325,000     44,000

Last Week (est)       660,000    10,000    2,371,000     41,000

Last Year* (act)       651,000    10,000    2,290,000     41,000

2019 YTD            12,998,000  224,000  50,681,000   835,000

2018 *YTD          12,862,000  214,000  49,631,000   807,000

Percent change       +1.1%        +4.9%         +2.1%         +3.4%

Previous day estimated       Steers & Heifers   Cows & Bulls

                         Thursday              92,000                  25,000

 

Boxed Beef:

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

 

Cutout Values...                 Choice     Select

Current Cutout Values:     221.64    208.47

Change from prior day:       +0.85      +1.94

Choice/Select spread:          13.17

Total Load Count (Cuts, Trimmings, Grinds): 100

 

Cutter Cow Cutout: 172.12… +0.09

 

CME Feeder Cattle Index: 136.81… +3.46

 

Futures…

Live Cattle:

June: 111.17… +0.37

August: 107.95… -0.20

October: 107.77… -0.20

Feeder Cattle:

August: 143.22… +0.22

September: 143.87… -0.13

October: 144.22… -0.53

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June Hogs: 86.42… -3.00

July Crude Oil: 58.63… +0.72

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July Corn: 4.0425… +0.1450

July Soybeans: 8.2975… +0.0825

July Wheat: 4.8950… +0.1925

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Cotton (www.ams.usda.gov)

July Cotton: 68.39… +0.91

Milk (www.cmegroup.com)

May Class III Milk: 16.38… +0.00

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Weekly National Grain Market Review

 

Compared to last week, cash bids for wheat were mostly higher; corn and sorghum was higher; soybeans were lower.   Ethanol production for week ending May 17th totaled 1.071 million barrels per day, a 20,000 barrel increase when compared to the week prior.  Ethanol stocks were at 23.4 mb this week, an increase of 1.2 mb. Monday's planting progress report for w/e 5/19/2019 revealed that planting pace for corn is now 19 percent behind a year ago and 31 percent behind the the 5 year average.  Notable states and their progress behind the 5 year average; Illinois-65 pct, Indiana-59 pct, Ohio-53 pct, Iowa-19 pct and Nebraska-16 pct.  Only one of the 18 states listed are above the 5 year average -Texas.  Analysts are now very much concerned about how many acres will either go through a prevented planting scenario or moved from corn to soybean production this growing season.  Soybean acres planted are 34 percent behind a year ago and 28 percent behind the 5 year average.

 

CORN:  Kansas City US No 2 rail White Corn was 18 1/4 cents higher from 3.98-4.10 per bushel.  Kansas City US No 2 truck Yellow Corn was 4 3/4 to 10 3/4 cents higher from 3.79 3/4-3.89 3/4 per bushel.  Omaha US No 2 Yellow Corn was 3 to 4 cents higher from 3.74-3.76 per bushel.  Chicago US No 2 Yellow Corn was 8 3/4 to 9 3/4 cents higher from 3.86 3/4-3.87 3/4 per bushel.  Toledo US No 2 rail Yellow corn was 10 ¾ to 17 3/4 cents higher from 3.79 3/4-3.85 3/4 per bushel.  Minneapolis US No 2 Yellow corn rail was not quoted.

 

WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 1/2 cent lower to 8 1/2 cents higher from 5.35 1/4-5.45 1/4 per bushel.  Kansas City US No 2 Soft Red winter rail bid was not quoted.  St. Louis truck US No 2 Soft Red Winter terminal bid was 6 to 11 cents higher from 5.03-5.08 per bushel.  Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, was has no comparison at 6.24 1/4 per bushel.  Portland US Soft White wheat rail was 5 to 10 cents higher from 5.75-6.05 per bushel.

 

Grain Cash Bids:

Kansas City Corn: 3.99… +0.14

Kansas City Soybeans: 7.82… +0.08

Kansas City Wheat: 4.70… +0.20

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Financial Markets:

Dow Jones Industrial Average: 25,585.69… +95.22

S & P 500: 2,826.06… +3.82

NASDAQ: 7,637.01… +8.73

U.S. Dollar Index: 97.58… -0.28