Jun 14 2019

Texas Daily Ag Market News Summary Posted 5 years 167 days ago by Administrator Account

Daily Market Summary for June 14th

 The Daily Market News Report brought to you by The Cattle Range. Please visit https://www.cattlerange.com/comprehensive-cattle-market-reports-analysis/daily-summary/ for more information!

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Slaughter Cattle: 

As of 3:00 PM Friday negotiated trading in the Texas Panhandle has been at a standstill. In Kanas and Nebraska negotiated cash trading has been limited on very light demand. Not enough trades for a full market trend. Last week in the Texas Panhandle live cash trades moved at 113.00. In Kansas live cash trades moved from 112.00-113.00. For the prior week in Nebraska live cash trades moved from 114.00-115.00 and dressed cash trades from 183.00-185.00. So far for Friday in the Western Cornbelt negotiated cash trading has been slow on moderate demand. Thus far for the week live cash trades have moved mostly steady from 114.00 to 115.00, with a few up to 117.50. Thus far for the week dressed cash trades have moved steady to 2.00 higher from 184.00 to 186.00.

   

Negotiated Sales:

Confirmed: 22,928 --- Week Ago: 9,262 --- Year Ago: 3,479

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 22,400

Weighted avg weight:             824

Weighted avg net price:    181.54

  

Alberta Beef Producers Daily Report: Alberta CA

Alberta direct cattle sales Thursday saw light trade develop with dressed sales ranging 240.00-244.00 delivered. Sales are 1.00-3.00 lower than last week. Live sales were reported in the mid 140's and are 1.00 lower than last week's weighted average price. Cash to futures basis levels weakened this week and are weaker than the five-year historical average. Processing margins are positive which should encourage packers to start running a few more Saturday kills.

 

Livestock Slaughter under Federal Inspection:                                 

                                   Cattle        Calves    Hogs          Sheep

Friday (est               118,000     2,000     467,000       7,000

Week ago (est)       119,000     2,000     473,000       8,000

Year ago (act)         116,000     3,000     413,000       6,000

Week to date (est)  603,000   10,000   2,364,000    39,000

Last Week (est)      600,000   10,000   2,366,000     42,000

Last Year (act)        581,000   10,000   2,191,000     42,000

Saturday (est             62,000        0             67,000         0

Week ago (est)          62,000        0             51,000         0

Year ago (act)            66,000        0             21,000       1,000

Week to date (est)  665,000    10,000    2,431,000     39,000

Last Week (est)       662,000    10,000    2,417,000     42,000

Last Year* (act)       648,000    11,000    2,212,000     41,000

2019 YTD            14,921,000  254,000  57,627,000   951,000

2018 *YTD          14,755,000  244,000  56,144,000   922,000

Percent change     +1.1%       +4.3%         +2.6%        +3.2%

Previous day Estimated    Steers & Heifers   Cows & Bulls

                        Thursday            95,000                  26,000

 

Boxed Beef: 

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

 

Cutout Values...                 Choice     Select

Current Cutout Values:     222.23    202.76

Change from prior day:      +0.13      -1.95

Choice/Select spread:        19.47

Total Load Count (Cuts, Trimmings, Grinds): 110

 

Cutter Cow Cutout: 174.69… +0.28

  

CME Feeder Cattle Index: 134.25… +0.89

 

Futures…

Live Cattle:

June: 108.77… -0.28

August: 104.27… -0.45

October: 105.47… -0.68

Feeder Cattle:

August: 135.52… -0.70

September: 135.80… -0.70

October: 135.75… -0.72

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July Hogs: 81.35… -2.02

July Crude Oil: 52.51… +0.23

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July Corn: 4.5300… +0.1100

July Soybeans: 8.9675… +0.0875

July Wheat: 5.3850… +0.0300

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Weekly National Grain Market Review

Compared to last week, cash bids for corn, sorghum and soybeans were higher while wheat was mixed.  Ethanol production for week ending June 7th totaled 1.096 million barrels per day, a 52,000 barrel decrease when compared to the week prior.  Ethanol stocks were at 21.8 mb this week, a decrease of 0.751 mb.  Monday's planting progress report for w/e 6/9/2019 revealed that planting pace for corn is now 83 percent planted; a 16 percent increase over last week.  Soybean acres planted are now at 60 percent complete; a 21 percent increase from the previous week.  A reduction of 3 million acres of corn and yield estimate reduction of 10 bpa in the Supply and Demand report boosted corn futures.

Wheat was 12 cents lower to 33 cents higher.  Corn was 21 1/4 cents to 27 1/2 cents higher.  Sorghum was 30 cents to 39 cents higher.  Soybeans were 19 1/4 cents to 31 1/4 cents higher.

CORN:  Kansas City US No 2 rail White Corn was 21 1/4 to 22 1/2 cents higher from 4.40 1/2-4.53 3/4 per bushel.  Kansas City US No 2 truck Yellow Corn was 21 1/2 to 26 1/2 cents higher from 4.37-4.42 per bushel.  Omaha US No 2 Yellow Corn was 25 to 26 cents higher from 4.32-4.33 per bushel.  Chicago US No 2 Yellow Corn was 22 1/2 to 27 1/2 cents higher from 4.41-4.47 per bushel.  Toledo US No 2 rail Yellow corn was 24 1/2 to 26 1/2 cents higher from 4.52-4.55 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 12 cents lower from 5.68 1/4-5.78 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 29 to 33 cents higher from 5.71-5.72 per bushel.  Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, was 3 3/4 cents lower to 11 ¼ cents higher from 6.76 1/4-6.81 1/4 per bushel.  Portland US Soft White wheat rail was steady to 13 cents higher from 5.75-6.20 per bushel.

Grain Cash Bids:

Kansas City Corn: 4.51… +0.11

Kansas City Soybeans: 8.47… +0.04

Kansas City Wheat: 5.30… +0.05

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Financial Markets:

Dow Jones Industrial Average: 26,089.61… -17.16

S & P 500: 2,886.99… -4.65

NASDAQ: 7,796.66… -40.47

U.S. Dollar Index: 97.55… +0.54