Aug 14 2019

Texas Daily Ag Market News Summary Posted 5 years 106 days ago by Administrator Account

Daily Market Summary for August 14th

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

---

 

The index gained ground today primarily due to strength in feeder cattle.  Moderate trade developed for slaughter cattle at 105.00, and even though 5.00 lower than on Friday, the drop was not as steep as some had feared with August futures at 100.20.  Boxed beef continued its upward trajectory due to the supply interruption caused by the Tyson plant fire with the Choice Cutout closing today 15.97 higher than last Friday.

 

Slaughter Cattle:

Wednesday negotiated cash trade was light to moderate on light demand in the Southern Plains. Compared to last week in the Southern Plains, live purchases traded 5.00 lower at 105.00. Trade and demand was light in the Western Cornbelt with a few early live purchases from 105.00-106.50 and a few early dressed purchases from 170.00-172.00. However not enough purchases for an adequate market test. For the previous week in the Western Cornbelt, live purchases traded from 113.00-115.00 with dressed purchases from 180.00-181.00. Trade was limited on light demand in Nebraska. In Nebraska last week, live purchases traded mostly at 113.00 with dressed purchases from 180.00-185.00.

   

Negotiated Sales:

Confirmed: 17,084 --- Week Ago: 2,917 --- Year Ago: 3,233

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 25,500

Weighted avg weight:            861

Weighted avg net price:    180.75

  

Alberta Beef Producers Daily Report: Alberta CA

Alberta direct cattle sales Tuesday saw no new trade to report but there is a chance scattered trade could develop by this afternoon. Technical price levels have eased since Monday. Even though live cattle futures have closed limit down for the past two trading sessions. One has to remember Canadian fed supplies and packing capacities have not changed. There is a good chance we could see cash to futures basis levels strengthen this week. It would not be out of the question to see Alberta/Nebraska cash to cash basis levels strengthen as well.  

    

Livestock Slaughter under Federal Inspection:                                 

                                   Cattle       Calves     Hogs          Sheep

Wednesday (est      116,000    2,000       483,000      6,000

Week ago (est)        118,000    2,000       472,000      7,000

Year ago (act)          118,000    3,000      465,000      7,000

Week to date (est)  347,000    6,000   1,417,000    24,000

Last Week (est)       355,000    6,000   1,376,000    23,000

Last Year (act)         354,000    7,000   1,402,000    24,000

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

                         Tuesday             91,000                     25,000

                               

Boxed Beef:

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

 

Cutout Values...                 Choice     Select

Current Cutout Values:     232.34     205.92

Change from prior day:       +5.98       +5.34

Choice/Select spread:          26.42

Total Load Count (Cuts, Trimmings, Grinds): 162

 

Cutter Cow Cutout: 175.32… +0.93

 

CME Feeder Cattle Index: 139.89… -0.19

 

Futures…

Live Cattle:

August: 100.20… -0.35

October: 98.50… -0.75

December: 104.55… +0.60

Feeder Cattle:

August: 134.47… +6.75

September: 132.82… +5.62

October: 133.37… +5.82

---

September Hogs: 66.77… +2.20

September Crude Oil: 55.23… -1.87

---

September Corn: 3.5900… -0.0700

September Soybeans: 8.6550… -0.1075

September Wheat: 4.7375… -0.0175

---

Grain Cash Bids:

Kansas City Corn: 3.73… -0.07

Kansas City Soybeans: 8.23… -0.11

Kansas City Wheat: 4.69… +0.02

---

Financial Markets:

Dow Jones Industrial Average: 25,479.42… -800.49

S & P 500: 2,840.59… -85.74

NASDAQ: 7,773.94… -242.42

U.S. Dollar Index: 98.01… +0.20