Aug 16 2019

Texas Daily Ag Market News Summary Posted 5 years 104 days ago by Administrator Account

Daily Market Summary for August 16^th

The Daily Market News Report bought to you by The Cattle Range. Please visit their website for more information!

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The markets were dominated this week by last Friday’s fire at Tyson’s beef processing plant near Garden City KS.  Cattle futures traded down the limit on Monday & Tuesday with many auctions quoting feeder & stocker cattle 6.00 to 12.00 lower while boxed beef surged higher.  Slaughter cattle traded on Wednesday in the south at 105.00, 5.00 lower than last week and up to 9.00 lower in the North at $172.00 on a dressed basis.  By mid-week, the news had been factored into the markets and both cattle futures and cash prices recovered some of the lost ground before weakening again on Friday.  Contributing factors for Friday’s weakness in cattle were limit-down lean hog futures and corn rebounding from early-week losses. Boxed beef never wavered and traded higher every day, closing 22.32 higher for the week.  With boxed beef substantially higher and slaughter cattle lower, the beef processors are well positioned for windfall profits.

 

Slaughter Cattle:

Friday trade was slow on light demand in all feeding regions. A few purchases in Nebraska traded at 106.00 and 172.00 dressed.  In Nebraska last week, live purchases traded mostly at 113.00 with dressed purchases from 180.00-185.00. For the previous week in the Western Cornbelt, live purchases traded from 113.00-115.00 with dressed purchases from 180.00-181.00. The latest established market in the Southern Plains was on Wednesday with live purchases at 105.00.

   

Negotiated Sales:

Confirmed: 5,042 --- Week Ago: 16,245 --- Year Ago: 35,409

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 22,200

Weighted avg weight:             846

Weighted avg net price:   176.90

 

Alberta Beef Producers Daily Report: Alberta CA

Alberta direct cattle sales Thursday saw no new trade to report. Dressed bids of 234.00 delivered surfaced yesterday, bids are stronger than Wednesday but are 10.00-12.00 lower than last week. Packers are wanting to buy cattle at sharply lower money while producers seem willing to carry cattle into next week. Packers were indicating it is going to take longer to lift cattle. Yesterday there were reports some cattle would not be picked up until mid-September. Packers have bought very few cattle and sale volumes will be light.

    

Livestock Slaughter under Federal Inspection:                                 

                                   Cattle       Calves     Hogs          Sheep

Friday (est               114,000      2,000     454,000       5,000

Week ago (est)       118,000      2,000     451,000       5,000

Year ago (act)         118,000      3,000     444,000       7,000

Week to date (est) 577,000   10,000   2,354,000    37,000

Last Week (est)       594,000   10,000   2,303,000    36,000

Last Year (act)         592,000   12,000   2,301,000    40,000

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

                         Thursday           91,000                     25,000

                               

Boxed Beef:

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

 

Cutout Values...                 Choice     Select

Current Cutout Values:     238.69     213.26

Change from prior day:       +2.57       +2.59

Choice/Select spread:          25.43

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

 

Cutter Cow Cutout: 176.45… +0.91

 

CME Feeder Cattle Index: 137.60… -1.55

 

Futures…

Live Cattle:

August: 99.92… -0.28

October: 98.05… -0.47

December: 103.52… -0.75

Feeder Cattle:

August: 134.57… -1.20

September: 132.37… -0.93

October: 132.85… -0.90

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September Hogs: 62.00… -3.00

September Crude Oil: 54.87… +0.40

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September Corn: 3.7100… +0.1025

September Soybeans: 8.6725… +0.0925

September Wheat: 4.7075… +0.0175

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Grain Cash Bids:

Kansas City Corn: 3.85… +0.11

Kansas City Soybeans: 8.25… +0.09

Kansas City Wheat: 4.66… +0.02

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Financial Markets:

Dow Jones Industrial Average: 25,886.01… +306.62

S & P 500: 2,888.70… +41.11

NASDAQ: 7,895.99… +129.37

U.S. Dollar Index: 98.19… +0.05