Mar 16 2020

Texas Daily Ag Market News Summary Posted 4 years 49 days ago by Administrator Account

Daily Market Summary for March 16th

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

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Slaughter Cattle:

As of 3:00 PM Monday, in the Southern Plains negotiated cash trading has been limited on light demand. A few early live cash trades moved from 105.00 to 110.00. However, not enough for a full market trend. Last week live cash trades moved mostly at 110.00. Thus far for Monday in Nebraska negotiated cash trading has been slow to moderate with moderate demand. A few early live and dressed cash trades moved at 105.00 and 170.00, respectively. However, not enough for a full market trend. Last week live and dressed cash trades moved mostly at 110.00 and 175.00, respectively. So for Monday in the Western Cornbelt negotiated cash trading has been limited on light demand. Not enough trades for a market trend. Last week live cash trades ranged from 105.00 to 110.00 and dressed cash trades moved mostly at 175.00.

   

Negotiated Sales:

Confirmed:     30,818

Week Ago:        4,743

Year Ago:               38

    

Formula Net

Dressed Steers & Heifers:

Head count priced today:  41,400

Weighted avg. weight:       872 lbs.

Weighted avg. net price:   179.45

        

Cattle Slaughter under Federal Inspection:

Monday (est)                     116,000

Week ago (est)                  122,000

Year ago (act)                    118,000

Previous Day (est)

Steers & Heifers:  77,000

Cows & Bulls:        24,000

                                                                                                              

Boxed Beef:

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

Cutout Values:

Choice: 224.36… +16.22

Select:  216.71… +14.73

Choice/Select Spread: 7.65

Total Load Count: 298

Record gains today for boxed beef, the result of consumer reaction to the Coronavirus threat.  The downside is that consumers buying a month's supply of beef today won't be buying beef again for several weeks.

    

Cutter Cow Cutout:

174.60… -0.05

   

CME Feeder Cattle Index for March 13th:

124.67… -3.24

   

Futures…

Live Cattle:

April: 91.85… -3.72

June: 85.25… -4.50

August: 85.07… -4.10

   

Feeder Cattle:

March: 108.50… -4.50

April: 108.10… -4.50

May: 109.97… -4.50

     

April Hogs: 53.97… -2.40

April Crude Oil: 28.70… -3.03

   

May Corn: 3.5475… -0.1100

May Soybeans: 8.2175… -0.2700

May Wheat: 4.9800… -0.0800

   

Grain Cash Bids:

Kansas City Corn: 3.66… -0.11

Kansas City Soybeans: 8.17… -0.27

Kansas City Wheat: 4.91… -0.08

   

Financial Markets:

DJIA: 20,186.72… -2,998.90

S & P 500: 2,386.11… -324.91

NASDAQ: 6,904.59… -970.29

U.S. Dollar Index: 98.05… -0.70