Texas Daily Ag Market News Summary

Posted 3 years 20 days ago ago by Administrator Account

Daily Market Summary for Thursday, March 29th:

The Daily Market News Report bought to you by The Cattle Range. Please visit http://cattlerange.com/ex-static.htm for more information!

TCR's Weekly Current & Projected Feedyard Closeout

Slaughter Cattle:  Thursday in Nebraska trading has been limited on moderate demand. A few live cash 
trades moved from 121.00- 121.50 and a few dressed cash trades moved from 190.00-194.00. However, not enough in any price range for a full market trend. For the prior week in Nebraska live cash trades were mostly from 125.00-126.00 and dressed trades were from 200.00-203.00. So far for Thursday in the Southern Plains trading has been inactive on very light demand. Not enough trades for a market trend. Wednesday was the last fully reported market with live cash trades at 121.00. In Colorado and the Western Cornbelt for Thursday trading has been inactive on light demand. Not enough trades in any price range for a full market trend. For the previous week in Colorado live cash trades were mostly at 126.00. Last week in the Western Cornbelt live cash trades were mostly from 126.00-128.00 and dressed trades mostly from 200.00-204.00.

Negotiated Sales: Confirmed: 16,196   Week Ago: 2,098   Year Ago: 3,658

Formula Purchases: Net - Dressed 
Head count priced today: 26,300 
Weighted avg weight:       889.00 
Weighted avg net price:    204.96

Alberta Beef Producers Daily Report: Alberta direct cattle sales Wednesday saw light to moderate volume trade and prices around $3.00 lower than last weeks weighted average. A handful of dressed sales were reported at $268.00 delivered but the majority of sales were live at $160.00. Clean up trade is anticipated today but some of this weeks inventory will be carried over into next week.

Livestock Slaughter under Federal Inspection
                             Cattle      Calves   Hogs         Sheep 
Thursday  (est       118,000    2,000     464,000     8,000 
Week ago (est)      119,000    2,000     461,000     8,000 
Year ago (act)        112,000    2,000     439,000     7,000 
Week to date (est) 472,000    8,000   1,845,000    33,000 
Last Week (est)     473,000    8,000   1,839,000    33,000 
Last Year (act)       461,000    7,000   1,769,000    34,000

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

Cutout Values...            Choice        Select 
Current Cutout Values:    221.00         209.68 
Change from prior day:      -0.62            -1.95 
Choice/Select spread:       11.32

Futures Summary

April Live Cattle Futures: 113.75... -2.25

June Live Cattle Futures: 102.57... -3.00

August Live Cattle Futures: 101.47... -2.98

March Feeder Cattle Futures: 135.60... -0.37

April Feeder Cattle Futures: 133.32... -4.50

May Feeder Cattle Futures: 134.02... -4.48

CME Feeder Cattle Index: 136.21... -0.02

April Lean Hog Futures: 57.25...+0.33

National Grain Market Summary: Compared to yesterday, cash bids for corn, sorghum, and soybeans were higher, while wheat was mixed.  USDA estimated 2018 corn plantings at 88.0 million acres, down from 90.2 million a year ago and less than was expected.  While the planting estimate captured traders' attention, prices tended to ignore the 8.888 billion bushels of record corn stocks that USDA said the U.S. had on hand as of 
Mar. 1.  USDA estimated 2018 soybean plantings at a lower-than-expected 89.0 million acres.  As with corn, USDA's 2.107 billion bushels of U.S. soybean stocks on hand as of Mar. 1 was a new record high and more than expected.  USDA estimated 47.3 million acres of all wheat plantings, up from 46.0 million last year, but still near the lowest level in 100 years.

Kansas City Corn: 3.73...+0.14

Kansas City Soybeans: 10.02...+0.27

Kansas City Wheat: 4.57...+0.06

May Corn Futures: 3.8775...+0.1425

May Soybean Futures: 10.4475...+0.2675

May Wheat Futures: 4.5100...+0.0550

Nearby Crude Oil Futures Contract: 64.94...+0.56

Dow Jones Industrial Average: 24,158.95...+310.53

NASDAQ: 7.063.45...+114.22

U.S. Dollar Index: 90.14