Texas Daily Ag Market News Summary

Posted 3 years 8 days ago ago by Administrator Account

Daily Market Summary for Tuesday, April 10th:

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:  Tuesday trading has been at a standstill in the Southern Plains, Colorado and the Western 
Cornbelt. Thus far for Tuesday in Nebraska trading has been inactive on very light demand. Not enough trades for a market trend. Last week in the Texas Panhandle live cash trades were from 117.00-118.00. In Kansas live cash trades were mostly at 118.00. For the prior week in Nebraska live cash trades were from 114.00-119.00 and dressed trades were from 184.00-190.00. In Colorado last week a very light test of live cash trades were at 119.50. In the Western Cornbelt for the previous week saw live cash trades from 116.00-120.00 and dressed trades mostly at 188.00.

Negotiated Sales: Confirmed: 1,152   Week Ago: 13,208   Year Ago: 268 

Formula Purchases: Net - Dressed 
Head count priced today: 27,200 
Weighted avg weight:       847.00 
Weighted avg net price:   193.14

Alberta Beef Producers Daily Report:  Alberta direct cattle sales Monday saw no new trade to report, this week's showlist has been compiled with volumes larger than the previous week. Last week on a cash to cash basis Alberta fed prices were at a 7.00 premium compared to the Nebraska market. In terms of fed cattle supplies we are in a transition phase. Fall placed yearling supplies are dwindling and we are a couple weeks away from seeing fed calves hit the market. 

Livestock Slaughter under Federal Inspection
                             Cattle      Calves   Hogs        Sheep 
Tuesday  (est        119,000    2,000     451,000      9,000 
Week ago (est)     119,000     2,000     463,000      9,000 
Year ago (act)       112,000     2,000     441,000    11,000 
Week to date (est) 237,000    4,000     901,000    16,000 
Last Week (est)     221,000    4,000     781,000    16,000 
Last Year (act)       226,000    4,000     888,000    22,000

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

Cutout Values...            Choice        Select 
Current Cutout Values:    213.51         201.33 
Change from prior day:      -1.53            -1.81 
Choice/Select spread:       12.18

Futures Summary

April Live Cattle Futures: 112.80...+0.78

June Live Cattle Futures: 102.10... -0.40

August Live Cattle Futures: 102.30...-0.45

April Feeder Cattle Futures: 134.82...+0.37

May Feeder Cattle Futures: 135.27...-0.25

Aug Feeder Cattle Futures: 140.62...-0.43

CME Feeder Cattle Index: 134.81...+0.32

May Lean Hog Futures: 67.45...+0.13

National Grain Market Summary:  Compared to yesterday, cash bids for wheat and corn were mixed, soybeans were mostly higher, while sorghum was not quoted today.  Corn prices did not have much response after Tuesday's WASDE report, and the trend remains sideways for May corn, but up for December corn.  Brazil's soybean crop estimate was increased to a record high 115.0 mmt (4.23 bb) while Argentina's estimate was cut from 47.0 mmt to 40.0 mmt (1.47 bb).  Earlier in the day, Argentina also made news with a soybean purchase from the U.S. for the first time in 20 years. There won't be much spring wheat planting in April this year with snow still on the ground across the Northern Plains.  For now, the trends for all three wheats remain sideways.

Kansas City Corn: 3.75...-0.02

Kansas City Soybeans: 10.16...+0.03

Kansas City Wheat: 5.12...-0.01

May Corn Futures: 3.8925...-0.0150

May Soybean Futures: 10.5000...+0.0300

May Wheat Futures: 4.9200...+0.0125

Nearby Crude Oil Futures Contract: 65.51...+2.09

Dow Jones Industrial Average: 24,407.79...+428.69

NASDAQ: 7,094.30...+143.96

U.S. Dollar Index: 89.61...-0.21