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Apr
24
2018

Texas Daily Ag Market News Summary

Posted 3 years 185 days ago ago by Administrator Account

Daily Market Summary for April 24th

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

Slaughter Cattle:
Thus far Tuesday, negotiated cash trade was mostly inactive on light demand in all feeding regions. A very limited amount of live purchases traded in Kansas at 121.00, however not enough purchases in any feeding region for and adequate market test. The latest established market was last week with live purchases in the Texas Panhandle mostly at 121.00. In Kansas last week, live purchases traded at 122.00. In the Northern Plains last week, live purchases ranged from 119.00-124.00 with dressed purchases in Nebraska at 195.00. In the Western Cornbelt for the previous week, live purchases traded from 122.00-125.00 with dressed purchases at 195.00.

 

Negotiated Sales:

Confirmed: 2,941    Week Ago: 172    Year Ago: 131

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 17,900
Weighted avg weight:       847.00
Weighted avg net price:   189.89

 

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 steady with the previous week. Alberta fed prices continue to trade at a premium to both the Ontario and US markets. With more fed calves starting to enter the slaughter mix carcass weights have started to seasonally decline. Since the end of March steer carcass weights have dropped 29 lbs.

 

Livestock Slaughter under Federal Inspection:

                               CATTLE    CALVES   HOGS       SHEEP
Tuesday (est            120,000    2,000     466,000     9,000
Week ago (est)       120,000    2,000     468,000      9,000
Year ago (act)         117,000    2,000     441,000      7,000
Week to date (est) 237,000    4,000     930,000    16,000
Last Week (est)      236,000    4,000     932,000    16,000
Last Year (act)        232,000    4,000     884,000    14,000

 

Boxed Beef: 

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

 

Cutout Values...        Choice       Select

Current Cutout Values:    217.65       202.11
Change from prior day:      +2.54         +0.39  
Choice/Select spread:        15.54

 

Futures Summary: 

Live cattle futures were mixed on Tuesday, with contracts 15 to 65 cents lower, as May was up 17.5 cents. Feeder cattle futures were also mixed, with most contracts lower and nearby April up 7.5 cents. The CME feeder cattle index was down 5 cents on April 23 at $138.08. Wholesale boxed beef values were higher on Tuesday afternoon. Choice boxes were up $2.54 at $217.65, with Select boxes 39 cents higher at $202.11. Estimated FI cattle slaughter was 237,000 head through Tuesday. That is 1,000 more than the previous week and up 5,000 head from the same week in 2017.
 
CME Feeder Cattle Index: 138.08… (0.05)
April Live Cattle Futures: 121.10… (0.62)
June Live Cattle Futures: 105.05… +0.18
Aug Live Cattle Futures: 104.92… (0.15)
April Feeder Cattle Futures: 139.10… +0.08
May Feeder Cattle Futures: 140.15… (0.45)
August Feeder Cattle Futures: 146.47… (0.65)
May Hog Futures: 67.45… (0.55)

 

National Grain Market Summary:

Compared to yesterday, cash bids for grains were higher.  USDA said current corn plantings totaled 5%, down from the five-year average for this time of year at 14%. This number may improve with the seven-day forecast showing warmer dry conditions to come.
May Corn Futures: 3.8125… +0.0275
May Soybean Futures: 10.2225… +0.0150
May Wheat Futures: 4.7250… +0.1100
Kansas City Corn: 3.73… +0.03
Kansas City Soybeans: 10.05… +0.01
Kansas City Wheat: 4.93… +0.09

 

Nearby Crude Oil Futures Contract: 67.70… (0.94)
Dow Jones Industrial Average: 24,025.37… (423.32)
NASDAQ: 7,007.35… (121.25)
U.S. Dollar Index: 90.75… (0.19)