Texas Daily Ag Market News Summary

Posted 3 years 184 days ago ago by Administrator Account

Daily Market Summary for April 25th

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Slaughter Cattle:

Thus far Wednesday, negotiated cash trade was mostly inactive on light demand in all feeding regions. 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: 2,472    Week Ago: 7,832    Year Ago: 4,489


Formula Net - Dressed Steers & Heifers

Head count priced today: 13,100
Weighted avg weight:       851.00
Weighted avg net price:    192.70


Alberta Beef Producers Daily Report:

Alberta direct cattle sales Tuesday saw no new trade to report but there is a chance scattered trade could develop by this afternoon. Technical price levels are unchanged since Monday. A lot of the early placed fed calves have break evens in the upper 150's. One could argue feeding margins are very thin on the cattle that are presently being marketed. 


Livestock Slaughter under Federal Inspection:

                               CATTLE    CALVES   HOGS       SHEEP
Wednesday (est      118,000    2,000      465,000      8,000
Week ago (est)       119,000    2,000      462,000      7,000
Year ago (act)          118,000    2,000      446,000      6,000
Week to date (est)  355,000    6,000   1,395,000    24,000
Week (est)               355,000    6,000   1,394,000    23,000
Last Year (act)         350,000    6,000   1,330,000    20,000


Boxed Beef: 

Boxed beef cutout values higher on moderate demand and offerings. Select and Choice rib, chuck, round, and loin cuts steady to firm. Beef trimmings generally steady on moderate demand and offerings.


Cutout Values...            Choice       Select
Current Cutout Values:    218.53       203.15
Change from prior day:     +0.88        +1.04  
Choice/Select spread:        15.38


Futures Summary: 

Live cattle futures settle the Wednesday session with gains of 27.5 to 82.5 cents. Feeder cattle futures were 75 cents to $1.20 higher. The CME feeder cattle index was up 12 cents on April 24 at $138.20. Wholesale boxed beef values were higher on Wednesday afternoon. Choice boxes were up 88 cents at $218.53, with Select boxes $1.04 higher at $203.15. Estimated FI cattle slaughter was 355,000 head through Wednesday. That is even with the previous week and up 5,000 head from the same week in 2017. This morning’s FCE online auction saw none of the 3,194 head sold, with feedlots passing on offers of $120.25 and $121.


CME Feeder Cattle Index: 138.21… +0.13
April Live Cattle Futures: 121.92… +0.82
June Live Cattle Futures: 105.57… +0.52
Aug Live Cattle Futures: 105.27… +0.35
April Feeder Cattle Futures: 139.85… +0.75
May Feeder Cattle Futures: 141.35… +1.20
August Feeder Cattle Futures: 147.42… +0.95
May Hog Futures: 68.55… +1.10


National Grain Market Summary:

Compared to yesterday, cash bids for grains were higher.  Markets gained support today from commercial and noncommercial buying interest.  Ethanol manufacturing for week ending April 20th dropped 24,000 barrels to 985,000 barrels per day with stocks at 21.7 million barrels.
May Corn Futures: 3.8650… +0.0525
May Soybean Futures: 10.2750… +0.0525
May Wheat Futures: 4.8625… +0.1375
Kansas City Corn: 3.81… +0.08
Kansas City Soybeans: 10.10… +0.05
Kansas City Wheat: 5.07… +0.14
Nearby Crude Oil Futures Contract: 68.05… +0.35
Dow Jones Industrial Average: 24,082.59… +58.46
NASDAQ: 7,003.74… (3.61)
U.S. Dollar Index: 91.19… +0.40