Texas Daily Ag Market News Summary

Posted 3 years 178 days ago ago by Administrator Account

Daily Market Summary for May 1st

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Slaughter Cattle:
Tuesday trading has been very limited on very light demand In Kansas, Northern Plains and Western Cornbelt. In the Texas Panhandle trading has been at a standstill. Not enough trades for a market trend. Last week in the Southern Plains live cash trades moved from 121.00-124.00, mostly at 124.00. For the prior week in Nebraska live cash trades moved from 120.00-126.50, mostly at 126.00 and dressed trades moved from 192.00-199.00, mostly 195.00-198.00. In Colorado live cash trades moved from 118.00-126.50. For the previous week in the Western Cornbelt live cash trades moved from 123.00-126.00 and dressed trades moved from 193.00-198.00, mostly from 195.00-197.00.


Negotiated Sales:

Confirmed: 4,029    Week Ago: 2,941    Year Ago: 156


Formula Net - Dressed Steers & Heifers

Head count priced today: 14,400
Weighted avg weight:       823.00
Weighted avg net price:   195.22


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 smaller than the previous week. Cash to futures basis levels historically strengthen from April to May. Furthermore May is traditionally the strongest basis month of the entire calendar year. Even though basis levels historically strengthen, fed prices usually don't rally from April to May. Over the past thirty years fed prices have only rallied from April to May six times.


Livestock Slaughter under Federal Inspection:

                                 CATTLE    CALVES   HOGS       SHEEP
 Tuesday (est            118,000    2,000     466,000     7,000
Week ago (est)        120,000    2,000     466,000     9,000
Year ago (act)          115,000    2,000     420,000     7,000
Week to date (est) 236,000    4,000     924,000    14,000
Last Week (est)       237,000    4,000     930,000    16,000
Last Year (act)         221,000    4,000     835,000    14,000


Boxed Beef: 

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


Cutout Values...             Choice       Select
Current Cutout Values:    226.43       207.09
Change from prior day:      +2.01       +2.30  
Choice/Select spread:        19.34


Futures Summary: 

Live cattle futures settled the day with most contracts 27.5 to 70 cents lower. Feeder cattle futures were down $1.50 to $2.725 on Tuesday. The CME feeder cattle index was down 4 cents on April 30 at $139.27. Wholesale boxed beef values were higher on Tuesday afternoon. Choice boxes were up $2.01 at $226.43, with Select boxes $2.30 higher at $207.09. Estimated weekly FI cattle slaughter through Tuesday was 236,000 head, down 1,000 head from last week but 15,000 larger than the same week in 2017.
CME Feeder Cattle Index: 139.27… (0.04)
June Live Cattle Futures: 105.82… (0.28)
August Live Cattle Futures: 104.07… (0.45)
October Live Cattle Futures: 107.07… (0.38)
May Feeder Cattle Futures: 137.90… (2.27)
August Feeder Cattle Futures: 143.47… (2.73)
September Feeder Cattle Futures: 144.52… (1.85)
May Hog Futures: 67.45… +1.15


National Grain Market Summary:

Compared to last week, cash bids for wheat and soybeans were higher, corn was mixed, and sorghum was not quoted today.  Corn planting may be difficult the next few days due to severe weather from the southwestern Plains into the central Midwest, but overall progress should continue with soils gradually warming.  Currently, both July and November soybeans are staying below their April highs, showing some caution ahead of Thursday when U.S. and Chinese officials meet to discuss trade differences.  With China's proposed 25% tariff on U.S. soybeans on the table, this week's talks could have market-making news or end in disappointment.  Wheat was the big gainer, taking support from drought in Australia that is going to cut production, and in turn mean less competition for not just U.S. wheat but corn as well.


July Corn Futures: 4.0575… +0.0500
July Soybean Futures: 10.5325… +0.0475
July Wheat Futures: 5.2925… +0.1875
Kansas City Corn: 3.92… +0.05
Kansas City Soybeans: 10.28… +0.05
Kansas City Wheat: 5.34… +0.16
Nearby Crude Oil Futures Contract: 67.25… (1.32)
Dow Jones Industrial Average: 24,096.64… (66.51)
NASDAQ: 7,130.70… +64.43
U.S. Dollar Index: 92.48… +0.67