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Aug
08
2018

Texas Daily Ag Market News Summary

Posted 5 years 255 days ago by Administrator Account

Daily Market Summary for August 8th

The Daily Market News Report bought to you by The Cattle Range. Please visit https://cattlerange.com/cattle-market-reports-analysis/daily-summary/ for more information!

Slaughter Cattle:

Thus far Wednesday, negotiated cash trade was limited on light demand in Nebraska with a few early purchases at 112.00 and 179.00 respectively, however not enough for an adequate market test. Trade was mostly inactive on light demand in all other feeding regions. The latest established market in the Southern Plains and Colorado was last week, with live purchases at 114.00. In Nebraska last week, live purchases traded from 113.00-114.00 with the bulk of dressed purchases at 178.00, with a few up to 180.00. For the previous week in the Western Cornbelt for the previous week, the bulk of live purchases traded at 112.00, with a few up to 114.00. The bulk of dressed purchases last week, traded at 178.00 with a few up to 181.00.

Negotiated Sales:

Confirmed: 2,872 Week Ago: 1,040 Year Ago: 64,194

Formula Net - Dressed Steers & Heifers

Head count priced today: 19,900

Weighted avg weight: 858.00

Weighted avg net price: 180.95

Alberta Beef Producers Daily Report:

Alberta direct cattle sale Tuesday saw no new trade to report. This week's showlist has been compiled with volumes steady with the previous week. Technical price levels are unchanged from Monday. For the week ending July 28th western Canadian fed slaughter totaled just over 44,000 head, this is the second consecutive week slaughter volumes have been below year ago levels. Last week on a cash to cash basis Alberta fed prices moved to a slight discount against the Nebraska market.

Livestock Slaughter under Federal Inspection:

CATTLE CALVES HOGS SHEEP

Wednesday (est 120,000 2,000 462,000 7,000

Week ago (est) 120,000 2,000 459,000 7,000

Year ago (act) 116,000 2,000 449,000 7,000

Week to date (est) 357,000 6,000 1,310,000 23,000

Last Week (est) 352,000 6,000 1,343,000 23,000

Last Year (act) 351,000 6,000 1,280,000 23,000

Boxed Beef:

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

Cutout Values... Choice Select

Current Cutout Values: 205.73 198.86

Change from prior day: +0.24 +0.35

Choice/Select spread: 6.87

Futures Summary:

CME Feeder Cattle Index: 150.56… +0.50

August Live Cattle Futures: 109.82… -0.25

October Live Cattle Futures: 111.00… +0.08

December Live Cattle Futures: 114.52… +0.15

August Feeder Cattle Futures: 150.65… +0.80

September Feeder Cattle Futures: 149.75… +1.03

November Feeder Cattle Futures: 149.97… +0.47

September Hog Futures: 48.40… -1.57

Nearby Crude Oil Futures Contract: 66.94… -2.23

National Grain Market Summary:

Compared to yesterday, cash bids for wheat, soybeans, and sorghum were mostly higher, while corn was mixed. China has started to buy a large volume of soybeans from Canada. This is interesting, as at the same time, Canada has been buying soybeans from the United States. It is not out of the question Canada has been buying undervalued soybeans from the U.S. and loading them out to China. In grains, the issue for wheat this season is not so much that total world supplies will be tight, but that exportable supplies of world wheat will be significantly lower and that could eventually show up as higher exports for the U.S.