Aug 13 2019

Texas Daily Ag Market News Summary Posted 4 years 254 days ago by Administrator Account

Daily Market Summary for August 13th

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

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With downward velocity reminiscent of the ‘Mad Cow’ event of 2003, cattle futures plunged down the limit+ again today as the market continues to assess the negative implications of slaughter cattle supplies exceeding processing capacity, due to the weekend fire at Tyson’s processing facility near Garden City KS.  The immediate result is sharply lower cattle prices and surging prices for beef, conditions that will be amazingly profitable for the packing industry who are offering as much as $5.00 per cwt. less for slaughter cattle this week than on Friday.  Since Monday morning, the Choice Boxed Beef Cutout has gained nearly $10 per cwt.

 

Slaughter Cattle:

As of 3:00 PM Tuesday negotiated cash trade was mostly inactive on light demand in all feeding regions. The latest established market was last week with live purchases in the Southern Plains at 110.00. In Nebraska last week, live purchases traded mostly at 113.00 with dressed purchases from 180.00-185.00. For the previous week in the Western Cornbelt, live purchases traded from 113.00-115.00 with dressed purchases from 180.00-181.00.

   

Negotiated Sales:

Confirmed: 292 --- Week Ago: 5,228 --- Year Ago: 6,309

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 19,000

Weighted avg weight:             862

Weighted avg net price:    182.81

  

Alberta Beef Producers Daily Report: Alberta CA

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. Furthermore, this is one of the largest showlist volumes seen this year. Last week on a cash to cash basis Alberta fed prices were at a 3.00 discount against the Nebraska market.

    

Livestock Slaughter under Federal Inspection:                                 

                                   Cattle       Calves     Hogs          Sheep

Tuesday (est            116,000    2,000     480,000      9,000

Week ago (est)        118,000    2,000     477,000      8,000

Year ago (act)          119,000    2,000     470,000      8,000

Week to date (est)   231,000    4,000     938,000    18,000

Last Week (est)        237,000    4,000     904,000    16,000

Last Year (act)          236,000    4,000     937,000    17,000

Previous Day Estimated   Steers & Heifers --- Cows & Bulls               

                          Monday           92,000                     23,000       

                                

Boxed Beef:

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

 

Cutout Values...                 Choice     Select

Current Cutout Values:     226.36     200.26

Change from prior day:       +7.74       +2.79

Choice/Select spread:          25.78

Total Load Count (Cuts, Trimmings, Grinds): 173

 

Cutter Cow Cutout: 174.39… +0.04

 

CME Feeder Cattle Index: 140.08… -1.02

 

Futures…

Live Cattle:

August: 100.55… -4.50

October: 99.25… -4.50

December: 103.95… -4.50

Feeder Cattle:

August: 127.72… -6.68

September: 127.20… -6.75

October: 127.55… -6.20

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September Hogs: 64.57… -2.50

September Crude Oil: 57.10… +2.17

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September Corn: 3.6600… -0.1925

September Soybeans: 8.7625… +0.0950

September Wheat: 4.7200… +0.0025

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Grain Cash Bids:

Kansas City Corn: 3.80… -0.19

Kansas City Soybeans: 8.34… +0.10

Kansas City Wheat: 4.67… Unchanged

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Financial Markets:

Dow Jones Industrial Average: 26,279.91… +372.54

S & P 500: 2,926.33… +43.64

NASDAQ: 8,016.36… +152.95

U.S. Dollar Index: 97.82… +0.44