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Jun
20
2018

Texas Daily Ag Market News Summary

Posted 5 years 305 days ago by Administrator Account

Daily Market Summary for June 20th

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 for Wednesday trading in the Southern Plains has been at a standstill. In Nebraska and the Western Cornbelt trading has been inactive on very light demand. Not enough trades for a market trend in any feeding region. For the prior week a light test of live and dressed trades was noted in all feeding regions. Last week in the Southern Plains live cash trades were from 112.00-113.00. In Nebraska for the prior week live cash trades were mostly at 110.00 and dressed trades were from 176.00-181.00. For previous week in the Western Cornbelt live cash trades were from 110.00-112.00 and dressed trades were from 176.00-181.00.

The Fed Cattle Exchange On-Line Auction offered 2125 head on Wednesday w/ 1,469 head sold for 1-9 Day Delivery @ $110 per cwt.

Negotiated Sales:

Confirmed: 1,915 Week Ago: 9,353 Year Ago: 31,486

Formula Net - Dressed Steers & Heifers

Head count priced today: 15,100

Weighted avg weight: 838.00

Weighted avg net price: 184.08

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. Strengthening live cattle futures and the softer Canadian dollar technical prices levels have improved from the beginning of the week. Trading 107 points higher this morning the August live cattle contract is trading at the highest point since March 19th.

Livestock Slaughter under Federal Inspection:

CATTLE CALVES HOGS SHEEP

Wednesday (est 119,000 2,000 443,000 7,000

Week ago (est) 114,000 2,000 446,000 8,000

Year ago (act) 117,000 2,000 437,000 8,000

Week to date (est) 357,000 6,000 1,306,000 24,000

Last Week (est) 352,000 6,000 1,339,000 24,000

Last Year (act) 352,000 6,000 1,298,000 24,000

Boxed Beef:

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

Cutout Values... Choice Select

Current Cutout Values: 218.29 201.05

Change from prior day: -1.41 -1.25

Choice/Select spread: 17.24

Futures Summary:

Live cattle futures finished with 20 to 80 cent gains in the front months on Wednesday, with a few back months lower. Feeder cattle futures were slightly higher, with nearby Aug down 20 cents. The CME feeder cattle index was down 7 cents from the previous day on June 18 at $141.41. Wholesale boxed beef values were lower again on Wednesday afternoon. Choice boxes were down $1.41 to $218.29, with Select boxes $1.25 lower at $201.05. Estimated FI cattle slaughter was shown at 357,000 head through Wednesday by the USDA. That is 5,000 head above last week and the same time last year. Wednesday’s FCE online auction sold 1,469 of the total 2,125 head offered at an average price of $110. A Reuters survey shows expectations ahead of Friday’s Cattle on Feed report (released at 2:00 p.m. CDT) are for May marketing to be up 5.1% from last year at 2.051 million head.

CME Feeder Cattle Index: 141.41… -0.07

June Live Cattle Futures: 109.02… +0.50

August Live Cattle Futures: 106.65… +0.23

October Live Cattle Futures: 109.27… +0.77

August Feeder Cattle Futures: 149.42… -0.20

September Feeder Cattle Futures: 149.95… +0.05

November Feeder Cattle Futures: 149.62… +0.22

July Hog Futures: 80.02… -1.85

National Grain Market Summary:

Compared to yesterday, cash bids for wheat, soybeans, and corn were mixed, while sorghum was higher. Most market factors continue to look bearish for corn with beneficial rains covering the bulk of the Corn Belt and protecting crops from occasional surges into the 90s. As contentious as things currently are, China is still likely to need U.S. soybeans this fall after Brazil's exports taper off -- a point that brings us back to weather, which is currently favorable in the U.S. The winter wheat harvest in southern Nebraska and Kansas may have to wait a few days after locally heavy rains came through overnight, but otherwise all wheat crops look pretty good outside of the drought in the southwestern Plains