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Jul
13
2018

Texas Daily Ag Market News Summary

Posted 5 years 259 days ago by Administrator Account

Daily Market Summary for July 13th  

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 Friday negotiated cash trading has been inactive on very light demand in the Southern Plains, Nebraska and the Western Cornbelt. Not enough trades for a full market trend. The latest established market was last week, with live purchases in the Texas Panhandle mostly at 113.00. Last week in Kansas, live purchases traded mostly at 112.00 with a few up to 113.00. Last week in
Nebraska, the bulk of live purchases traded from 113.50-114.00 with dressed purchases mostly at 180.00. In the Western Cornbelt for the previous week, live purchases traded mostly at 112.00, with dressed purchases ranging from 175.00-180.00.

 

Negotiated Sales:

Confirmed: 3,700    Week Ago: 99,268    Year Ago: 4,397

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 20,200
Weighted avg weight:       845.00
Weighted avg net price:    178.79

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Thursday saw light trade develop with live sales ranging from 151.00-155.00. Prices were largely dependent on delivery dates. Most of the cattle that traded this week were being scheduled for the second half of July delivery. However, there were a few cattle booked for early August delivery. Cash to futures basis levels did strengthen this week. Cash to cash and cash to futures basis levels remain historically strong for this time of year.

 

Livestock Slaughter under Federal Inspection:

                                  CATTLE    CALVES    HOGS        SHEEP
Friday (est              118,000       2,000     438,000       6,000
Week ago (est)      119,000       2,000     451,000        7,000
Year ago (act)         115,000      2,000     406,000        7,000
Week to date (est)   597,000    10,000   2,249,000    36,000
Last Week (est)        474,000      8,000   1,840,000    31,000
Last Year (act)         586,000      9,000   2,165,000     37,000
 
Saturday (est            53,000        0                36,000         0
Week ago (est)         91,000        0              148,000        1,000
Year ago (act)           38,000        0                 32,000         0
Week to date (est) 650,000     10,000    2,285,000      36,000
Last Week (est)      565,000       8,000    1,988,000       32,000
Last Year* (act)      624,000       9,000    2,197,000       37,000
2018 YTD             17,278,000  282,000  64,819,000 1,061,000
2017 *YTD           16,767,000  264,000  63,044,000 1,028,000
Percent change        +3.0%     +6.8%        +2.8%       +3.2%

 

Boxed Beef: 

Boxed beef cutout values sharply lower on Choice and weak on Select on light to moderate demand and offerings. Select and Choice rib and round cuts steady to weak while chuck cuts weak to lower. Choice loin cuts lower while Select firm. Beef trimmings not fully established.  All beef export sales in the week of 7/5 rose to 16,226 MT, with shipments shown at 15,285 MT. The USDA showed total US beef consumption in 2018 up 25 million pounds to 27.15 billion in their months S&D update.

 

Cutout Values...              Choice       Select
Current Cutout Values:  204.14      196.37
Change from prior day:    -2.44         -0.64
Choice/Select spread:        7.77

 

Futures Summary: 

 

CME Feeder Cattle Index: 148.16… +1.00
August Live Cattle Futures: 104.55… -0.47
October Live Cattle Futures: 107.37… -0.23
December Live Cattle Futures: 111.40… -0.17
August Feeder Cattle Futures: 150.72… -0.30
September Feeder Cattle Futures: 151.07… +0.10
November Feeder Cattle Futures: 151.35… +0.08
August Hog Futures: 70.15… -0.27

 

National Grain Market Summary:

Compared to last week, cash bids for wheat were mixed, corn and sorghum were mixed, while soybeans were lower.  On Tuesday the US proposed another $200 billion worth of tariffs against China, setting a bearish tone early in the week. On Thursday, USDA released the most recent WASDE reports lending some support back to grain markets.  These new reports put US ending stocks for old crop corn at 1.552 billion bushels and new crop at 2.027 billion bushels, old crop soybeans estimated at 465 million bushels with new crop totaling 580 million bushels. New US ending stocks could be viewed as bullish for corn and neutral for soybeans. Updated average yield estimates show soybeans increased to 48.5 bushels per acre, and corn yield was unchanged at 174 bushels per acre.  Wheat was mixed from 24 cents lower to 18 cents higher.  Corn was mixed from 6 1/2 cents lower to 15 1/2 cents higher.  Sorghum was mixed from 12 cents lower to 46 cents higher.  Soybeans were 3 1/2 to 8 1/2 cents lower.
 
September Corn Futures: 3.4125… -0.0450
August Soybean Futures: 8.1875… -0.1500
September Wheat Futures: 4.9700… +0.1250
Kansas City Corn: 3.46… -0.03
Kansas City Soybeans: 8.14… -0.12
Kansas City Wheat: 5.22… +0.11
 
Nearby Crude Oil Futures Contract: 71.01… +0.68
Dow Jones Industrial Average: 25,019.41… +94.52
NASDAQ: 7,825.98… +2.06
U.S. Dollar Index: 94.72… -0.11





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