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Nov
08
2018

Texas Daily Ag Market News Summary

Posted 5 years 142 days ago by Administrator Account

Daily Market Summary for November 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:  

Thursday trade was light on light to moderate demand in Nebraska and the Western Cornbelt. Early dressed purchases in both regions for the week have traded steady at 180.00. Trade was mostly inactive on light demand in all other feeding regions. The latest established market in the Southern Plains was last week with live purchases at 116.00. In Nebraska for the prior week live purchases traded from 114.00-116.00. For the previous week in Colorado live purchases traded from 115.00-116.00. Last week in the Western Cornbelt live cash purchases traded mostly at 114.00.

 

Negotiated Sales:

Confirmed: 4,269    Week Ago: 6,630    Year Ago: 8,090

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 28,700
Weighted avg weight:        897.00
Weighted avg net price:    185.21

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Tuesday saw no new trade to report but dressed bids have been reported at 248.00 delivered. Bids are fully steady with the previous week. No live bids have been reported however using a 60% dressing percentage, dressed bids are working back to the upper 140's/cwt on a live basis.

 

Livestock Slaughter under Federal Inspection:                                  

                                   Cattle        Calves    Hogs         Sheep
Thursday (est         116,000     2,000      473,000      7,000
Week ago (est)       120,000     2,000      475,000      8,000
Year ago (act)         116,000     2,000      462,000      8,000
Week to date (est) 473,000    8,000   1,898,000    31,000
Last Week (est)      472,000    8,000   1,883,000    29,000
Last Year (act)         468,000    8,000   1,846,000    32,000

 

Boxed Beef: 

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

  

Cutout Values...              Choice       Select
Current Cutout Values:    216.07     199.11
Change from prior day:       -2.15       -2.66
Choice/Select spread:       +16.96

 

Futures: 

December Live Cattle Futures: 116.55… +0.45
February Live Cattle Futures: 119.87… +0.27
April Live Cattle Futures: 121.87… +0.55
November Feeder Cattle Futures: 150.17… +0.25
January Feeder Cattle Futures: 146.27… +0.45
March Feeder Cattle Futures: 144.47… +0.30
   
CME Feeder Cattle Index: 152.23… -0.65
December Hog Futures: 55.62… +0.10
Nearby Crude Oil Futures Contract: 60.67… -1.00

 

National Grain Market Summary:

Compared to Wednesday, cash bids for sorghum was higher; corn and soybeans were mixed and wheat was mostly lower.  USDA's WASDE report reported a lower corn production forecast than reported last month.  Corn Production for 2018 is forecast at 14.6 billion bushels (bb), down 1 percent from the October forecast. Based on November 1 data, yields are expected to average 178.9 bushels per acre (bpa), down 1.8 bpa from the October forecast.  If realized, this will be the highest yield and second highest production on record in the United States. Soybean production is forecast at a record 4.60 bb, down 2 percent from the October forecast.  Yields are expected to average 52.1 bpa, down 1.0 bpa from last month.
   
December Corn Futures: 3.7350… +0.0125
November Soybean Futures: 8.6750… -0.0025
December Wheat Futures: 5.0775… -0.0250
Kansas City Corn: 3.68… +0.01
Kansas City Soybeans: 8.41… +0.09
Kansas City Wheat: 5.07… -0.05

 

Financial Markets: 

Dow Jones Industrial Average: 26,191.42… +11.12
S & P 500: 2,806.85… -7.04
NASDAQ: 7,530.89… -39.86
U.S. Dollar Index: 96.68… +0.52


Cotton
(www.ams.usda.gov): 

December Cotton Futures: 79.01… +0.05


Milk
(www.cmegroup.com): 

November Class III Milk Futures: 14.43… -0.03







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