Feb 22 2019

Texas Daily Ag Market News Summary Posted 5 years 54 days ago by Administrator Account

Daily Market Summary for February 22nd  

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!

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Slaughter Cattle:  

As of 3:00 PM Friday, negotiated cash trade was light on moderate demand in the Western Cornbelt. A few early purchases traded from 124.50-128.00 and 202.00 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 any feeding region was last week, with live purchases in the Southern Plains and Nebraska at 125.00. Dressed purchases in Nebraska traded at 200.00. Last week in the Western Cornbelt, live purchases ranged from 124.00-126.00 with dressed purchases from 199.00-200.00.

 

Negotiated Sales:

Confirmed: 7,141 --- Week Ago: 2,042 --- Year Ago: 11,330

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 19,800

Weighted avg weight:            840

Weighted avg net price:    199.11

 

Alberta Beef Producers Daily Report:

Alberta direct cattle sales so far this week have seen light trade develop with live sales reported at 147.00 FOB the feedlot, sales are 1.50 lower than last week's weighted average price. Dressed sales and bids have been reported from 245.00-250.00 delivered, sales and bids are 2.00-5.00 lower than last week. Cash to futures basis levels continue to weaken, basis levels are weaker than last week and weaker than the five-year average. Packers remain comfortably bought in front, cattle that were bought this week would not be lifted for 3-5 weeks. 

  

Livestock Slaughter under Federal Inspection:                                  

                                  Cattle       Calves     Hogs          Sheep

Friday (est                114,000    2,000       472,000      8,000

Week ago (est)        111,000    2,000       465,000      7,000

Year ago (act)          108,000    3,000       449,000      7,000

Week to date (est)  550,000   12,000   2,362,000    38,000

Last Week (est)       570,000   12,000   2,296,000    37,000

Last Year (act)         552,000   10,000   2,248,000    37,000

Saturday (est             27,000        0             150,000      1,000

Week ago (est)          26,000        0             218,000      1,000

Year ago (act)            23,000        0             144,000      2,000

Week to date (est)  577,000   12,000     2,512,000    39,000

Last Week (est)       596,000   12,000     2,514,000    38,000

Last Year* (act)       575,000   10,000     2,392,000    39,000

2019 YTD               4,710,000   90,000  19,299,000   289,000

2018 *YTD             4,743,000   83,000  18,857,000   285,000

Percent change          -0.7%        8.3%       2.3%          1.3%

Previous Day (Estimated)     Steers & Heifers     Cows & Bulls

                            Thursday            90,000                     24,000

 

Boxed Beef: 

Boxed beef cutout values higher on good demand and light offerings. Select and Choice rib, chuck, round, and loin cuts steady to firm. Beef trimmings mostly moderately to sharply lower on light demand and offerings.

Cutout Values...                 Choice     Select

Current Cutout Values:     219.39     212.35

Change from prior day:       +1.32       +0.94

Choice/Select spread:           7.04

Total Load Count (Cuts, Trimmings, Grinds):  82

 

Cutter Cow Cutout: 165.00… +0.65

 

CME Feeder Cattle Index: 141.31… +0.20

 

Futures

Live Cattle:

February: 128.67… +1.05

April: 128.87… +0.27

June: 119.47… +0.22

Feeder Cattle:

March: 142.90… -0.32

April: 145.30… -0.22

May: 146.85… -0.02

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April Hogs: 55.45… -0.50

April Crude Oil: 57.26… +0.30

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March Corn: 3.7525… -0.0025

March Soybeans: 9.1025… -0.0075

March Wheat: 4.8675… +0.0025

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Weekly National Grain Market Review:

Compared to last week, cash bids for wheat were lower, corn and soybeans were mostly higher and sorghum was mixed.  Export inspections for week ending February 14th totaled 37.1 million bushels of corn, 37.9 million bushels of soybeans and 13.1 million bushels of wheat.  Corn inspections are slightly above the necessary pace to meet the USDA forecast while soybeans and wheat lag behind.  Ethanol production for the week ending February 15th saw a 33,000 barrel per day decrease compared to the week prior, totaling 996,000 barrels per day.  Wheat was steady to 26 cents lower. Corn was 1 cents lower to 3 cents higher.  Sorghum was 8 cents lower to 3 cents higher.  Soybeans were 3 to 8 cents higher.

Grain Cash Bids:

Kansas City Corn: 3.73… Unchanged

Kansas City Soybeans: 8.70… +0.04

Kansas City Wheat: 4.62… Unchanged

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Financial Markets:

Dow Jones Industrial Average: 26,032.32… +181.69

S & P 500: 2,792.67… +17.79

NASDAQ: 7,527.55… +67.84

U.S. Dollar Index: 96.55… -0.05

Cotton (www.ams.usda.gov): 

March Cotton Futures: 71.84… -0.35

Milk (www.cmegroup.com): 

February Class III Milk Futures: 13.95… -0.05