Feb 28 2019

Texas Daily Ag Market News Summary Posted 5 years 51 days ago by

Daily Market Summary for February 28th  

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 Thursday, trade was mostly inactive on light demand in all major feeding regions. Not enough purchases for a market trend. Last week in Kansas, live purchases traded at 126.00 on a light test. For the prior week in the Northern Plains, live purchases traded mostly at 126.50 with dressed purchases in Nebraska at 202.00. For the previous week in the Western Cornbelt, live purchases traded from 124.50-128.00 with dressed purchases at 202.00. The latest established market in the Texas Panhandle was two weeks with live purchases at 125.00.

 

Negotiated Sales:

Confirmed: 329 --- Week Ago: 154 --- Year Ago: 13,392

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 18,700

Weighted avg weight:             843

Weighted avg net price:    201.01

   

Alberta Beef Producers Daily Report:

Alberta direct cattle sales Wednesday saw no new trade to report. Dressed bids have been reported at 253.00 delivered. Bids are 3.00-6.00 higher than the previous week. No live bids have been reported however using a 60% dressing percentage, dressed bids are working back to the low 150's on a live basis. One would have to argue packers are seeing good value in the cattle. There seems to be a little more competition in the cash market compared to the past couple of weeks.

  

Livestock Slaughter under Federal Inspection:                                  

                                  Cattle        Calves    Hogs          Sheep

Thursday (est          118,000     3,000      476,000      7,000

Week ago (est)        114,000     3,000      475,000       7,000

Year ago (act)          118,000     1,000      465,000      8,000

Week to date (est)   469,000   10,000   1,786,000    30,000

Last Week (est)       436,000   10,000   1,890,000    30,000

Last Year (act)         469,000     7,000   1,839,000    31,000

Previous Day (Estimated)     Steers & Heifers     Cows & Bulls

                        Wednesday           93,000                   26,000

 

 

Boxed Beef: 

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

Cutout Values...                 Choice     Select

Current Cutout Values:     219.95     215.27

Change from prior day:       +0.49       +2.48

Choice/Select spread:           4.68

Total Load Count (Cuts, Trimmings, Grinds): 136

 

Cutter Cow Cutout: 165.54… +0.66

 

CME Feeder Cattle Index: 139.94… -0.52

 

Futures

Live Cattle:

February: 129.95… +0.55

April: 129.85… -0.07

June: 120.15… Unchanged

Feeder Cattle:

March: 142.87… -1.00

April: 146.15… -1.07

May: 147.25… -1.02

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April Hogs: 55.87… +0.27

April Crude Oil: 57.22… +0.28

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March Corn: 3.6200… -0.0175

March Soybeans: 8.9750… -0.0600

March Wheat: 4.5250… -0.0850

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Grain Cash Bids:

Kansas City Corn: 3.59… -0.01

Kansas City Soybeans: 8.59… -0.06

Kansas City Wheat: 4.28… -0.08

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Financial Markets:

Dow Jones Industrial Average: 25,916.00… -69.16

S & P 500: 2,784.49… -7.89

NASDAQ: 7,532.53… -21.98

U.S. Dollar Index: 96.19… +0.08

Cotton (www.ams.usda.gov): 

March Cotton Futures: 71.74… +0.55

Milk (www.cmegroup.com): 

March Class III Milk Futures: 15.24… -0.07