May 17 2019

Texas Daily Ag Market News Summary Posted 4 years 339 days ago by Administrator Account

Daily Market Summary for May 17^th

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: 

As of 3:00 PM Friday, negotiated cash trading very limited with light demand in the Texas Panhandle, Nebraska and the Western Cornbelt. In Kansas negotiated cash trading has been at a standstill. Not enough trades in any feeding region for a market trend. In the Southern Plains the last reported market was on Wednesday with live cash trades ranging from 115.00-117.00. In Nebraska and the Western Cornbelt the last reported market was on Thursday. In Nebraska live and dressed cash trades moved at 117.00 and from 185.00-186.00, respectively. In the Western Cornbelt live and dressed cash trades moved from 116.00-118.00 and from 185.00-190.00, respectively.

 

Negotiated Sales:

Confirmed: 2,798 --- Week Ago: 4,343 --- Year Ago: 4,946

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 22,800

Weighted avg weight:             832

Weighted avg net price:    192.70

  

Alberta Beef Producers Daily Report: Alberta CA

Alberta direct cattle sales Thursday saw light trade develop with dressed sales reported at 250.00 FOB the feedlot. Sales are mostly steady with prices seen on Wednesday but are 7.00 to as much as 14.00 lower than last week. Buyers were indicating some of the cattle that they bought this week would not be lifted until. Selling pressure was evident this week. This week was one of the largest cash volumes seen over the past couple of years.

 

Livestock Slaughter under Federal Inspection:                                 

                                 Cattle        Calves     Hogs          Sheep

Friday (est               117,000      2,000        455,000     7,000

Week ago (est)       118,000      2,000        439,000     7,000

Year ago (act)         120,000      3,000        437,000     7,000

Week to date (est)  601,000    10,000     2,300,000    41,000

Last Week (est)       599,000    10,000     2,332,000    37,000

Last Year (act)         599,000    10,000     2,257,000    43,000

Saturday (est            59,000        0                 71,000         0

Week ago (est)         72,000        0                   9,000       1,000

Year ago (act)           70,000        0                 84,000       1,000

Week to date (est)  660,000     10,000    2,371,000     41,000

Last Week (est)       671,000     10,000    2,341,000     38,000

Last Year* (act)       668,000     11,000    2,339,000     44,000

2019 YTD               12,361,00   215,000  48,366,000   788,000

2018 *YTD             12,210,00   203,000  47,341,000   767,000

Percent change      +1.2%     +5.8%      +2.2%      +2.7%

 Previous day estimated       Steers & Heifers   Cows & Bulls

                          Thursday              95,000                   26,000

 

Boxed Beef:

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

 

Cutout Values...                 Choice     Select

Current Cutout Values:     220.31    208.28

Change from prior day:      +0.75      +0.40

Choice/Select spread:        12.03

Total Load Count (Cuts, Trimmings, Grinds): 109

 

Cutter Cow Cutout: 171.75… -0.86

 

CME Feeder Cattle Index: 132.76… +0.30

Futures…

Live Cattle:

June: 111.27… +0.80

August: 108.92… +0.97

October: 108.90… +1.00

Feeder Cattle:

August: 145.50… +2.18

September: 146.70… +2.48

October: 147.32… +2.47

---

June Hogs: 92.37… +0.15

June Crude Oil: 62.76… -0.11

---

July Corn: 3.8325… +0.0425

July Soybeans: 8.2175… -0.1800

July Wheat: 4.6500… -0.0200

---

Weekly National Grain Market Review:

Compared to last week, cash bids for wheat were mostly higher; corn, sorghum and soybeans were sharply higher.  Ethanol production for week ending May 10th totaled 1.051 million barrels per day, a 15,000 barrel increase when compared to the week prior.  Ethanol stocks were at 22.2 mb this week.  Monday's planting progress report for w/e 5/12/2019 revealed that planting pace for corn is now 29 percent behind a year ago and 36 percent behind the the 5 year average.  Soybean acres planted are 23 percent behind a year ago and 20 percent behind the 5 year average.  Days suitable for fieldwork have been less that desirable for a considerable amount of the US this spring.

Grain Cash Bids:

Kansas City Corn: 3.78… +0.01

Kansas City Soybeans: 7.84… -0.08

Kansas City Wheat: 4.45… -0.02

---

Financial Markets:

Dow Jones Industrial Average: 25,763.32… -99.36

S & P 500: 2,859.50… -16.82

NASDAQ: 7,816.28… -81.77

U.S. Dollar Index: 97.99… +0.13