May 31 2019

Texas Daily Ag Market News Summary Posted 4 years 325 days ago by Administrator Account

Daily Market Summary for May 31^st

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 all feeding regions. Not enough purchases in any feeding regions for an adequate market test. The latest established market was on Thursday with live purchases in the Southern Plains at 115.00. On Thursday in Nebraska live purchases traded at 116.00 with dressed purchases mostly at 186.00. In the Western Cornbelt on Thursday live purchases traded from 115.00-118.00, bulk from 116.00-117.00. Dressed purchases traded from 185.00-187.00.

   

Negotiated Sales:

Confirmed: 12,437 --- Week Ago: 2,244 --- Year Ago: 13,480

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 25,300

Weighted avg weight:            850

Weighted avg net price:    187.07

  

Alberta Beef Producers Daily Report: Alberta CA

Alberta direct cattle sales Thursday saw light trade develop with dressed sales reported at 245.00 delivered. Sales are fully steady with prices seen on Wednesday and are steady to 8.00 lower than last week. Most of the cattle that traded this week were being scheduled for the first half of July delivery. Cash to futures basis levels did weaken this week. With negative feeding margins producers are fighting the market by delaying markings and adding additional weight to their cattle.

 

Livestock Slaughter under Federal Inspection:                                 

                                   Cattle        Calves    Hogs          Sheep

Friday (est              121,000    2,000      471,000      7,000

Week ago (est)       119,000    2,000      403,000      8,000

Year ago (act)         120,000    3,000      451,000      6,000

Week to date (est) 489,000    8,000   1,879,000    33,000

Last Week (est)      596,000   10,000   2,285,000    44,000

Last Year (act)        479,000     9,000   1,811,000    33,000

Saturday (est            93,000        0          249,000      1,000

Week ago (est)         45,000        0            40,000         0

Year ago (act)         105,000        0          223,000         0

Week to date (est)  582,000    8,000    2,128,000    34,000

Last Week (est)      641,000    10,000    2,325,000    44,000

Last Year* (act)     585,000      9,000    2,034,000     33,000

2019 YTD           13,582,000  232,000  52,791,000   868,000

2018 *YTD         13,447,000  223,000  51,665,000   840,000

Percent change     +1.0%       +4.2%         +2.2%      +3.3%

Previous day estimated       Steers & Heifers   Cows & Bulls

                      Thursday              97,000                25,000

 

Boxed Beef:

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

 

Cutout Values...                 Choice     Select

Current Cutout Values:     223.21    207.69

Change from prior day:        -0.37       -1.18

Choice/Select spread:          15.52

Total Load Count (Cuts, Trimmings, Grinds): 112

 

Cutter Cow Cutout: 173.54… +0.19

 

CME Feeder Cattle Index: 132.47… -2.40

 

Futures…

Live Cattle:

June: 108.47… -1.60

August: 103.07… -1.98

October: 103.90… -1.77

Feeder Cattle:

August: 133.12… -5.10

September: 134.07… -4.45

October: 134.52… -3.83

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June Hogs: 81.72… -1.95

July Crude Oil: 53.50… -3.09

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July Corn: 4.2700… -0.0925

July Soybeans: 8.7775… -0.1125

July Wheat: 5.0300… -0.1150

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Cotton (www.ams.usda.gov)

July Cotton: 68.08… -1.26

Milk (www.cmegroup.com)

May Class III Milk: 16.38… +0.00

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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 24th totaled 1.057 million barrels per day, a 14,000 barrel decrease when compared to the week prior.  Ethanol stocks were at 22.62 mb this week, a decrease of 0.78 mb.  Monday's planting progress report for w/e 5/26/2019 revealed that planting pace for corn is now 32 percent behind a year ago and the 5 year average.  Notable states and their progress behind the 5 year average; Illinois-60 pct, Indiana-63 pct, Ohio-56 pct, Iowa-20 pct and Nebraska-13 pct.  Torrential Weather Events in the Midwest has been seen on numerous news stories nationwide this week.  Outbreaks of over 500 tornadoes nationwide in the month of May have been noted.  Flooding in the Missouri, Illinois and Mississippi River Basins will no doubt affect farmland throughout this growing season.  Soybean acres planted are 45 percent behind a year ago and 37 percent behind the 5 year average.

CORN:  Kansas City US No 2 rail White Corn was 26 1/2 to 37 3/4 cents higher from 4.24 1/2-4.47 3/4 per bushel.  Kansas City US No 2 truck Yellow Corn was 46 1/2 cents higher from 4.26 1/4-4.36 1/4 per bushel.  Omaha US No 2 Yellow Corn was 43 to 44 cents higher from 4.18-4.19 per bushel.  Chicago US No 2 Yellow Corn was 46 1/2 to 50 1/2 cents higher from 4.33 1/4-4.38 1/4 per bushel.  Toledo US No 2 rail Yellow corn was 45 1/2 to 48 1/2 cents higher from 4.28 1/4-4.31 1/4 per bushel.  Minneapolis US No 2 Yellow corn rail was not quoted.

WHEAT:  Kansas City US No 1 Hard Red Winter, ordinary protein rail bid was 58 ¾ cents higher from 5.94-6.04 per bushel.  Kansas City US No 2 Soft Red winter rail bid was not quoted.  St. Louis truck US No 2 Soft Red Winter terminal bid was 44 cents higher from 5.47-5.52 per bushel.  Minneapolis and Duluth US No 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, was 24 1/4 cents higher at 6.48 1/2 per bushel.  Portland US Soft White wheat rail was steady from 5.75-6.05 per bushel.

 

Grain Cash Bids:

Kansas City Corn: 4.22… -0.09

Kansas City Soybeans: 8.33… -0.09

Kansas City Wheat: 4.84… -0.11

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Financial Markets:

Dow Jones Industrial Average: 24,815.04… -355.84

S & P 500: 2,752.06… -36.80

NASDAQ: 7,453.15… -114.57

U.S. Dollar Index: 97.76… -0.38