Aug 30 2019

Texas Daily Ag Market News Summary Posted 4 years 239 days ago by Administrator Account

Daily Market Summary for August 30^th

The Daily Market News Report bought to you by The Cattle Range. Please visit their website for more information!

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From the perspective of Labor Day beef consumption, the Tyson fire could not have happened at a worse time.  On the day of the fire, the boxed beef choice cutout was at 216.37.  It spiked up to 241.74 the following week, an increase of nearly 12%.  It closed lower every day this past week and settled at 231.77 on Friday.  Unfortunately, a large portion of beef in retail meat cases for the Labor Day weekend will be the higher priced beef with many consumers opting to grill chicken or pork chops instead.

 

The year-to-date number of feeder cattle & stocker calves sold in auctions, direct sales, and video/Internet marketing is running over 500,000 head behind the same period in 2018. This is likely due to a combination of favorable pasture conditions, depressed prices, and buyers looking at fall futures being lower than current cash prices and waiting for the inevitable fall run of cattle.  Regardless of why, with increased calf crops in 2018 & 2019, larger than normal numbers of yearlings and calves will hit the market in the next 90 days.

 

Slaughter Cattle:

As of 3:00 PM Friday, trade was light to moderate on moderate demand in the Southern Plains. Compared to Thursday in the Southern Plains live purchases traded mostly steady at 103.00. Trade was light on light to moderate demand in Nebraska and the Western Cornbelt. In Nebraska a few live purchases traded from 104.00-105.00. However not enough purchases for an adequate market test in these feeding regions. On Thursday in Nebraska dressed purchases traded from 165.00-172.00 with live purchases from 104.00-106.00. On Thursday in the Western Cornbelt, dressed purchases mostly at 171.00 with live purchases ranging from 105.00-110.00.

   

Negotiated Sales:

Confirmed: 11,785 --- Week Ago: 34,466 --- Year Ago: 10,313

 

Formula Net - Dressed Steers & Heifers

Head count priced today: 23,500

Weighted avg weight:           847

Weighted avg net price:  171.71

  

Alberta Beef Producers Daily Report: Alberta CA

Alberta direct cattle sales Thursday light trade develop with dressed sales reported from 235.00-238.00 delivered. Sales are 1.00-4.00 lower than prices seen on Wednesday and 1.00-2.00 lower than the previous week. Buyers were indicating cattle that they bought this week would not be lifted for 3-4 weeks. Using a 106.00 Nebraska price, Alberta fed prices are trading par to a slight premium against the Nebraska market.   

    

Livestock Slaughter under Federal Inspection:                                 

                                  Cattle       Calves     Hogs          Sheep

Friday (est                115,000     2,000      473,000      5,000

Week ago (est)        115,000     2,000      476,000      5,000

Year ago (act)          119,000     3,000      455,000      6,000

Week to date (est) 580,000   10,000   2,379,000    36,000

Last Week (est)       577,000   10,000   2,402,000    36,000

Last Year (act)         597,000   11,000   2,317,000    34,000

Previous Day Estimated   Steers & Heifers --- Cows & Bulls   

                        Thursday            91,000                     25,000          

                                 

Boxed Beef:

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

 

Cutout Values...                 Choice     Select

Current Cutout Values:     231.77     212.27

Change from prior day:       -0.42       -0.51

Choice/Select spread:        19.50

Total Load Count (Cuts, Trimmings, Grinds): 73

 

Cutter Cow Cutout: 175.85… +0.08

 

CME Feeder Cattle Index: 138.55… -0.14

 

Futures…

Live Cattle:

August: 105.00… -0.65

October: 98.92… -0.88

December: 103.67… -0.58

Feeder Cattle:

September: 132.40… -1.00

October: 130.80… -1.17

November: 130.32… -1.60

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September Hogs: 63.52… -1.38

October Crude Oil: 55.10… -1.61

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September Corn: 3.5800… -0.0175

September Soybeans: 8.5700… +0.0075

September Wheat: 4.5125… -0.1850

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Grain Cash Bids:

Kansas City Corn: 3.73… -0.02

Kansas City Soybeans: 8.16… +0.01

Kansas City Wheat: 4.46… -0.19

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Financial Markets:

Dow Jones Industrial Average: 26,403.28… +41.03

S & P 500: 2,926.45… +1.87

NASDAQ: 7,962.88… -10.51

U.S. Dollar Index: 98.84… +0.33