Daily Market Summary for May 24th...
Updated Monday thru Friday around 4:00 PM CST
10-Day & 60-Day Market Trendlines
Daily Market Summary for May 24th...
Thus far Thursday, trade was mostly inactive on light demand in all feeding regions. Not enough trades for a market trend. Last week in the Texas Panhandle live trades were from 115.00-116.00. In Kansas live trades moved from 114.00-117.00. For the prior week in Nebraska live trades were from 112.00-115.00 and dressed trades moved from 180.00-185.00. In Colorado live trades were from 112.00-113.00. For the previous week in the Western Cornbelt live trades ranged from 112.00-122.00 and dressed trades, on a light test, were mostly at 184.00.
Confirmed: 1,738 Week Ago: 12,800 Year Ago: 15,066
Formula Net - Dressed Steers & Heifers
Head count priced today: 20,000
Weighted avg weight: 843.00
Weighted avg net price: 186.61
Alberta Beef Producers Daily Report:
Alberta direct cattle sales Wednesday saw no new trade to report. Dressed bids have been reported in the low 240's on a delivered basis. Bids are positioned at the bottom end of last week's trading range. Buyers have been calling and making inquiries suggesting they need to buy some cattle this week. There seem to be much less panic to sell cattle this week versus last week.
Livestock Slaughter under Federal Inspection:
CATTLE CALVES HOGS SHEEP
Thursday (est 121,000 2,000 459,000 8,000
Week ago (est) 120,000 2,000 446,000 8,000
Year ago (act) 117,000 1,000 444,000 9,000
Week to date (est) 479,000 8,000 1,833,000 32,000
Last Week (est) 474,000 8,000 1,826,000 30,000
Last Year (act) 469,000 7,000 1,770,000 32,000
Boxed beef cutout values lower on Choice and steady on Select on light to moderate demand and moderate offerings. Select and Choice rib and round cuts steady to weak while chuck cuts weak to lower. Choice loin cuts steady while Select higher. Beef trimmings higher on moderate demand and light offerings.
Cutout Values... Choice Select
Current Cutout Values: 229.00 204.93
Change from prior day: (1.08) (0.11)
Choice/Select spread: 24.07
Live cattle futures were down 35 cents to $1.05 on the day. Feeder cattle futures were mostly lower, with May expiring higher at $136.40. The CME feeder cattle index was up $1.01 on May 23 at $134.44. Wholesale boxed beef values were lower this afternoon. Choice boxes were down $1.08 at $229.00, with Select boxes 11 cents lower at $204.93. Week to date FI cattle slaughter was estimated at 479,000 head through Thursday. That is 5,000 head larger than last week. Analysts are expecting to see May 1 cattle on feed at 11.535 million head, 4.9% larger than last year. The Cattle on Feed report is scheduled for Friday morning at 11 AM CDT. Export sales of beef were reported at 9,854 MT, a 10.1% drop from last week but 37.9% larger than last year. Actual exports totaled 16,137 MT, 18.72% larger than last year. Cash trade was fairly quiet, with a few light reports of $114-115 sales.
CME Feeder Cattle Index: 134.44… +1.01
June Live Cattle Futures: 104.40… (1.05)
August Live Cattle Futures: 101.77… (1.03)
October Live Cattle Futures: 105.25… (0.50)
May Feeder Cattle Futures: 136.40… +1.50
August Feeder Cattle Futures: 143.30… (0.05)
September Feeder Cattle Futures: 143.10… (0.20)
June Hog Futures: 74.82… +0.22
National Grain Market Summary:
Compared to yesterday, cash bids for corn, wheat, and soybeans were lower, while sorghum was not quoted today. Early Thursday, USDA said last week's export sales and shipments of corn totaled 33.6 and 57.8 million bushels respectively, a neutral showing for the week that has total corn shipments down 12% in 2017-18 from a year ago as of May 17. Soybean shipments totaled 33.2 million bushels for the week, a bearish combination that has total shipments now down 11% in 2017-18 from a year ago. Last week's export sales and shipments of old-crop wheat totaled 4.1 and 13.3 million bushels, another bearish showing for the week.
July Corn Futures: 4.0425… (0.0425)
July Soybean Futures: 10.3575… (0.0350)
July Wheat Futures: 5.3025… (0.0075)
Kansas City Corn: 3.95… (0.04)
Kansas City Soybeans: 10.26… (0.01)
Kansas City Wheat: 5.39… (0.03)
Nearby Crude Oil Futures Contract: 70.71… (1.13)
Dow Jones Industrial Average: 24,811.76… (75.05)
NASDAQ: 7,424.43… (1.53)
U.S. Dollar Index: 93.78… (0.17)
Wednesday Auction Reports...