Daily Market Summary for July 19th...
Updated Monday thru Friday around 4:00 PM CT
10-Day & 60-Day Market Trendlines
Daily Market Summary for July 19th...
So far for Thursday negotiated cash trading in the Southern Plains and the Western Cornbelt has been at a standstill. In Nebraska negotiated cash trading has been inactive on very light demand. Not enough trades for a market trend. Last week in the Southern Plains live cash trades moved at 111.00. For the prior week in Nebraska live cash trades were from 109.50-111.00 and dressed trades were from 173.00-175.00 on a light test. In the Western Cornbelt the last fully reported market was two weeks ago with live trades mostly at 112.00 and dressed trades ranging from 175.00-180.00.
Confirmed: 77 Week Ago: 246 Year Ago: 2,564
Formula Net - Dressed Steers & Heifers
Head count priced today: 22,000
Weighted avg weight: 863.00
Weighted avg net price: 177.76
Alberta Beef Producers Daily Report:
Alberta direct cattle sales Tuesday saw no new trade to report. Live bids have been reported in the low 150's, bids are positioned at the bottom end of last week's trading range and are about 3.00 lower than last week's weighted average price. weaker basis levels did prompt some producers to pass cattle on Wednesday. The way things are shaping up sale volumes could be light this week.
Livestock Slaughter under Federal Inspection:
CATTLE CALVES HOGS SHEEP
Thursday (est 121,000 2,000 461,000 7,000
Week ago (est) 120,000 2,000 454,000 7,000
Year ago (act) 114,000 1,000 438,000 8,000
Week to date (est) 476,000 8,000 1,814,000 30,000
Last Week (est) 479,000 8,000 1,811,000 30,000
Last Year (act) 457,000 7,000 1,732,000 31,000
Boxed beef cutout values steady to weak on light to moderate demand and moderate to heavy offerings. Select and Choice rib, chuck, and round cuts mostly steady to firm while loin cuts weak. Beef trimmings mostly slightly lower on light demand and light to moderate offerings.
Cutout Values... Choice Select
Current Cutout Values: 204.49 196.92
Change from prior day: -0.31 -0.17
Choice/Select spread: 7.57
Live cattle futures ended the Thursday session mixed, with nearby Aug a nickel lower and back months higher. Feeder cattle futures were steady to 20 cents higher in the nearby contracts. The CME feeder cattle index was down 28 cents from the previous day at $148.31 on 7/18. Wholesale boxed beef values were lower on Thursday afternoon. Choice boxes were down 31 cents to $204.49, while Select boxes were 17 cents lower at $196.92. Estimated week to date FI cattle slaughter was 476,000 head through Thursday. That was up 11,000 from the same week last year but down 3,000 head vs. last week. Analysts are expecting to see a 1% increase from last year in all cattle and calves as of July 1. They also estimated that Friday’s Cattle inventory report will show beef cows up 0.9% from 2017’s mid-year report, with replacement heifers down 4.3%. Export sales of 13,518 MT of beef in the week of July 12 were shown by the USDA this morning. Weekly shipments were hit a marketing year high of 19,561 MT. Cash cattle bids were seen at $108 today, despite a couple small confirmed sales @ $112 on Wednesday’s FCE.
CME Feeder Cattle Index: 148.31… -0.28
August Live Cattle Futures: 108.90… -0.05
October Live Cattle Futures: 110.65… Unchanged
December Live Cattle Futures: 114.42… +0.22
August Feeder Cattle Futures: 154.45… Unchanged
September Feeder Cattle Futures: 154.77… +0.12
November Feeder Cattle Futures: 154.92… +0.20
August Hog Futures: 67.25… +0.05
Nearby Crude Oil Futures Contract: 69.46… 0.70
National Grain Market Summary:
Compared to yesterday, cash bids for corn, soybeans, and sorghum were higher, while wheat was mixed. USDA said last week's export sales and shipments of corn totaled 25.2 and 50.9 million bushels respectively, a neutral showing for the week that put total corn shipments at 1.884 billion bushels, down 3% in 2017-18 from a year ago. Last week's export sales and shipments of soybeans totaled 9.3 and 22.2 million bushels respectively, a neutral combination that shows soybeans struggling to keep up with USDA's new export estimate of 2.085 billion bushels. Last week's export sales and shipments of wheat totaled 11.0 and 16.0 million bushels respectively, more than last week's amounts, but still a long way below USDA's expectations for 2018-19.
September Corn Futures: 3.5125… +0.0400
August Soybean Futures: 8.4600… +0.0375
September Wheat Futures: 5.0425… +0.0975
Kansas City Corn: 3.59… +0.04
Kansas City Soybeans: 8.44… +0.04
Kansas City Wheat: 5.27… +0.09
Dow Jones Industrial Average: 25,064.90… -134.39
S & P 500: 2,804.55… -11.07
NASDAQ: 7,825.30… -29.14
U.S. Dollar Index: 95.21… +0.11