Texas Daily Ag Market News Summary 11/21/16

Posted 8 years 31 days ago by

Feeder cattle auction reported prices $6 to $10 higher; Futures lower.

Fed cattle cash trade inactive; Formula trades higher; Futures higher; Beef prices higher.

Cotton futures higher.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices $6 to $10 higher. January Feeder cattle futures were $0.80 lower, closing at $124.17 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were $0.70 higher, closing at $109.02 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $2.73 to close at $185.68 per cwt and Select grade gaining $1.73 to close at $168.73 per cwt. Estimated cattle harvest for the week totaled 116,000 head up 2,000 from last week’s total and 6,000 from a year ago. Year-to-date harvest is up 5.4%.

Cotton prices were uneven with cash prices remaining at 70.87 cents per pound and December futures gaining 0.20 cents to close at 73.60 cents per pound.

Corn prices were higher with cash and December futures both gaining $0.04 to close at $3.46 per bushel and $3.50 per bushel, respectively. Grain Sorghum cash prices were higher, picking up $0.08 to close at $5.14 per cwt.

Wheat prices were higher with cash and December futures both gaining $0.01 to close at $3.07 per bushel and $4.15 per bushel, respectively.

Milk prices were higher with December Class III futures gaining $0.04 to close at $16.98 per cwt.

Stock markets were higher today as bank, health-care and industrial shares reignited the postelection rally and led the way for 3 of the major U.S. indexes to close at record highs. December Crude oil futures were $1.80 higher, closing at $47.49 per barrel. Oil prices reached a three week high as confidence continues to grow that OPEC will be able to reach an agreement to cut production.

Daily Market News Summary Data 11/21/16

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From Weekly Recap:

AUSTIN – (November 21, 2016) For the week ending November 18, 2016, Texas feeder cattle auctions reported prices steady to $15 higher. Texas Weekly Direct reported prices steady to $3 higher. Wholesale Beef values were uneven, with Choice grade gaining 35 cents to close at $182.95 per cwt and Select grade losing 69 cents to close at $167.01 per cwt. For the time period of Nov 7–13, the USDA NASS Field Office reported rainfall and mild temperatures aided pasture growth in many parts of the state. Cool-season grasses were beginning to emerge and some small grains were ready to be grazed out. Livestock were reported to be in mostly good condition with some supplemental feeding taking place. For the time period of November 4-10, exporters reported net sales of 10,300 metric tons (MT) for 2016, which were down 47 percent from the previous week and 19 percent from the prior four-week average. Increases were reported for Japan, Hong Kong and Mexico. Exports totaled 10,500 MT, which were down 44 percent from the previous week and 25 percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were higher at the end of last week, with cash prices gaining 0.50 cents to close at 70.87 cents per pound and December futures prices gaining 1.27 cents to close at 73.40 cents per pound. The USDA NASS Field Office reported that the cotton harvest was delayed due to damp field conditions, while in the Blacklands, harvest made good progress. Net upland sales totaled 214,400 round bales (RB) for 2016/2017, which were up 27 percent from the previous week and seven percent from the prior four-week average. Increases were reported for Turkey, China and Thailand. Exports totaled 98,000 RB--a marketing-year low—which were down 27 percent from the previous week and 24 percent from the prior four-week average. The primary destinations were Mexico, China and Vietnam.

Wheat prices were higher at the end of last week, with cash and December futures both gaining 10 cents to close at $3.06 per bushel and $4.14 per bushel, respectively. The USDA NASS Field Office reported that the seeding of winter wheat continued throughout the state last week. Winter wheat and oats responded well to the recent rainfall with conditions rated mostly fair to good. Net sales totaled 598,400 MT for delivery in marketing year 2016/2017, which were down 22 percent from the previous week, but up 11 percent from the prior four-week average. Increases were reported for the Philippines, the Dominican Republic and Japan. Exports totaled 402,000 MT, which were up six percent from the previous week and 12 percent from the prior four-week average. The primary destinations were Morocco, Brazil and South Korea.

Corn prices were higher at the end of last week with cash and December futures both gaining 7 cents to close at $3.42 per bushel and $3.46 per bushel, respectively. The USDA NASS Field Office reported that in the Northern High Plains, producers were still harvesting some late corn and remaining sorghum acres. Net sales totaled 1,661,000 MT for 2016/2017, which were up 35 percent from the previous week and 47 percent from the prior four-week average. Increases were for Japan, the Dominican Republic and Mexico. Exports totaled 540,800 MT, which were down 39 percent from the previous week and 31 percent from the prior four-week average. The primary destinations were Mexico, Peru and El Salvador.

Grain Sorghum cash prices were higher, gaining 13 cents to close at $5.06 per cwt. The USDA NASS Field Office reported that in the Northern High Plains, producers were still harvesting some late corn and remaining sorghum acres. Net sales totaled 333,500 MT, which were down five percent from the previous week, but up 76 percent from the prior the prior four-week average. Increases were reported for China, Japan and Mexico. Exports totaled 9,000 MT, which were down 90 percent from the previous week and 81 percent from the prior four-week average. The destination was Mexico.

Milk prices were higher at the close of last week, with December Class III milk futures gaining 25 cents to close at $16.94 per cwt

This week’s U.S. Drought Monitor for Texas showed slight worsening in drought conditions for the state, with only 35.02 percent of Texas still in some stage of drought intensity, up 0.01 percentage points from last week. Additionally, 7.69 percent of the state remains in severe, extreme, or exceptional drought, up 7.06 percentage points from three months ago. On the national level, drought conditions worsened slightly as well, with 51.99 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 3.08 percentage points from last week.