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Mar
17
2017

Texas Daily Ag Market News Summary 03/17/2017

Posted 37 days ago ago by Texas Department of Agriculture

Feeder cattle auction reported higher prices; Futures higher.

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

Cotton prices higher.

Grains and soybeans mixed.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets lower.

                      

 

Texas feeder cattle auctions reported prices steady to $5 higher. March Feeder cattle futures were 77 cents higher, closing at $131.32 per hundredweight (cwt). The Texas fed cattle cash was inactive today. April Fed cattle futures were 12 cents higher, closing at $119.32 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.07 to close at $223.43 per cwt and Select grade gaining 61 cents to close at $214.48 per cwt. Estimated cattle harvest for the week totaled 556,000 down 2,000 from last week’s total and up 18,000 from a year ago. Year-to-date harvest is up 3.4%. For the time period of March 3-9 exporters reported net sales of 16,100 metric tons reported for 2017 and were down 4 percent from the previous week, but up 15 percent from the prior four-week average. Increases were reported primarily for Japan, South Korea and Canada. Exports totaled 13,500 MT and were down 3 percent from the previous week and 2 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

 

Cotton prices were higher with cash prices gaining 0.25 cents to close at 76.50 cents per pound and May futures gaining 0.19 cents to close at 78.36 cents per pound. Net upland sales of 316,500 running bales (RB) for 2016-2017 were up 27 percent from the previous week, but down 4 percent from the prior four-week average. Increases were reported primarily for Vietnam, Turkey and India.  Exports totaled 337,900 RB and were down 36 percent from the previous week and 12 percent from the prior four-week average. The primary destinations were China, Vietnam and Pakistan.

 

Corn prices were higher with cash and May futures both gaining 2 cents to close at $3.61 per bushel and $3.68 per bushel, respectively. Net sales totaled 1,255,400 MT and were up 69 percent from the previous week and 70 percent from the prior four-week average. Increases were primarily for Mexico, Japan and Colombia. Exports totaled 1,580,400 MT--a marketing-year high—and were up 9 percent from the previous week and 17 percent from the prior four-week average. The primary destinations were Japan, Colombia and Mexico.

 

Grain Sorghum cash prices closed 4 cents higher, finishing at $5.45 per cwt. Net sales totaled 16,000 MT were down 86 percent from the previous week and 82 percent from the prior four-week average. Increases were for China, Japan and Mexico. Exports totaled 133,400 MT and were up noticeably from the previous week and up 10 percent from the prior four-week average. The destinations were China, Japan and Mexico.

 

Wheat prices were higher with cash and May futures both gaining 4 cents to close at $3.64 per bushel and $4.54 per bushel, respectively. Net sales totaled 264,400 MT and were down 33 percent from the previous week and 38 percent from the prior four-week average. Increases were reported primarily for Mexico, China and Indonesia. Exports totaled 619,300 MT and were up 38 percent from the previous week and 28 percent and from the prior four-week average. The destinations were primarily Mexico, Indonesia and China.

 

Milk prices were higher with April Class III gaining a nickel to close at $15.73 per cwt.

 

Stock markets closed lower today, but finished the week in positive territory as investors bought up government bonds and dividend-paying stocks. April Crude oil futures were 3 cents higher, closing at $48.78 per barrel. Crude oil prices closed slightly higher as uncertainty over U.S. crude oil output and OPEC’s commitment to production cuts.

 

DailyMarket News Summary Data 03/17/17

 

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