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May
05
2017

Texas Daily Ag Market News Summary 05/05/17

Posted 54 days ago ago by Texas Department of Agriculture

Feeder cattle auction reported higher prices; Futures lower.

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

Cotton prices lower.

Grains and soybeans uneven.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.                

                      

 

Texas feeder cattle auctions reported prices steady to $10 higher. Texas Weekly Direct reported prices $3 to $9 higher with instances of up to $12 higher. May Feeder cattle futures were $4.50 lower, to close at $143.77 per hundredweight (cwt). The Texas fed cattle cash was inactive today. June Fed cattle futures were $3.00 lower, closing at $128.30 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $3.29 to close at $238.87 per cwt and Select grade gaining $2.73 to close at $219.57 per cwt. Estimated cattle harvest for the week totaled 567,000 down 12,000 from last week’s total and up 17,000 from a year ago. Year-to-date harvest is up 3.1%. For the time period of April 21-27 exporters reported net sales of 16,600 metric tons (MT) which were reported for 2017 and were down 22 percent from the previous week and 12 percent from the prior four-week average. Increases were reported for Japan, Hong Kong and Taiwan. Exports totaled 12,800 MT and were down 7 percent from the previous week and 6 percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

 

Cotton prices were lower with cash prices losing 1.25 cents to close at 73.75 cents per pound and May futures losing 1.07 cents to close at 79.76 cents per pound. Net upland sales totaled 152,400 running bales (RB) for 2016-2017 and were up 32 percent from the previous week, but down 34 percent from the prior four-week average. Increases were reported primarily for Vietnam, Indonesia and Turkey. Exports totaled 357,300 RB and were up 18 percent from the previous week, but down 8 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Bangladesh.

 

Corn prices were higher with cash prices gaining a nickel to close at $3.71 per bushel and May futures gaining 4 cents to close at $3.62 per bushel. Net sales totaled 771,600 MT and were down 22 percent from the previous week and 15 percent from the prior four-week average. Increases were reported for Japan, Mexico and South Korea. Exports totaled 1,226,100 MT and were down 11 percent from the previous week and 10 percent from the prior four-week average. The primary destinations were Japan, Mexico and South Korea.

 

Grain Sorghum cash prices were 8 cents higher, to close at $5.47 per cwt. Net sales totaled 102,500 MT and were up 62 percent from the previous week and 30 percent from the prior four-week average. Increases were reported primarily for unknown destinations, China and Mexico. Exports totaled 73,100 MT and were up noticeably from the previous week, but down 39 percent from the prior four-week average. The destinations were China, Mexico and South Korea.

 

Wheat prices were higher with cash prices gaining 3 cents to close at $3.79 per bushel and May futures gaining a nickel to close at $4.38 per bushel. Net sales totaled 258,400 MT and were up noticeably from the previous week, but down 30 percent from the prior four-week average. Increases were reported primarily for the Philippines, Thailand and Nigeria. Exports totaled 622,900 MT and were up 2 percent from the previous week, but down 2 percent and from the prior four-week average. The destinations were primarily the Philippines, Japan and Mexico.

 

Milk prices were higher with May Class III milk futures gaining a dime to close at $15.58 per cwt.

 

Stock markets were higher today behind strong corporate earnings reports released this week and from better than anticipated April jobs report. June Crude oil futures were 70 cents higher, closing at $46.22 per barrel. Crude oil prices rebounded from yesterday’s 5-month low after a week of steady declines globally, investors are continuing to wrestle with growing global oversupply of crude oil inventories.  

 

Daily Market News Summary Data 05/05/17

 

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