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Aug
24
2016
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Posted 8 years 227 days ago by
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Feeder
cattle auctions reported prices $3 to $5 higher; Futures higher.
Fed
cattle cash trade active; Formula trades higher; Futures lower; Beef prices
mixed.
Cotton
lower.
Grains
and Soybeans lower.
Milk
futures lower.
Crude
oil lower; Natural gas higher.
Stock
markets lower.
Texas feeder cattle auctions reported prices $3
to $5 higher. Feeder cattle futures were $0.20 higher, closing at $146.65
per hundredweight (cwt). The Texas fed cattle cash trade was active
today, closing at $115.00 per cwt. Whole sale boxed beef values were
mixed with choice grade losing $0.07 to close at $200.32 per cwt and select
grade gaining $0.07 to close at $193.73 per cwt. Fed cattle futures were
$0.53 lower, closing at $112.72 per cwt. Estimated slaughter for the week
totaled 338,000 down 1,000 from last week’s total and up 22,000 from last
year’s total.
Cotton prices were lower with cash prices
losing 0.75 cents to close at 64.87 cents per pound and October futures losing
0.71 cents to close at 67.41 cents per pound.
Corn prices were lower with cash and
futures prices both losing $0.01 to close at $3.20 per bushel and $3.28 per
bushel, respectively. Grain Sorghum cash prices were lower, losing $0.02 to close at $4.68
per cwt.
Wheat prices were higher with cash and
futures prices both gaining $0.01 to close at $3.14 per bushel and $4.08 per
bushel, respectively.
Milk prices were lower
with August Class III Milk futures losing $0.02 to close at $16.94 per cwt.
Stock
Markets
were lower today, behind declines in health-care shares as Presidential candidate
Hilary Clinton made remarks about “outrageous” increases in pharmaceutical
prices. Crude oil prices were lower, with October crude oil futures
losing $1.33 to close at $46.77 per barrel.
Daily Market Summary Data 08/24/16
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From
Agri-Pulse:
WASHINGTON, Aug. 23, 2016 - USDA announced today it will spend an estimated $20
million to take about 11 million pounds of cheese off the market and reduce the
surplus that has helped keep prices low.
"We understand that the nation's dairy producers are
experiencing challenges due to market conditions and that food banks continue
to see strong demand for assistance," Agriculture Secretary Tom Vilsack
said in a release. "This commodity purchase is part of a robust,
comprehensive safety net that will help reduce a cheese surplus that is at a
30-year high while, at the same time, moving a high-protein food to the tables
of those most in need. USDA will continue to look for ways within its
authorities to tackle food insecurity and provide for added stability in the
marketplace."
The National Milk Producers Federation (NMPF) was quick to thank
USDA for the purchase. On Aug. 12, the group had requested that the
department spend as much as $150 million to take 90 million pounds of cheese
off the market.
“This cheese purchase will provide some assistance to America's
dairy farmers through increased demand for their milk, while also serving the
needs of Americans who patronize food banks and other charitable assistance
organizations that will distribute the cheese purchased by USDA,” NMPF CEO Jim
Mulhern said in a statement. “We will continue to assess the economic situation
facing dairy farmers, and suggest ways to help farmers endure this lengthy
period of low prices.
The USDA also announced that it will extend the deadline for dairy
farmers to enroll in the Margin Protection Program (MPP). The last day to sign
up will be pushed back from Sept. 30 to Dec. 16.
Mulhern said the
extension is appreciated, but again stressed the need to improve the MPP, an
insurance program that was created in the 2014 farm bill.
“Giving farmers until
December 16 to adjust their coverage levels for calendar year 2017 will help
increase the opportunity for dairy farmers to utilize this crucial risk
management tool,” he said. “We will continue to work with USDA and Congress to
find ways to further improve the Margin Protection Program for dairy farmers.”
American Farm Bureau
Federation President Zippy Duvall said his members “greatly appreciate” USDA's
cheese purchase. “The USDA's action will help alleviate the tough realities of
the market and keep family farmers in business at a time when too many are
leaving,” Duvall said in a statement, noting that more than 1,200 family dairy
farms went out of business last year.
