Texas Daily Ag Market News Summary 09/02/16

Posted 8 years 86 days ago by

Feeder cattle auctions reported prices $2 to $10 lower; Futures lower.

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

Cotton futures lower.

Grains and Soybeans futures higher.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices $2 to $10 lower. Texas Weekly Direct reported prices of $2 to $7 lower Feeder cattle futures were $2.43 lower, closing at $134.87 per hundredweight (cwt). The Texas fed cattle cash trade was lower today, losing $2.00 to close at $108.00 per cwt. Whole sale boxed beef values were lower with choice grade losing $4.65 to close at $191.09 per cwt and select grade losing $1.42 to close at $187.07 per cwt. Fed cattle futures were $1.99 lower, closing at $101.60 per cwt. Estimated slaughter for the week totaled 561,000 down 2,000 from last week’s total and up 10,000 from last year’s total. For the time period of August 19-25 exporters reported net sales of 11,400 metric tons (MT) for 2016, which were up 42 percent from the previous week, but down 18 percent from the prior four-week average. Increases were reported for South Korea, Mexico and Hong Kong. Exports totaled 13,800 MT, which were down one percent from the previous week and four percent from the prior four-week average. The primary destinations were South Korea, Japan and Hong Kong.

Cotton prices were mixed with cash prices remaining at 65.62 cents per pound and October futures losing 0.50 cents to close at 67.51 cents per pound. Net sales totaled 309,200 round bales (RB) for 2016/2017 and were reported for Vietnam, Pakistan and China. Exports totaled 201,100 RB and were reported to Vietnam, Mexico and China.

Corn prices were higher with September futures gaining $0.06 to close at $3.17 per bushel. Net sales totaled 214,100 MT for 2015/2016, which were up noticeably from the previous week, but down 27 percent from the prior four-week average. Increases were reported for Japan, Colombia and Algeria. Exports totaled 1,464,500 MT, which were up 40 percent from the previous week and 22 percent from the prior four-week average. The primary destinations were Mexico, Japan and Taiwan.

Wheat prices were higher with September futures gaining $0.07 to close at $3.87 per bushel. Net sales totaled 279,400 MT for 2016/2017, which were down 26 percent from the previous week and 38 percent from the prior four-week average. Increases were reported for Brazil, the Philippines and South Korea. Exports totaled 594,100 MT, which were up five percent from the previous week and from the prior four-week average. The primary destinations were Brazil, the Philippines and China.

Milk prices were higher with August Class III Milk futures gaining $0.10 to close at $16.87 per cwt.

Stock Markets were higher today, behind a strong jobs report released today. Crude oil prices were higher, with October crude oil futures gaining $1.28 to close at $44.44 per barrel.

Daily Market Summary Data 09/02/16

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