Texas Daily Ag Market News Summary 09/09/16

Posted 8 years 79 days ago by

Feeder cattle auctions reported prices $2 to $5 lower; Futures higher.

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

Cotton lower.

Grains and Soybeans higher.

Milk futures lower.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices $2 to $5 lower, with one instance of $3 to $4 higher. Texas Weekly Direct reported prices $2 to $7 lower. September Feeder cattle futures were $2.62 higher, closing at $134.22 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $1.24 to close at $187.90 per cwt and select grade losing $0.36 to close at $182.27 per cwt. Fed cattle futures were $3.00 higher, closing at $104.40 per cwt. Estimated slaughter for the week totaled 458,000 head, down 103,000 from last week’s total and 1,000 from last year. Year-to-date harvest is down 0.3%. For the time period of August 26 thru September 1 exporters reported net sales of 9,200 metric tons (MT) for 2016, which were down 20 percent from the previous week and 36 percent from the prior four-week average. Increases were reported for Japan, South Korea and Canada. Exports totaled 8,100 MT--a marketing-year low—and were down 41 percent from the previous week and 43 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 0.50 cents to close at 67.12 cents per pound and October futures losing 0.37 cents to close at 68.88 cents per pound. Net upland sales totaled 344,500 round bales (RB) for 2016/2017 and were reported for Turkey, Indonesia and Pakistan. Exports totaled 224,300 RB and were reported to Vietnam, China and Indonesia.

Corn prices were higher with cash prices gaining $0.02 to close at $3.36 per bushel and September futures gaining $0.03 to close at $3.30 per bushel. Net sales for the 2016-2017 marketing year, which began September 1, totaled 1,093,300 MT. Increases were reported for Mexico, Japan and Columbia. Exports for September 1 totaled 299,000 MT, and were reported for Mexico, Egypt and Nigeria.

Grain Sorghum cash prices were higher, gaining $0.04 to close at $4.96 per cwt. Net sales for the 2016-2017 marketing year, which began September 1, totaled 1,000 MT and were reported for Indonesia. Exports for September 1 totaled 1,000 MT, with Mexico being the primary destination.

Wheat prices were higher with cash prices gaining $0.01 to close at $3.09 per bushel and September futures gaining $0.02 to close at $3.94 per bushel. Net sales totaled 661,100 MT for 2016-2017, which were up noticeably from the previous week and 51 percent from the prior four-week average. Increases were reported for the Philippines, Brazil and China. Exports totaled 630,900 MT, which were up six percent from the previous week and 11 percent from the prior four-week average. The primary destinations were China, Brazil and Thailand.

Milk prices were lower with September Class III Milk futures losing $0.07 to close at $16.51 per cwt.

Stock Markets were lower today, posing their biggest percentage losses since the U.K’s “Brexit” vote. Crude oil prices were lower, with October crude oil futures losing $1.74 to close at $45.88 per barrel. Crude oil prices fell as the dollar gained some strength compared to recent weeks and fears over a global glut of crude oil have begun to resurface.

Daily Market Summary Data 09/09/16

If you are interested in receiving this daily report, please subscribe here.