Sep
12
2016
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Posted 6 years 145 days ago ago by
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Feeder
cattle auctions reported mixed prices; Futures higher.
Fed
cattle cash trade inactive; Formula trades lower; Futures higher; Beef prices
lower.
Cotton
lower.
Grains
and Soybeans mixed.
Milk
futures lower.
Crude
oil higher; Natural gas higher.
Stock
markets higher.
Texas feeder cattle auctions reported mixed prices
with instances of $5 to $7 lower and steady to $4 higher. September Feeder
cattle futures were $0.70 higher, closing at $134.92 per hundredweight
(cwt). The Texas fed cattle cash trade was inactive today. Whole sale
boxed beef values were lower with choice grade losing $0.37 to close at $187.53
per cwt and select grade losing $1.05 to close at $181.22 per cwt. October Fed
cattle futures were $1.30 higher, closing at $105.70 per cwt. Estimated
slaughter for the week totaled 114,000 head, up 112,000 from last week’s total
and 4,000 from last year. Year-to-date harvest is up 3.7%.
Cotton prices were lower with cash prices losing
1.75 cents to close at 65.37 cents per pound and October futures losing 1.91
cents to close at 66.97 cents per pound.
Corn prices were lower with cash and
September futures both losing $0.01 to close at $3.35 per bushel and $3.29 per
bushel, respectively.
Grain Sorghum cash
prices were lower, losing $0.03 to close at $4.94 per cwt.
Wheat prices were higher with cash prices
gaining $0.04 to close at $3.13 per bushel and September futures gaining $0.06
to close at $4.00 per bushel.
Milk prices were lower
with September Class III Milk futures losing $0.08 to close at $16.43 per cwt.
Stock
Markets
were higher today, as Fed Reserve officials backed off of talks about an
increase in interest rates. Crude oil prices were higher, with October
crude oil futures gaining $0.41 to close at $46.29 per barrel. Crude oil prices
were higher behind the weakening of the dollar and behind news that OPEC says
that there is “large supplies of crude and fuel around the world”.
Daily Market Summary Data 09/12/16
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From
Weekly Recap:
AUSTIN – (Sept. 12, 2016)
For the week ending Sept. 9, 2016, Texas feeder cattle auctions reported prices
steady to $8 lower. Texas Weekly Direct reported prices $2 to $7 lower.
Wholesale Beef values were lower, with Choice Grade losing $2.38 to close at
$187.90 per hundredweight (cwt) and Select Grade losing $4.26 to close at
$182.27 per cwt. For the time period of Aug. 30 – Sept. 4, the USDA NASS Field
Office reported that pasture conditions improved with recent rainfall in the
Coastal Bend and South Texas. Armyworms in pasture fields were an issue in
areas of the Blacklands and Northeast Texas. Livestock were in good condition
in most areas of the state, and the majority of stock tanks were full. For the
time period of Aug. 26 – Sept. 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
mixed at the end of last week, with cash prices remaining at 67.12 cents per
pound and October futures prices losing 0.18 cents to close at 68.88 cents per
pound. The USDA NASS Field Office reported that cotton harvest continued from
the Coastal Bend through the Lower Valley, while cotton harvest was delayed in
areas of the Blacklands. Cotton maturity in the Plains continued to make good
progress. 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.
Wheat prices were
higher at the end of last week, with cash prices gaining $0.09 to close at $3.09
cents per bushel and September futures gaining $0.10 to close at $3.94 per
bushel. The USDA NASS Field Office reported that ground preparations continued
for fall wheat seeding. Some producers in the High Plains experienced fieldwork
delays due to recent rainfall. In areas of the Cross Timbers, wheat planting
neared completion. 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.
Corn prices were
higher at the end of last week, with cash and September futures both gaining
$0.13 to close at $3.36 per bushel and $3.30 per bushel, respectively. The USDA
NASS Field Office reported that corn harvest was delayed due to wet conditions
in the Blacklands and South Central Texas. Net sales for the 2016-2017
marketing year, which began Sept. 1, totaled 1,093,300 MT. Increases were
reported for Mexico, Japan and Columbia. Exports for Sept. 1 totaled 299,000 MT
and were reported for Mexico, Egypt and Nigeria.
Grain sorghum cash
prices gained $0.04 to close at $4.96 per cwt. Sorghum harvest was delayed due
to wet conditions in the Blacklands and South Central Texas. Sorghum harvest
neared completion in the areas of the Southern Low Plains and Cross Timbers.
Net sales for the 2016-2017 marketing year totaled 1,000 MT and were reported
for Indonesia. Exports for Sept. 1 totaled 1,000 MT, with Mexico being the
primary destination.
Milk prices were
lower at the close of last week, with September Class III milk futures losing
$0.48 to close at $16.51 per cwt
This week’s U.S. Drought Monitor for Texas showed an improvement
in drought conditions for the state, with only 7.54 percent of Texas still in
some stage of drought intensity, down 2.6 percentage points from last week.
Additionally, none of the state remains in severe, extreme or exceptional
drought. On the national level, drought conditions improved
slightly, with 44.18 percent of the U.S. experiencing abnormal dryness or some
degree of drought, down 0.9 percentage points from last week.