Texas Daily Ag Market News Summary 09/16/16

Posted 8 years 72 days ago by

Feeder cattle auctions reported prices steady to $3 lower; Futures higher.

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

Cotton lower.

Grains and Soybeans higher.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $3 lower. Texas Weekly Direct reported uneven prices with instances of $2 lower and also steady to $2 higher. September Feeder cattle futures were $1.53 higher, closing at $135.50 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $109.99 per cwt. Whole sale boxed beef values were lower with choice grade losing $0.07 to close at $186.20 per cwt and select grade losing $0.45 to close at $178.38 per cwt. October Fed cattle futures were $0.92 higher, closing at $107.87 per cwt. Estimated slaughter for the week totaled 551,000 head, up 93,000 from last week’s total and down 11,000 from last year. Year-to-date harvest is down 2%. For the time period of September 2-8 exporters reported net sales of 20,300 metric tons (MT) for 2016, which were up noticeably from the previous week and up 90 percent from the prior four-week average. Increases were reported for South Korea, Japan and Hong Kong. Exports totaled 17,400 MT--a marketing-year high--, which were up noticeably from the previous week and up 38 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 0.75 cents to close at 65.87 cents per pound and October futures losing 0.64 cents to close at 67.74 cents per pound. Net upland sales totaled 136,400 round bales (RB) for 2016/2017 and were reported for Indonesia, Vietnam and China. Exports totaled 124,900 RB and were reported to Vietnam, Mexico and Turkey.

Corn prices were higher with cash and December futures both gaining $0.07 to close at $3.32 per bushel and $3.37 per bushel, respectively. Net sales totaled 703,500 MT, which were reported for 2016/2017. The primary destinations were South Korea, Colombia and Chile. Exports totaled 1,128,500 MT, which were reported to South Korea, Mexico and Japan. Grain Sorghum cash prices were higher, gaining $0.12 to close at $4.89 per cwt. Net sales totaled 88,800 MT for 2016/2017 and were reported for China and unknown destinations. Exports totaled 59,600 MT and were reported to China, Mexico and Indonesia.

Wheat prices were higher with cash and December futures both gaining $0.01 to close at $3.07 per bushel and $4.17 per bushel, respectively. Net sales totaled 402,200 MT for delivery in marketing year 2016/2017, which were down 39 percent from the previous week and 11 percent from the prior four-week average. Increases were reported for Japan, the Philippines and Sri Lanka. Exports totaled 708,500 MT, which were up 12 percent from the previous week and 13 percent from the prior four-week average. The primary destinations were the Philippines, Mexico and Sri Lanka.

Milk prices were lower with September Class III Milk futures losing $0.05 to close at $16.36 per cwt.

Stock Markets were lower today, dragged down by declines in financial and energy shares. Crude oil prices were lower, with October crude oil futures losing $0.88 to close at $43.03 per barrel.

Daily Market Summary Data 09/16/16

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