Texas Daily Ag Market News Summary 09/23/16

Posted 8 years 65 days ago by

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

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

Cotton lower.

Grains and Soybeans mixed.

Milk futures steady.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 higher. Texas Weekly Direct reported prices $2 to $6 higher. September Feeder cattle futures were $0.18 lower, closing at $136.82 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $0.56 to close at $186.81 per cwt and select grade losing $0.81 to close at $178.81 per cwt. October Fed cattle futures were $0.20 higher, closing at $107.27 per cwt. Estimated slaughter for the week totaled 560,000 head, up 9,000 from last week’s total and on par with last year’s total. For the time period of September 9-15 exporters reported net sales of 2,300 metric tons (MT) for 2016--a marketing-year low--, which were down 89 percent from the previous week and 82 percent from the prior four-week average. Increases reported for Hong Kong, Mexico and South Korea. Exports totaled 13,800 MT, which were down 21 percent from the previous week, but up four percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were lower with cash prices losing 1.00 cents to close at 67.87 cents per pound and October futures losing 2.09 cents to close at 69.08 cents per pound. Net upland sales totaled 197,900 round bales (RB) for 2016-2017, which were up 45 percent from the previous week, but down 26 percent from the prior four-week average. Increases reported for Vietnam, China and Thailand. Exports totaled 157,700 RB. which were up 26 percent from the previous week, but down 15 percent from the prior four-week average. The primary destinations were Vietnam, Indonesia and Mexico.

Corn prices were steady with cash and December futures remaining at $3.32 per bushel and $3.37 per bushel, respectively. Net sales totaled 921,900 MT and were reported for 2016-2017. The primary destinations were Mexico, Peru and South Korea. Exports totaled 1,353,100 MT, which were reported to Japan, South Korea and Mexico.

Grain Sorghum cash prices were lower, losing $0.02 to close at $4.88 per cwt. Net sales totaled 38,700 MT for 2016-2017 and resulted as increases for China and Mexico. Exports totaled 108,000 MT and were reported to China, Indonesia and Mexico.

Wheat prices were mixed with cash prices losing $0.01 to close at $3.12 per bushel and December futures gaining $0.01 to close at $4.22 per bushel. Net sales totaled 561,000 MT for delivery in marketing year 2016-2017, which were up 40 percent from the previous week and 30 percent from the prior four-week average. Increases were reported for Mexico, Peru and Brazil.

Milk prices were steady with September Class III Milk futures remaining at $16.38 per cwt.

Stock Markets were lower today, but still remained in positive territory for the week after central banks from all over the world decided to leave their respective monetary policy alone, with respect to short-term interest rates. Crude oil prices were lower, with November crude oil futures losing $1.84 to close at $44.48 per barrel. Crude oil prices were lower, after fears resurfaced about OPEC being able to come to some sort of production freezing agreement, in attempts to stabilize oil prices globally.

Daily Market Summary Data 09/23/16

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