Texas Daily Ag Market News Summary 10/07/16

Posted 8 years 51 days ago by

Feeder cattle auction reported prices steady to $8 lower; Futures lower.

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

Cotton lower.

Grains and soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions quoted prices steady to $8 lower. Texas Weekly Direct reported prices $2 to $9 lower, with instances of $10 to $11 lower. October Feeder cattle futures were $0.20 lower, closing at $127.62 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were $1.08 lower, closing at $101.87 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $0.41 to close at $183.07 and Select grade losing $0.55 to close at $174.51. Estimated cattle harvest for the week totaled 552,000 head down 10,000 from last week’s total, and up 12,000 from a year ago. Year-to-date harvest is up 2.3%. For the time period of September 23-29 exporters reported net sales of 17,600 metric tons (MT) for 2016, which were up 31 percent from the previous week and 56 percent from the prior four-week average. Increases were reported for South Korea, Japan and Canada. Exports totaled 13,600 MT, which were down three percent from the previous week, but up two 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 65.87 cents per pound and October futures losing 0.52 cents to close at 67.19 cents per pound. Net upland sales totaled 158,900 round bales (RB) for 2016/2017, which were up 73 percent from the previous week, but down 18 percent from the prior four-week average. Increases were reported for Vietnam, China and Indonesia. Exports totaled 212,500 RB, which were up 39 percent from the previous week and 29 percent from the prior four-week average. The primary destinations were Indonesia, China and Turkey.

Corn prices were lower with cash and December futures prices both losing $0.01 to close at $3.35 per bushel and $3.40 per bushel, respectively. Net sales totaled 2,060,800 MT reported for 2016/2017. The primary destinations were Mexico, Japan and Saudi Arabia. Exports totaled 1,390,200 MT and were reported to Japan, South Korea and Mexico. Grain Sorghum cash prices were lower, losing $0.01 to close at $4.95 per cwt. Net sales totaled 5,000 MT for 2016/2017 and resulted as increases for Japan and Nigeria. Exports totaled 19,500 MT and were reported to Japan and Mexico.

Wheat prices were lower with cash and December futures both losing $0.02 to close at $2.93 per bushel and $4.03 per bushel, respectively. Net sales totaled 377,000 MT for delivery in marketing year 2016/2017, which were down 34 percent from the previous week and 31 percent from the prior four-week average. Increases were reported for the Philippines, Japan and Thailand. Exports totaled 700,700 MT, which were down 17 percent from the previous week, but three percent from the prior four-week average. The primary destinations were Brazil, Japan and Mexico.

Milk prices were lower with October Class III futures losing $0.05 to close at $14.99 per cwt.

Stock markets closed slightly lower today, as Friday’s jobs report revealed weaker than expected results. November Crude oil futures were $0.63 lower, closing at $49.81 per barrel.

Daily Market News Summary Data 10/07/16

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