Texas Daily Ag Market News Summary 10/21/16

Posted 8 years 37 days ago by

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

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

Cotton futures lower.

Grains and soybeans uneven.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets steady.

Texas feeder cattle auctions quoted prices steady to $5 higher. Texas Weekly Direct reported prices $2 to $8 lower. October Feeder cattle futures were $0.12 higher, closing at $121.87 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were $2.13 higher, closing at $101.15 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining $1.89 to close at $179.78 per cwt and Select grade losing $1.01 to close at $166.73 per cwt. Estimated cattle harvest for the week totaled 557,000 head down 6,000 from last week’s total, and up 12,000 from a year ago. Year-to-date harvest is up 2.2%. For the time period of October 7-13 exporters reported net sales of 16,000 metric tons (MT) for 2016, which were up 27 percent from the previous week and 40 percent from the prior four-week average. Increases were reported for South Korea, Mexico and Taiwan. Exports totaled 13,600 MT, which were down three percent from the previous week and two percent from the prior four-week average. The primary destinations were South Korea, Japan and Hong Kong.

Cotton prices were uneven with cash prices remaining at 68.37 cents per pound and December futures losing 0.73 cents to close at 69.07 cents per pound. Net upland sales totaled 340,200 round bales (RB) for 2016/2017, which were up 50 percent from the previous week and up noticeably from the prior four-week average. Increases were reported for China, Vietnam and South Korea. Exports totaled 128,400 RB, which were down 16 percent from the previous week and 24 percent from the prior four-week average. The primary destinations were Vietnam, Mexico and China.

Corn prices were higher with cash and December futures both gaining $0.02 to close at $3.48 per bushel and $3.53 per bushel, respectively. Net sales totaled 1,023,000 MT for 2016/2017, which were up 17 percent from the previous week, but down eight percent from the prior four-week average. Increases were for Colombia, Peru and Saudi Arabia. Exports totaled 851,000 MT, which were down 32 percent from the previous week and 35 percent from the prior four-week average. The primary destinations were Saudi Arabia, Mexico and Colombia.

Grain Sorghum cash prices were higher, gaining $0.04 to close at $5.18 per cwt. Net sales totaled 200 MT for 2016/2017 and were reported to Indonesia. Exports totaled 3,100 MT and were reported to Mexico and China.

Wheat prices were lower with cash and December futures both losing $0.01 to close at $3.14 per bushel and $4.22 per bushel, respectively. Net sales totaled 513,800 MT for delivery in marketing year 2016/2017, which were up five percent from the previous week and three percent from the prior four-week average. Increases were reported for Mexico, Japan and South Korea.

Milk prices were higher with October Class III futures gaining $0.01 to close at $14.73 per cwt.

Stock markets were stead today, some deals made and earnings reports moved individual stocks, but left the broader market relatively unchanged. December Crude oil futures were $0.22 higher, closing at $50.85 per barrel.

Daily Market News Summary Data 10/21/16

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