Texas Daily Ag Market News Summary 11/2/16

Posted 8 years 25 days ago by

Feeder cattle auction reported prices steady to $6 higher; Futures higher.

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

Cotton prices uneven.

Grains and soybeans uneven.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $6 higher. November Feeder cattle futures were $0.40 higher, closing at $126.57 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $105.66 per cwt. October Fed cattle futures were $0.15 lower, closing at $105.37 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.91 to close at $187.44 per cwt and Select grade gaining $0.61 to close at $173.93 per cwt. Estimated cattle harvest for the week totaled 346,000 head up 3,000 from last week’s total, and 13,000 from a year ago. Year-to-date harvest is up 3.9%.

Cotton prices were uneven with cash prices losing 0.50 cents to close at 68.12 cents per pound and December futures gaining 0.40 cents to close at 68.60 cents per pound.

Corn prices were lower with cash prices losing $0.02 to close at $3.42 per bushel and December futures losing $0.03 to close at $3.46 per bushel. Grain Sorghum cash prices were lower, losing $0.05 to close at $5.06 per cwt.

Wheat prices were higher with cash and December futures both gaining $0.02 to close at $3.08 per bushel and $4.16 per bushel, respectively.

Milk prices were higher with November Class III futures gaining $0.06 to close at $16.33 per cwt.

Stock markets were lower today, investors believe that the tight presidential race combined with the speculation on the decline of oil prices have brought uncertainty into the market place, bringing major indexes down. December Crude oil futures were $1.33 lower, closing at $45.34 per barrel. The recent declines in oil prices continued after data was released that showed the biggest weekly U.S. crude oil surplus on record.

Daily Market News Summary Data 11/2/16

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From Agri-Pulse:

WASHINGTON, Nov. 1, 2016 - The Environmental Protection Agency is proposing to increase the number of states where Enlist Duo can be used and add genetically engineered cotton to the label, which already allows use on GE corn and soybeans.

The proposal follows a review of new data submitted by registrant Dow AgroSciences. The data “confirm EPA's initial findings of no synergy in the Enlist Duo formulation,” EPA said today in announcing a public comment period that will end in 30 days.

After “discovering” in the middle of litigation brought by environmental groups that Dow patent applications had made claims of synergy between 2,4-D and glyphosate, the two active ingredients in the herbicide, EPA asked the 9th Circuit Court of Appeals last year to vacate the registration. The court rejected that request, but remanded the registration to EPA in January.

“These data demonstrate that the combination of 2,4-D choline and glyphosate in Enlist Duo does not show any increased toxicity to plants and is therefore not of concern,” EPA said.

Dow AgroSciences applauded the proposal, saying Enlist Duo “offers a much needed solution for growers, who are struggling with resistant weeds.”

The proposal would expand the number of states where Enlist Duo can be used from 15 to 34. It is currently registered for use on GE corn and soybean crops in Arkansas, Illinois, Indiana, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Nebraska, North Dakota, Oklahoma, Ohio, South Dakota, and Wisconsin.

The proposal would allow use on cotton in those states and extend use on GE corn, soybean and cotton crops to include Alabama, Arizona, Colorado, Delaware, Florida, Georgia, Kentucky, Maryland, Michigan, North Carolina, New Jersey, New Mexico, New York, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and West Virginia.

The herbicide was approved for use in October 2014, but environmental groups sued, claiming that EPA had not properly studied its effects on endangered species.

One of those groups, the Center for Biological Diversity, said today that EPA had conducted only a “cursory review” and that allowing increased use is a mistake.

“We're disappointed that EPA has doubled down on Enlist Duo rather than pulled its registration of this hazardous pesticide. Unless EPA makes substantial changes to its previous registration of Enlist Duo, we remain confident it violates the law,” said Paul Achitoff, a managing attorney at Earthjustice.