Texas Daily Ag Market News Summary 11/4/16

Posted 8 years 23 days ago by

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

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

Cotton prices higher.

Grains and soybeans higher.

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 steady to $5 higher. November Feeder cattle futures were $0.23 lower, closing at $125.62 per hundredweight (cwt). The Texas fed cattle cash trade was lower today, closing at $104.00 per cwt. December Fed cattle futures were $1.35 lower, closing at $102.72 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $0.04 to close at $188.70 per cwt and Select grade losing $0.84 to close at $173.03 per cwt. Estimated cattle harvest for the week totaled 566,000 head down 2,000 from last week’s total, and up 27,000 from a year ago. Year-to-date harvest is up 5%. For the time period October 21-27 exporters reported net sales of 7,300 metric tons (MT) for 2016, which were down 12 percent from the previous week and 46 percent from the prior four-week average. Increases were reported for South Korea, Mexico and Hong Kong. Exports totaled 10,000 MT, which were down 24 percent from the previous week and 27 percent from the prior four-week average. The primary destinations were South Korea, Japan and Hong Kong.

Cotton prices were higher with cash prices gaining 0.75 cents to close at 68.37 cents per pound and December futures gaining 0.46 cents to close at 68.53 cents per pound. Net upland sales totaled 160,400 round bales (RB) for 2016/2017, which were up 24 percent from the previous week, but down 25 percent from the prior four-week average. Increases were reported for China, Indonesia and Vietnam. Exports totaled 127,000 RB, which were unchanged from the previous week, but down 18 percent from the prior four-week average. The primary destinations were Vietnam, Indonesia and Mexico.

Corn prices were uneven with cash prices remaining at $3.44 per bushel and December futures gaining $0.01 to close at $3.49 per bushel. Net sales totaled 1,473,500 MT for 2016/2017, which were up 84 percent from the previous week and 24 percent from the prior four-week average. Increases were for Japan, Mexico and Cuba. Exports totaled 868,700 MT, which were up 66 percent from the previous week, but down 13 percent from the prior four-week average. The primary destinations were Mexico, Japan and Colombia.

Grain Sorghum cash prices were $0.02 higher, closing at $5.11 per cwt. Net sales totaled 404,000 MT for 2016/2017--a marketing-year high—and were up noticeably from the previous week and from the prior the prior four-week average. Increases were reported for China, Mexico and Japan. Exports totaled 39,100 MT, which were down 37 percent from the previous week, but up five percent from the prior four-week average. The destinations were China and Mexico.

Wheat prices were higher with cash and December futures both gaining $0.01 to close at $3.04 per bushel and $4.12 per bushel, respectively. Net sales totaled 234,900 MT for delivery in marketing year 2016/2017, which were down 64 percent from the previous week and 54 percent from the prior four-week average. Increases were reported for Mexico, the Philippines and Venezuela. Exports totaled 327,100 MT, which were up 24 percent from the previous week, but down 28 percent from the prior four-week average. The primary destinations were the Philippines, Algeria and Japan.

Milk prices were steady with November Class III futures remaining at $16.59 per cwt.

Stock markets were lower today, marking the ninth straight day of declines for the S&P 500, marking the its longest streak in nearly 36 years. December Crude oil futures were $0.59 lower, closing at $44.07 per barrel.

Daily Market News Summary Data 11/4/16

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