Texas Daily Ag Market News Summary 11/7/16

Posted 8 years 20 days ago by

Feeder cattle auction reported prices steady to $10 higher; Futures lower.

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

Cotton futures lower.

Grains and soybeans uneven.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $10 higher. November Feeder cattle futures were $1.55 lower, closing at $124.07 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were $1.07 lower, closing at $101.65 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $1.43 to close at $187.27 per cwt and Select grade losing $0.71 to close at $172.32 per cwt. Estimated cattle harvest for the week totaled 116,000 head on par with last week’s total, and up 4,000 from a year ago. Year-to-date harvest is up 1.7%.

Cotton prices were uneven with cash prices remaining at 68.37 cents per pound and December futures losing 0.08 cents to close at 68.45 cents per pound.

Corn prices were uneven with cash prices remaining at $3.44 per bushel and December futures losing $0.03 to close at $3.46 per bushel. Grain Sorghum cash prices were $0.05 lower, closing at $5.06 per cwt.

Wheat prices were lower with cash and December futures both losing $0.02 to close at $3.02 per bushel and $4.10 per bushel, respectively.

Milk prices were higher with November Class III futures gaining $0.38 to close at $16.97 per cwt.

Stock markets were higher today, as investors feel like the FBI’s decision not to charge Clinton will alleviate some of the volatility that has surrounded U.S. markets since the beginning of last week. December Crude oil futures were $0.82 higher, closing at $44.89 per barrel.

Daily Market News Summary Data 11/7/16

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From Weekly Recap:

AUSTIN – (Nov. 7, 2016) For the week ending Nov. 4, 2016, Texas feeder cattle auctions reported prices steady to $10 higher. Texas Weekly Direct reported prices steady to $5 higher. Wholesale Beef values were higher, with Choice Grade gaining $3.94 to close at $188.70 per hundredweight (cwt) and Select Grade gaining $0.02 to close at $173.03 per cwt. For the time period of Oct. 17-23, the USDA NASS Field Office reported that livestock remained in good condition throughout most of the state, while range and pasture conditions began to suffer across many areas of the state due to lack of rainfall. Pond levels continued to decline in areas of Northeast Texas.

For the time period of Oct. 24-30, the USDA NASS Field Office reported that livestock remained in good condition across most of the state, with some livestock producers continuing supplemental feeding in areas of South Texas. In areas of the Upper Coast and Southeast Texas, range and pasture conditions, along with stock tank levels, continued to decline due to lack of rainfall. In areas of Northeast Texas, issues with feral hogs continued. For the time period of Oct. 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 lower at the end of last week, with cash prices losing 0.25 cents to close at 68.37 cents per pound and December futures prices losing 0.33 cents to close at 68.53 cents per pound. The USDA NASS Field Office reported that cotton harvest was underway in areas of the Southern High Plains, Blacklands and Northeast Texas. Cotton gins were in full swing in areas of the Southern Low Plains and Edwards Plateau. Cotton defoliation was active in areas of the Northern Low Plains. 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.

Wheat prices were lower at the end of last week, with cash and December futures both losing $0.03 to close the week at $3.04 per bushel and $4.12 per bushel, respectively. The USDA NASS Field Office reported that Winter Wheat seeding continued in most areas. Emerged Winter Wheat was in need of additional rainfall in areas of the Northern Plains, Cross Timbers and the Edwards Plateau. Net sales totaled 234,900 MT for delivery in the 2016-2017 marketing year, 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.

Corn prices were lower at the end of last week, with cash and December futures both losing $0.06 on the week to close at $3.44 per bushel and $3.49 per bushel, respectively. The USDA NASS Field Office reported that corn harvest progressed in the Lower Valley as dry fields aided fieldwork. 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 lower at the end of the week, losing $0.10 to close at $5.11 per cwt. The USDA NASS Field Office reported that sorghum harvest continued in the Northern High Plains, despite problems with sugarcane aphids. 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.

Milk prices were higher at the close of last week, with November Class III milk futures gaining $0.21 at $16.80 per cwt.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 40.45 percent of Texas still in some stage of drought intensity, up 5.37 percentage points from last week. Additionally, 6.50 percent of the state remains in severe, extreme or exceptional drought, up 5.86 percentage points from three months ago. On the national level, drought conditions worsened slightly, with 47.72 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 3.40 percentage points from last week.