Texas Daily Ag Market News Summary 11/18/16

Posted 8 years 9 days ago by

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

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

Cotton prices higher.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $6 higher. Texas Weekly Direct reported prices steady to $3 higher. January Feeder cattle futures were $0.05 higher, closing at $124.97 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were $0.10 higher, closing at $108.32 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining $0.64 to close at $182.95 per cwt and Select grade losing $0.09 to close at $167.01 per cwt. Estimated cattle harvest for the week totaled 576,000 up 14,000 from last week’s total and 33,000 from a year ago. Year-to-date harvest is up 6.1%. For the time period of November 4-10 exporters reported net sales of 10,300 metric tons (MT) for 2016, which were down 47 percent from the previous week and 19 percent from the prior four-week average. Increases were reported for Japan, Hong Kong and Mexico. Exports totaled 10,500 MT, which were down 44 percent from the previous week and 25 percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 70.87 cents per pound and December futures gaining 0.02 cents to close at 73.40 cents per pound. Net upland sales totaled 214,400 round bales (RB) for 2016/2017, which were up 27 percent from the previous week and seven percent from the prior four-week average. Increases were reported for Turkey, China and Thailand. Exports totaled 98,000 RB--a marketing-year low—which were down 27 percent from the previous week and 24 percent from the prior four-week average. The primary destinations were Mexico, China and Vietnam.

Corn prices were higher with cash prices gaining $0.05 to close at $3.42 per bushel and December futures gaining $0.04 to close at $3.46 per bushel. Net sales totaled 1,661,000 MT for 2016/2017, which were up 35 percent from the previous week and 47 percent from the prior four-week average. Increases were for Japan, the Dominican Republic and Mexico. Exports totaled 540,800 MT, which were down 39 percent from the previous week and 31 percent from the prior four-week average. The primary destinations were Mexico, Peru and El Salvador.

Grain Sorghum cash prices were $0.07 higher, closing at $5.06 per cwt. Net sales totaled 333,500 MT, which were down five percent from the previous week, but up 76 percent from the prior the prior four-week average. Increases were reported for China, Japan and Mexico. Exports totaled 9,000 MT, which were down 90 percent from the previous week and 81 percent from the prior four-week average. The destination was Mexico.

Wheat prices were higher with cash and December futures both gaining $0.05 to close at $3.06 per bushel and $4.14 per bushel, respectively. Net sales totaled 598,400 MT for delivery in marketing year 2016/2017, which were down 22 percent from the previous week, but up 11 percent from the prior four-week average. Increases were reported for the Philippines, the Dominican Republic and Japan. Exports totaled 402,000 MT, which were up six percent from the previous week and 12 percent from the prior four-week average. The primary destinations were Morocco, Brazil and South Korea.

Milk prices were higher with December Class III futures gaining $0.23 to close at $16.94 per cwt.

Stock markets were lower today, but ended in positive territory for the week, as the post-election stock rally has begun to calm down. December Crude oil futures were $0.27 higher, closing at $45.69 per barrel. Oil prices were higher today as hope continues to grow that the OPEC nations will be able to come to an agreement about cutting back on crude oil production to stabilize prices globally.

Daily Market News Summary Data 11/18/16

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