Texas Daily Ag Market News Summary 11/28/16

Posted 7 years 364 days ago by

Feeder cattle auctions were inactive due to Thanksgiving holiday; Futures lower.

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

Cotton prices uneven.

Grains and soybeans uneven.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions were closed due to Thanksgiving holiday. January Feeder cattle futures were $0.42 lower, closing at $126.80 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were $1.45 lower, closing at $109.30 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $2.73 to close at $185.68 per cwt and Select grade gaining $1.73 to close at $168.73 per cwt. Estimated cattle harvest for the week totaled 114,000 head down 2,000 from last week’s total and up 6,000 from a year ago. Year-to-date harvest is up 5.5%.

Cotton prices were uneven with cash prices losing 0.25 to close at 70.62 cents per pound and December futures gaining 0.62 cents to close at 73.27 cents per pound.

Corn prices were uneven with cash prices losing $0.03 to close at $3.44 per bushel and December futures remaining at $3.49 per bushel. Grain Sorghum cash prices were lower, losing $0.05 to close at $5.10 per cwt.

Wheat prices were uneven with cash prices losing $0.05 to close at $3.04 per bushel and December futures gaining $0.01 to close at $4.12 per bushel.

Milk prices were higher with December Class III futures gaining $0.07 to close at $16.93 per cwt.

Stock markets were lower today, as stocks have begun to pull back a little after a recent rally. January Crude oil futures were $1.02 higher, closing at $47.08 per barrel. Oil prices rose ahead of this week’s OPEC meeting, as investors are betting that the major producers will still be able to come to an agreement to cut their production.

Daily Market News Summary Data 11/28/16

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From Weekly Recap:

AUSTIN – (Nov. 28, 2016) For the week ending Nov. 25, 2016, Texas feeder cattle auctions reported prices $6 to $10 higher. Texas Weekly Direct reported steady prices. Wholesale Beef values were higher, with Choice Grade gaining $1.96 to close at $187.64 per hundredweight (cwt) and Select Grade gaining $2.57 to close at $171.60 per cwt. For the time period of Nov. 14 – 20, the USDA NASS Field Office reported that livestock were in good condition heading into the winter grazing season. Range and pasture remained in good condition in many areas of the state. For the time period of Nov. 11-17, exporters reported net sales of 13,000 metric tons (MT) for 2016, which were up 26 percent from the previous week and 14 percent from the prior four-week average. Increases were reported for South Korea, Mexico and Canada. Exports totaled 18,600 MT, which were up 77 percent from the previous week and 42 percent from the prior four-week average. The primary destinations were South Korea, Japan and Mexico.

Cotton prices were lower at the end of last week, with December futures prices losing 0.95 cents to close at 72.65 cents per pound. The USDA NASS Field Office reported that the cotton harvest continued in areas of the Plains, Blacklands and Edwards Plateau. Net upland sales totaled 254,800 round bales (RB) for 2016/2017, which were up 19 percent from the previous week and 52 percent from the prior four-week average. Increases were reported for China, Vietnam and South Korea. Exports totaled 132,400 RB, which were up 35 percent from the previous week and nine percent from the prior four-week average. The primary destinations were China, Vietnam and Mexico.

Wheat prices were uneven at the end of last week, with cash prices gaining two cents to close at $3.09 per bushel and December futures losing four cents to close at $4.11 per bushel. The USDA NASS Field Office reported that the seeding of Winter Wheat continued throughout the state last week, following row crop harvest. Net sales totaled 712,500 MT for delivery in the 2016-2017 marketing year, which were up 19 percent from the previous week and 27 percent from the prior four-week average. Increases were reported for Japan, China and Peru. Exports totaled 379,500 MT, which were down six percent from the previous week but up 11 percent from the prior four-week average. The primary destinations were Mexico, Morocco and Brazil.

Corn prices were uneven at the end of last week, with cash prices gaining a penny to close at $3.47 per bushel and December futures losing a penny to close at $3.49 per bushel. The USDA NASS Field Office reported that the harvest of row crops were in the final stages in most parts of the state. Corn and sunflower harvest had wrapped up around the state. Net sales totaled 1,688,800 MT for 2016-2017, which were up two percent from the previous week and 31 percent from the prior four-week average. Increases were for Mexico, South Korea and Saudi Arabia. Exports totaled 591,800 MT, which were up nine percent from the previous week but down 16 percent from the prior four-week average. The primary destinations were Mexico, South Korea and Colombia.

This week’s U.S. Drought Monitor for Texas showed slight improvement in drought conditions for the state, with only 33.47 percent of Texas still in some stage of drought intensity. Additionally, 7.91 percent of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions worsened, with 55.00 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 3.01 percentage points from last week.