Texas Daily Ag Market News Summary 12/02/16

Posted 7 years 360 days ago by

Feeder cattle auctions reported prices $2 to $5 higher; Futures lower.

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

Cotton futures higher.

Grains and soybeans uneven.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices $2 to $5 higher. Texas Weekly Direct reported prices $1 to $6 higher. January Feeder cattle futures were $3.17 lower, closing at $124.60 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $112.00 per cwt. December Fed cattle futures were $2.35 lower, closing at $108.22 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $0.79 to close at $189.72 per cwt and Select grade losing $0.23 to close at $172.70 per cwt. Estimated cattle harvest for the week totaled 575,000 head up 112,000 from last week’s total and 36,000 from a year ago. Year-to-date harvest is up 6.6%. For the time period of November 18-24 exporters reported net sales of 21,100 metric tons (MT) for 2016, which were up 63 percent from the previous week and 68 percent from the prior four-week average. Increases were reported for Japan, South Korea and Mexico. Exports totaled 15,000 MT, which were down 20 percent from the previous week, but up three percent from the prior four-week average. The primary destinations were South Korea, Japan and Hong Kong.

Cotton prices were uneven with cash prices remaining at 69.87 cents per pound and December futures gaining 0.18 cents to close at 71.98 cents per pound. Net upland sales totaled 202,300 round bales (RB) for 2016/2017, which were down 21 percent from the previous week, but up one percent from the prior four-week average. Increases were reported for Vietnam, China and Bangladesh. Exports totaled 131,300 RB, which were down one percent from the previous week, but up seven percent from the prior four-week average. The primary destinations were China, Vietnam and Indonesia.

Corn prices were higher with cash prices gaining $0.05 to close at $3.36 per bushel and December futures gaining $0.06 to close at $3.38 per bushel. Net sales totaled 761,600 MT for 2016/2017, which were down 55 percent from the previous week and 50 percent from the prior four-week average. Increases were for Japan, South Korea and Mexico. Exports totaled 808,800 MT, which were up 40 percent from the previous week and 12 percent from the prior four-week average. The primary destinations were Mexico, South Korea and Japan.

Grain Sorghum cash prices were higher, gaining $0.09 to close at $5.13 per cwt. Net sales totaled 227,000 MT, which were down 22 percent from the previous week and 34 percent from the prior four-week average. Increases were reported for China and unknown destinations. Exports totaled 59,200 MT, which were down 48 percent from the previous week and six percent from the prior four-week average. The destinations were China, Nigeria and Mexico.

Wheat prices were higher with cash and December futures both gaining $0.06 to close at $2.94 per bushel and $3.90 per bushel, respectively. Net sales totaled 483,500 MT for delivery in marketing year 2016/2017 and were down 32 percent from the previous week and 16 percent from the prior four-week average. Increases were reported for Indonesia, Mexico and South Korea. Exports totaled 238,400 MT, which were down 37 percent from the previous week and 36 percent from the prior four-week average. The primary destinations were the Philippines, Morocco and Colombia.

Milk prices were higher with December Class III futures gaining $0.17 to close at $17.16 per cwt.

Stock markets were mixed after the release of the latest jobs report. January Crude oil futures were $0.62 higher, closing at $51.68 per barrel. Oil prices have risen for the third consecutive day after OPEC announced their production cuts.

Daily Market News Summary Data 12/02/16

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