Texas Daily Ag Market News Summary 12/09/16

Posted 7 years 353 days ago by

Feeder cattle auction reported prices steady to $2 lower; Futures lower.

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

Cotton prices lower.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $2 lower with instances of $2 to $3 higher. Texas Weekly Direct reported prices $1 to $6 lower. January Feeder cattle futures were 65 cents lower, closing at $125.95 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $110.00 per cwt. December Fed cattle futures were 33 cents lower, closing at $108.72 per cwt. Wholesale boxed beef values were uneven, with Choice grade losing 54 cents to close at $188.94 per cwt and Select grade gaining 26 cents to close at $171.68 per cwt. Estimated cattle harvest for the week totaled 576,000 up 1,000 from last week’s total and 16,000 from a year ago. Year-to-date harvest is up 2.8%. For the time period of Nov. 25- Dec. 1 exporters reported net sales of 4,500 metric tons (MT) for 2016, which were down 79 percent from the previous week and 72 percent from the prior four-week average. Increases were reported for Japan, Mexico and Canada. Exports totaled 16,400 MT, which were up nine percent from the previous week and four percent from the prior four-week average. The primary destinations were South Korea, Japan and Hong Kong.

Cotton prices were lower with cash prices losing 0.87 cents to close at 69.50 cents per pound and March futures losing 0.62 cents to close at 70.80 cents per pound. Net upland sales totaled 405,200 round bales (RB) for 2016/2017--a marketing-year high—and were up noticeably from the previous week and 93 percent from the prior four-week average. Increases were reported for Vietnam, Turkey and China. Exports totaled 229,700 RB--a marketing-year high—and were up 75 percent from the previous week and 85 percent from the prior four-week average. The primary destinations were China, Vietnam and Turkey.

Corn prices were higher with cash prices gaining a nickel to close at $3.48 per bushel and December futures gaining a six cents to close at $3.53 per bushel. Net sales totaled 1,495,400 MT for 2016/2017, which were up 96 percent from the previous week and 12 percent from the prior four-week average. Increases were for Peru, Japan and Mexico. Exports totaled 1,366,400 MT, which were up 69 percent from the previous week and 94 percent from the prior four-week average. The primary destinations were Japan, Mexico and Taiwan. Grain Sorghum cash prices were nine cents higher, closing at $5.33 per cwt.

Wheat prices were higher with cash prices gaining a dime to close at $3.05 per bushel and December futures gaining nine cents to close at $3.96 per bushel. Net sales totaled 503,100 MT for delivery in marketing year 2016/2017, and were up four percent from the previous week, but down 22 percent from the prior four-week average. Increases were reported for Taiwan, Japan and China. Exports totaled 555,500 MT, which were up noticeably from the previous week and 59 percent from the prior four-week average. The primary destinations were Morocco, Japan and China.

Milk prices were higher with December Class III futures gaining three cents to close at $17.10 per cwt.

Stock markets were higher today, reaching new record highs and capping off their best week since the presidential election. January Crude oil futures picked up 66 cents, to close at $51.50 per barrel. Crude oil prices rebounded after the OPEC Cartel announced that the non-OPEC nations have pledged to cut production by 600,000 barrels a day.

Daily Market News Summary Data 12/09/16

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