Texas Daily Ag Market News Summary 12/16/16

Posted 7 years 346 days ago by

Feeder cattle auction reported uneven prices; Futures higher.

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

Cotton prices lower.

Grains and soybeans uneven.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $3 higher, with instances of $2 lower. Texas Weekly Direct reported prices steady to $3 higher. January Feeder cattle futures were $2.20 higher, closing at $129.90 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were $1.60 higher, closing at $112.32 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.17 to close at $194.63 per cwt and Select grade gaining $2.55 to close at $181.09 per cwt. Estimated cattle harvest for the week totaled 563,000 down 10,000 from last week’s total and up 7,000 from a year ago. Year-to-date harvest is up 1.3%. For the time period of Dec. 2-8 exporters reported net sales of beef totaling 18,400 metric tons (MT), for 2017, and were primarily for South Korea, Japan and Hong Kong. Exports totaled 16,300 MT and were unchanged from the previous week, but up eight 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 0.75 cents to close at 70.25 cents per pound and March futures losing 0.27 cents to close at 71.40 cents per pound. Net upland sales totaled 311,700 round bales (RB) for 2016-2017, and were down 23 percent from the previous week, but up 16 percent from the prior four-week average. Increases were reported for Vietnam, China and Pakistan. Exports totaled 218,400 round bales (RB) and were down five percent from the previous week, but up 48 percent from the prior four-week average. The primary destinations were Vietnam, China and Mexico.

Corn prices were uneven with cash prices remaining at $3.45 per bushel and March futures losing a penny to close at $3.56 per bushel. Net sales totaled 1,516,000 MT for 2016-2017 and were up one percent from the previous week and eight percent from the prior four-week average. Increases were for South Korea, Mexico and Japan. Exports totaled 835,700 MT, which were down 39 percent from the previous week, but up two percent from the prior four-week average. The primary destinations were Mexico, Saudi Arabia and Japan.

Grain Sorghum cash prices were a penny higher, closing at $5.29 per cwt. Net sales totaled 260,200 MT for 2016-2017 and were up noticeably from the previous week and 24 percent from the prior four-week average. Increases were reported for China and unknown destinations. Exports totaled 111,400 MT, which were down 52 percent from the previous week, but up seven percent from the prior four-week average. The destinations were China, Indonesia and Mexico.

Wheat prices were uneven with cash prices losing a penny to close at $3.04 per bushel and March futures gaining 2 cents to close at $4.15 per bushel. Net sales totaled 531,300 MT for delivery in 2016-2017 marketing year and were up six percent from the previous week, but down seven percent from the prior four-week average. Increases were reported for Nigeria, Morocco and China. Exports totaled 422,000 MT and were down 24 percent from the previous week, but up seven percent from the prior four-week average. The primary destinations were Nigeria, Morocco and Thailand.

Milk prices were higher with December Class III futures gaining a penny to close at $17.32 per cwt.

Stock markets were lower today, as the postelection rally has begun to lose momentum, major U.S indexes still ended the week in positive territory. January Crude oil futures picked up $1.00, to close at $51.90 per barrel. Crude oil prices rose surrounding signals that the major oil producers around the world, including OPEC, will indeed keep to their production cutting agreement.

Daily Market News Summary Data 12/16/16

If you are interested in receiving this daily report, please subscribe here.