Texas Daily Ag Market News Summary 1/6/17

Posted 7 years 325 days ago by

Feeder cattle auction reported uneven prices; Futures higher.

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

Cotton prices uneven.

Grains and soybeans lower.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported uneven prices with instances of steady to $5 higher and steady to $4 lower. Texas Weekly Direct reported prices steady to $2 lower. January Feeder cattle futures were 7 cents higher, closing at $128.32 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. February Fed cattle futures were 25 cents lower, closing at $114.82 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $2.74 to close at $198.81 per cwt and Select grade losing 7 cents to close at $193.32 per cwt. Estimated cattle harvest for the week totaled 468,000 down 1,000 from last week’s total and 60,000 from a year ago. Year-to-date harvest is down 11.4%. For the time period of Dec. 23-29 exporters reported net sales of 5,200 metric tons (MT) and were primarily for Japan, South Korea and Hong. Exports totaled 11,600 MT and were down 38 percent from the previous week and 31 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were uneven with cash prices losing 0.50 cents to close at 71.50 cents per pound and March futures gaining 0.21 cents to close at 73.99 cents per pound. Net upland sales totaled 183,700 round bales (RB) for 2016/2017 and were down 47 percent from the previous week and 45 percent from the prior four-week average. Increases were reported for China, India and Vietnam. Exports totaled 252,400 RB and were down six percent from the previous week, but up nine percent from the prior four-week average. The primary destinations were Vietnam, China and Indonesia.

Corn prices were lower with cash and March futures both losing 3 cents to close at $3.47 per bushel and $3.58 per bushel, respectively. Net sales totaled 429,200 MT for 2016/2017--a marketing-year low—and were down 55 percent from the previous week and 67 percent from the prior four-week average. Increases were for Japan, Peru and the Dominican Republic. Exports totaled 609,000 MT and were down 39 percent from the previous week and from the prior four-week average. The primary destinations were Mexico, South Korea and Peru. Grain Sorghum cash prices were a nickel lower, closing at $5.32 per cwt. Exports totaled 61,300 MT and were down 47 percent from the previous week and 66 percent from the prior four-week average. The destinations were China and Mexico.

Wheat prices were lower with cash prices and March futures both losing a penny to close at $3.24 per bushel and $4.34 per bushel, respectively. Net sales totaled 183,700 MT for delivery in marketing year 2016/2017--a marketing-year-low—and were down 68 percent from the previous week and 61 percent from the prior four-week average. Increases were reported for the Philippines, Taiwan and Mexico. Exports totaled 426,100 MT and were down 12 percent from the previous week and nine percent from the prior four-week average. The primary destinations were the Philippines, Japan and Italy.

Milk prices were higher with January Class III futures gaining 5 cents to close at $16.62 per cwt.

Stock markets were higher today, as the Dow Jones nearly reached 20,000 behind a strong jobs report. February Crude oil futures picked up 23 cents to close at $53.99 per barrel, marking the fourth week of consecutive gains, as confidence in the production cutting agreements made by OPEC and other oil producing nations is continuing to grow.

Daily Market News Summary Data 1/6/17

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