Texas Daily Ag Market News Summary 01/09/17

Posted 7 years 322 days ago by

Feeder cattle auction reported prices steady to $6 higher; Futures higher.

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

Cotton prices lower.

Grains and soybeans higher.

Milk futures steady.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $6 higher. January Feeder cattle futures were 95 cents higher, closing at $129.27 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. February Fed cattle futures were $1.70 higher, closing at $116.52 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $1.46 to close at $197.35 per cwt and Select grade losing $1.38 to close at $191.94 per cwt. Estimated cattle harvest for the week totaled 116,000 up 110,000 from last week’s total and 6,000 from a year ago. Year-to-date harvest is up 5.5%.

Cotton prices were lower with cash and March futures both losing 1.00 cents to close at 70.50 cents per pound and 72.99 cents per pound, respectively.

Corn prices were higher with cash and March futures both gaining 2 cents to close at $3.49 per bushel and $3.60 per bushel, respectively. Grain Sorghum cash prices were 3 cents higher, closing at $5.35 per cwt.

Wheat prices were higher with cash prices and March futures both gaining a nickel to close at $3.29 per bushel and $4.39 per bushel, respectively.

Milk prices were steady with January Class III futures remaining at $16.62 per cwt.

Stock markets were lower today, as the Dow Jones backed away from 20,000, dragged down by declines in energy shares. February Crude oil futures were down $2.03 to close at $51.96 per barrel, this was the largest decline in over a month and was caused by lingering fears concerning crude oil production.

Daily Market News Summary Data 01/09/17

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

From Weekly Recap:

AUSTIN – (Jan. 9, 2017) For the week ending Jan. 6, 2017, Texas feeder cattle auctions reported mixed prices, with instances of steady to $5 higher and steady to $4 lower. Texas Weekly Direct reported prices steady to $2 lower. Wholesale Beef values were lower, with Choice Grade losing $2.74 to close at $198.81 per hundredweight (cwt) and Select Grade losing $0.07 to close at $193.32 per cwt. For the time period of Dec. 23-29, exporters reported net sales of 5,200 metric tons (MT), which were primarily for Japan, South Korea and Hong Kong. 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 mixed at the end of last week, 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, which 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.

Wheat prices were lower at the end of last week, with cash 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 — a marketing-year-low — for delivery in the 2016-2017 marketing year. Sales 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, which 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.

Corn prices were lower at the end of last week, with cash and March futures both losing three cents to close at $3.47 per bushel and $3.58 per bushel, respectively. Net sales totaled 429,200 MT — a marketing-year low — for 2016-2017; sales 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 the prior four-week average. The primary destinations were Mexico, South Korea and Peru.

Grain sorghum cash prices were lower at the end of the week, with cash prices losing five cents to close 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.

Milk prices were higher at the close of last week, with January Class III milk futures gaining five cents to close at $16.62 per cwt.

This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with 18.50 percent of Texas still in some stage of drought intensity, down five percentage points from last week. On the national level, drought conditions improved slightly, with 46.11 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 4.7 percentage points from last week.