Texas Daily Ag Market News Summary 01/13/17

Posted 7 years 318 days ago by

Feeder cattle auction reported prices steady to $8 higher; Futures higher.

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

Cotton futures lower.

Grains and soybeans higher.

Milk futures higher.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $8 higher. Texas Weekly Direct reported steady prices with instances of $2 to $4 higher. January Feeder cattle futures were 13 cents higher, closing at $130.45 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. February Fed cattle futures were $1.05 higher, closing at $118.52 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining $1.70 to close at $190.80 per cwt and Select grade losing a penny to close at $186.54 per cwt. Estimated cattle harvest for the week totaled 578,000 up 110,000 from last week’s total and 26,000 from a year ago. Year-to-date harvest is up 4.4%. For the time period of Dec. 30-Jan. 5 exporters reported net sales totaling 900 metric tons (MT) for 2017 and resulted in increases primarily for South Korea, Hong Kong and Mexico. Exports totaled 2,500 MT and were primarily sent to Japan, South Korea and Hong Kong.

Cotton prices were lower March futures losing 0.07 cents to close at 72.27 cents per pound. Net upland sales totaled 236,000 round bales (RB) for 2016-2017 and were up 29 percent from the previous week, but down 15 percent from the prior four-week average. Increases were reported for Vietnam, China and Turkey. Exports totaled 210,500 RB and were down 17 percent from the previous week and 11 percent from the prior four-week average. The primary destinations were Vietnam, China and Turkey.

Corn prices were higher with cash and March futures both gaining a penny to close at $3.50 per bushel and $3.59 per bushel, respectively. Net sales totaled 603,300 MT for 2016-2017 and were up 41 percent from the previous week, but down 42 percent from the prior four-week average. Increases were for Japan, Taiwan and the Dominican Republic. Exports totaled 693,900 MT and were up 14 percent from the previous week, but down 14 percent from the prior four-week average. The primary destinations were Mexico, Japan and Colombia. Grain Sorghum cash prices were 2 cents higher, closing at $5.33 per cwt. Net sales totaled 14,900 MT and were up noticeably from the previous week, but down 84 percent from the prior four-week average. Increases were reported for Japan, China and Indonesia. Exports totaled 180,500 MT and were up noticeably from the previous week and up 31 percent from the prior four-week average. The destinations were China and Indonesia.

Wheat prices were higher with cash and March futures both gaining 4 cents to close at $3.39 per bushel and $4.49 per bushel, respectively. Net sales totaled 391,000 MT for delivery in the 2016-2017 marketing year and were up noticeably from the previous week, but down one percent from the prior four-week average. Increases were reported primarily for Mexico, Nigeria and Colombia. Exports totaled 172,300 MT and were down 60 percent from the previous week and from the prior four-week average. The primary destinations were Indonesia, Mexico and South Korea.

Milk prices were higher with January Class III futures gaining 2 cents to close at $16.81 per cwt.

Stock markets were higher today, after the release of US banks’ earnings reports sparked gains in financial shares. February Crude oil futures were down 64 cents lower, to close at $52.37 per barrel, as all eyes are focused on the OPEC nations to see if they will stick to the agreed upon production cuts.

Daily Market News Summary Data 01/13/17

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