Texas Daily Ag Market News Summary 01/17/17

Posted 7 years 314 days ago by

Feeder cattle auction reported steady prices; Futures higher.

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

Cotton prices lower.

Grains and soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported steady prices. January Feeder cattle futures were 47 cents higher, closing at $130.92 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. February Fed cattle futures were $1.05 higher, closing at $119.57 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining 82 cents to close at $191.62 per cwt and Select grade losing 69 cents to close at $187.23 per cwt. Estimated cattle harvest for the week totaled 180,000 down 52,000 from last week’s total and 39,000 from a year ago. Year-to-date harvest is down 2.7%.

Cotton prices were lower cash prices losing 0.25 cents to close at 70.25 cents per pound and March futures losing 0.16 cents to close at 72.11 cents per pound.

Corn prices were higher with cash prices gaining 6 cents to close at $3.56 per bushel and March futures gaining 7 cents to close at $3.66 per bushel. Grain Sorghum cash prices were 12 cents higher, closing at $5.45 per cwt.

Wheat prices were higher with cash and March futures both gaining 3 cents to close at $3.42 per bushel and $4.52 per bushel, respectively.

Milk prices were lower with January Class III futures losing 2 cents to close at $16.79 per cwt.

Stock markets were lower today dragged down by declines in financial shares. February Crude oil futures picked up 11 cents to close at $52.48 per barrel, crude oil prices rose behind positive comments from the Saudi oil minister and a steep drop in the US dollar.

Daily Market News Summary Data 01/17/17

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From Weekly Recap:

AUSTIN – (Jan. 17, 2017) For the week ending Jan. 13, 2017, Texas feeder cattle auctions reported prices steady to $8 higher. Texas Weekly Direct reported steady prices with instances of $2 to $4 higher. Wholesale Beef values were lower, with Choice Grade losing $6.55 to close at $190.80 per hundredweight (cwt) and Select Grade losing $5.40 to close at $186.54 per cwt. 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 mixed at the end of last week, with cash prices gaining 0.50 cents to close at 71.00 cents per pound and March futures losing 0.72 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.

Wheat prices were higher at the end of last week, with cash and March futures both gaining a dime 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 the prior four-week average. The primary destinations were Indonesia, Mexico and South Korea.

Corn prices were uneven at the end of last week, with cash prices gaining a penny to close at $3.50 per bushel and March futures losing a penny to close at $3.59 per bushel. 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 lower at the end of last week, losing two cents to close 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.

Milk prices were higher at the close of last week, with January Class III milk futures gaining 19 cents to close at $16.81 per cwt.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 25.13 percent of Texas still in some stage of drought intensity, up 6.63 percentage points from last week. On the national level, drought conditions improved, with 41.66 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 4.45 percentage points from last week.