Texas Daily Ag Market News Summary 01/23/17

Posted 7 years 308 days ago by

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

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

Cotton prices higher.

Grains and soybeans uneven.

Milk futures lower.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $6 higher. January Feeder cattle futures were 33 cents lower, closing at $132.77 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. February Fed cattle futures were steady to remain at $120.25 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.35 to close at $191.77 per cwt and Select grade gaining 19 cents to close at $186.83 per cwt. Estimated cattle harvest for the week totaled 115,000 up 46,000 from last week and 4,000 from a year ago. Year-to-date harvest is up 3.6%.

Cotton prices were higher cash prices gaining 1.50 cents to close at 72.75 cents per pound and March futures gaining 1.59 cents to close at 74.63 cents per pound.

Corn prices were uneven with cash prices losing a penny to close at $3.60 per bushel and March futures remaining at $3.70 per bushel. Grain Sorghum cash prices were a penny lower, closing at $5.52 per cwt.

Wheat prices were higher with cash prices gaining 9 cents to close at $3.35 per bushel and March futures gaining 2 cents to close at $4.45 per bushel.

Milk prices were lower with January Class III futures losing a penny to close at $16.76 per cwt.

Stock markets were lower today as investors look to a lack of detail in President Trump’s inauguration speech. March Crude oil futures were down 47 cents to close at $52.75 per barrel.

Daily Market News Summary Data 01/23/17

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From Weekly-Recap:

AUSTIN – (Jan. 23, 2017) For the week ending Jan. 20, 2017, Texas feeder cattle auctions reported prices steady to $7 higher. Texas Weekly Direct reported prices $1 to $3 higher. Wholesale Beef values were lower, with Choice Grade losing $1.20 to close at $190.42 per hundredweight (cwt) and Select Grade losing 59 cents to close at $186.64 per cwt. For the time period of Jan. 6-12, 2017, net sales totaled 3,700 metric tons (MT) and were reported primarily reported Mexico, Canada and South Korea. Exports totaled 14,300 MT and were reported primarily for Japan, South Korea and Hong Kong.

Cotton prices were higher at the end of last week, with cash prices gaining 0.50 cents to close at 71.25 cents per pound and March futures gaining 0.93 cents to close at 73.04 cents per pound. Net upland sales totaled 346,500 round bales (RB) for 2016-2017, and were up 47 percent from the previous week and 33 percent from the prior four-week average. Increases were reported for Vietnam, Pakistan and Turkey. Exports totaled 222,500 RB, and were up six percent from the previous week but down five percent from the prior four-week average. The primary destinations were China, Vietnam and Indonesia.

Wheat prices were lower at the end of last week, with cash prices losing 16 cents to close at $3.26 per bushel and March futures losing nine cents to close at $4.43 per bushel. Net sales totaled 242,500 MT for delivery in the 2016-2017 marketing year, and were down 38 percent from the previous week and 33 percent from the prior four-week average. Increases were reported for Mexico, Japan and Nigeria. Exports totaled 394,800 MT, and were up noticeably from the previous week and six percent from the prior four-week average. The primary destinations were Mexico, Nigeria and the Philippines.

Corn prices were higher at the end of last week, with cash prices gaining a nickel to close at $3.61 per bushel and March futures gaining six cents to close at $3.70 per bushel. Net sales totaled 1,367,600 MT for 2016-2017, and were up noticeably from the previous week and 69 percent from the prior four-week average. Increases were for Japan, Taiwan and Peru. Exports totaled 927,900 MT, and were up 34 percent from the previous week and 21 percent from the prior four-week average. The primary destinations were Mexico, South Korea and Japan.

Grain sorghum cash prices were higher at the end of last week, gaining eight cents to close at $5.53 per cwt. Net sales totaled 57,000 MT, and were up noticeably from the previous week and 69 percent from the prior four-week average. Increases were reported for China and Mexico. Exports totaled 52,100 MT, and were down 71 percent from the previous week and 66 percent from the prior four-week average. The primary destinations were China, Mexico and Nigeria.

Milk prices were lower at the close of last week, with January Class III milk futures losing two cents to close at $16.77 per cwt.

This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with 17.22 percent of Texas still in some stage of drought intensity, down 7.91 percentage points from last week. On the national level, drought conditions improved slightly, with 39.50 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 2.16 percentage points from last week.