Texas Daily Ag Market News Summary 01/25/17

Posted 7 years 306 days ago by

Feeder cattle auction reported prices steady to $7 higher; Futures lower.

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

Cotton prices higher.

Grains and soybeans uneven.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $7 higher. March Feeder cattle futures were 32 cents lower, closing at $129.85 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $123.58 per cwt. February Fed cattle futures were 20 cents higher to close at $119.87 per cwt. Wholesale boxed beef values were uneven, with Choice grade losing 49 cents to close at $191.25 per cwt and Select grade gaining 99 cents to close at $188.16 per cwt. Estimated cattle harvest for the week totaled 338,000 up 43,000 from last week and 5,000 from a year ago. Year-to-date harvest is up 1.5%.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 72.00 cents per pound and March futures gaining 0.31 cents to close at 73.88 cents per pound.

Corn prices were higher with cash and March futures both gaining 3 cents to close at $3.57 per bushel and $3.66 per bushel, respectively. Grain Sorghum cash prices were 6 cents higher, closing at $5.46 per cwt.

Wheat prices were lower with cash and March futures both losing 4 cents to close at $3.28 per bushel and $4.38 per bushel, respectively.

Milk prices were lower with February Class III futures losing 13 cents to close at $16.57 per cwt.

Stock markets were higher today, pushing the Dow Jones over 20,000 for the first time ever, fueled by a rally in manufacturing and banking shares. March Crude oil futures were down 43 cents to close at $52.75 per barrel. Crude oil prices were lowered after data was released that showed U.S crude oil inventories were above what was originally estimated.

Daily Market News Summary Data 01/25/17

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From Agri-Pulse:

WASHINGTON, Jan. 24, 2017 - More than 130 farm groups and agribusinesses from around the country are asking President Donald Trump to work with his administration when the process of renegotiating the North America Free Trade Agreement (NAFTA) begins.

Trump has already reached out to the leaders of Canada and Mexico and is scheduled to meet personally withMexican President Enrique Peña Nieto on Jan. 31.

There is a lot at stake for U.S. farmers and ranchers who are looking to protect the increased trade they enjoy with Mexico and Canada because of NAFTA, and ag groups want to have input in how the trade pact is renegotiated.

“Although some important gaps in U.S. export access still remain, increased market access under NAFTA has been a windfall for U.S. farmers, ranchers and food processors. U.S. food and agriculture exports to both countries have more than quadrupled, growing from $8.9 billion in 1993 to $38.6 billion in 2015,” the groups wrote in a letter to Trump. “Together Canada, Mexico and the United States make up one of the most competitive and successful economic regions in the world. The success of this trading relationship has come largely from economic cooperation, integration, and policy alignment.”

The effort isn't completely to defend strong trade between the three countries. U.S. farm groups would like to see some remaining trade barriers come down, especially those that protect Canada's dairy market.

But trade is strong, and groups like the American Farm Bureau Federation, the Corn Refiners Association, the American Peanut Council, the North American Meat Institute and many others don't want that to change.

“With a few key sector exceptions that still require attention, North America intraregional food and agricultural trade is now free of tariff and quota restrictions, helping U.S. farmers, ranchers and food processors expand exports,” they said in the letter.