Texas Daily Ag Market News Summary 01/27/17

Posted 7 years 304 days ago by

Feeder cattle auction reported uneven prices; Futures higher.

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

Cotton prices higher.

Grains and soybeans uneven.

Milk futures higher.

Crude oil lower; Natural gas higher.

Stock markets steady.

Texas feeder cattle auctions reported uneven prices with instances of steady to $4 higher and $2 to $5 lower. Texas Weekly Direct reported prices steady to $3 lower. March Feeder cattle futures were 35 cents higher, closing at $127.45 per hundredweight (cwt). The Texas fed cattle cash trade was lower today, closing at $121.43 per cwt. February Fed cattle futures were 38 cents lower to close at $118.32 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 30 cents to close at $192.70 per cwt and Select grade losing 80 cents to close at $188.94 per cwt. Estimated cattle harvest for the week totaled 554,000 up 23,000 from last week and 2,000 from a year ago. Year-to-date harvest is up 0.4%. For the time period of January 13-19, 2017 exporters reported net sales of beef totaling 21,800 metric tons (MT) and with increases being primarily reported for South Korea, Japan and Hong Kong. Exports totaled 12,800 MT and were reported primarily for Japan, South Korea and Mexico.

Cotton prices were higher with cash prices gaining 0.50 cents to close at 72.75 cents per pound and March futures gaining 0.66 cents to close at 74.85 cents per pound. Net upland sales totaled 457,000 round bales (RB) for 2016-2017--a marketing-year high—and were up 32 percent from the previous week and 65 percent from the prior four-week average. Increases were reported primarily for China, Turkey and Pakistan. Exports totaled 227,700 RB and were up two percent from the previous week, but down five percent from the prior four-week average. The primary destinations were China, Vietnam and Indonesia.

Corn prices were uneven with cash prices gaining 3 cents to close at $3.57 per bushel and March futures losing a penny to close at $3.63 per bushel. Net sales totaled 1,370,400 MT for 2016-2017 and were up two percent from the previous week and 63 percent from the prior four-week average. Increases were primarily reported for Japan, Colombia and Mexico. Exports totaled 978,500 MT and were up six percent from the previous week and 22 percent from the prior four-week average. The primary destinations were Mexico, Taiwan and South Korea.

Grain Sorghum cash prices were a penny lower, closing at $5.40 per cwt. Net sales totaled 76,500 MT and were up 34 percent from the previous week and noticeably from the prior four-week average. Increases were reported for Japan, Mexico and China. Exports totaled 124,400 MT and were up noticeably from the previous week and 22 percent from the prior four-week average. The primary destinations were China, Mexico and Japan.

Wheat prices were lower with cash and March futures both losing 6 cents to close at $3.24 per bushel and $4.34 per bushel, respectively. Net sales totaled 853,400 MT for delivery in the 2016-2017 marketing year--a marketing-year high—and were up noticeably from the previous week and from the prior four-week average. Increases were reported primarily for Morocco, Indonesia and Mexico. Exports totaled 296,700 MT and were down 25 percent from the previous week and 20 percent from the prior four-week average. The primary destinations were Nigeria, South Korea and Guatemala.

Milk prices were higher with February Class III futures gaining 4 cents to close at $16.62 per cwt.

Stock markets were steady today, as the Dow Jones and S&P 500 dropped on Friday, but ended the week in positive territory. The two indexes picked up gains this week after earning reports were stronger than expected combined with new policy signals from the Trump administration. March Crude oil futures were down 61 cents to close at $53.17 per barrel. Crude oil prices were down as strong drilling activity around the world, including in the U.S, continued to undermine the idea of production cutting measures actually being implemented.

Daily Market News Summary Data 01/27/17

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