Texas Daily Ag Market News Summary 01/30/17

Posted 7 years 301 days ago by

Feeder cattle auction reported prices steady to $5 lower; Futures lower.

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

Cotton prices lower.

Grains and soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported steady to $5 lower. March Feeder cattle futures were $3.55 lower, closing at $123.90 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. February Fed cattle futures were $2.15 lower to close at $116.17 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining 65 cents to close at $193.35 per cwt and Select grade losing a penny to close at $188.93 per cwt. Estimated cattle harvest for the week totaled 115,000 on par with last week’s total and up 4,000 from a year ago. Year-to-date harvest is up 3.6%.

Cotton prices were lower with cash prices losing 0.75 cents to close at 72.00 cents per pound and March futures losing 0.71 cents to close at 74.14 cents per pound.

Corn prices were lower with cash and March futures both losing a nickel to close at $3.52 per bushel and $4.26 per bushel, respectively. Grain Sorghum cash prices were 14 cents lower, closing at $5.26 per cwt.

Wheat prices were lower with cash prices losing 6 cents to close at $3.18 per bushel and March futures losing 8 cents to close at $4.26 per bushel.

Milk prices were lower with February Class III futures losing 6 cents to close at $16.56 per cwt.

Stock markets were lower today, behind declines in technology, financial and pharmaceutical shares leading to the largest one day decline of the Nasdaq all year. March Crude oil futures were down 54 cents to close at $52.63 per barrel. Crude oil prices were down as U.S. producers and the OPEC nations came to a disagreement over production and the potential of cutting back on their respective output.

Daily Market News Summary Data 01/30/17

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From Weekly Recap:

AUSTIN – (Jan. 30, 2017) For the week ending Jan. 27, 2017, Texas feeder cattle auctions reported uneven prices with instances of steady to $15 higher and steady to $5 lower. Texas Weekly Direct reported prices steady to $3 lower. Wholesale beef values were higher, with Choice grade gaining 93 cents to close at $192.70 per hundredweight (cwt) and Select grade gaining $2.11 to close at $188.94 per cwt. For the time period of January 13-19, 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 uneven at the end of last week, with cash prices holding steady to remain at 72.75 cents per pound and March futures gaining 0.22 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 2 percent from the previous week, but down 5 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 and March futures both losing 11 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.

Corn prices were lower at the end of last week with cash prices losing 3 cents to close at $3.57 per bushel and March futures losing 7 cents to close at $3.63 per bushel. Net sales totaled 1,370,400 MT for 2016-2017 and were up 2 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 lower at the end of last week losing 12 cents to close 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.

Milk prices were lower at the close of last week, with February Class III milk futures losing 14 cents to close at $16.62 per cwt.

This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with 7.76 percent of Texas still in some stage of drought intensity, down 9.46 percentage points from last week. On the national level, drought conditions improved as well, with 32.81 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 6.69 percentage points from last week.