Texas Daily Ag Market News Summary 02/03/17

Posted 7 years 297 days ago by

Feeder cattle auction reported lower prices; Futures higher.

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

Cotton futures lower.

Grains and soybeans lower.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $5 lower. Texas Weekly Direct reported prices $3 to $7 lower, with instances of up to $9 lower. March Feeder cattle futures were 18 lower, closing at $123.57 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. February Fed cattle futures were 3 cents higher to close at $116.90 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $1.61 to close at $191.40 per cwt and Select grade losing 69 cents to close at $189.93 per cwt. Estimated cattle harvest for the week totaled 561,000 up 7,000 from last week’s total and 60,000 from a year ago. Year-to-date harvest is up 12%. For the time period of Jan 20-26, 2017 exporters reported net sales of 19,100 metric tons (MT) which were down 12 percent from the previous week. Increases were reported primarily for Japan, South Korea and Hong Kong. Exports totaled 15,400 MT and were reported for 2017, which were up 20 percent from the previous week. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were uneven with cash prices remaining at 72.50 cents per pound and March futures losing 0.50 cents to close at 76.41 cents per pound. Net upland sales totaled 328,700 round bales (RB) for 2016-2017 and were down 28 percent from the previous week, but up eight percent from the prior four-week average. Increases were reported primarily for India, Turkey and China. Exports totaled 354,500 RB and were up 56 percent from the previous week and 55 percent from the prior four-week average. The primary destinations were China, Vietnam and Indonesia

Corn prices were lower with cash prices losing 2 cents to close at $3.59 per bushel March futures losing 3 cents to close at $3.66 per bushel. Net sales totaled 1,143,700 MT for 2016-2017 and were down 17 percent from the previous week, but up 21 percent from the prior four-week average. Increases were primarily reported for Colombia, Japan and Taiwan. Exports totaled 764,600 MT and were down 22 percent from the previous week and five percent from the prior four-week average. The primary destinations were Mexico, Japan and Malaysia.

Grain Sorghum cash prices were 4 cents lower, closing at $5.40 per cwt. Net sales totaled 58,800 MT and were down 23 percent from the previous week, but up 59 percent from the prior four-week average. Increases were reported for Japan, Mexico and Indonesia. Exports totaled 200,200 MT were up 61 percent from the previous week and 91 percent from the prior four-week average. The primary destinations were China, Mexico and Nigeria.

Wheat prices were lower with cash prices losing 3 cents to close at $3.30 per bushel and March futures losing 2 cents to close at $4.41 per bushel. Net sales totaled 451,200 MT for delivery in the 2016-2017 marketing year and were down 47 percent from the previous week, but up eight percent from the prior four-week average. Increases were reported for Mexico, the Philippines and Taiwan. Exports totaled 324,200 MT and were up nine percent from the previous week and one percent from the prior four-week average. The primary destinations were Japan, Bangladesh and Taiwan.

Milk prices were lower with February Class III futures losing 12 cents to close at $16.87 per cwt.

Stock markets were higher today after President Trump announced that he plans to implement some regulatory rollbacks. March Crude oil futures were 29 cents higher closing at $53.83 per bushel. Crude oil prices were higher as investors believe that OPEC is going to stick to its agreed production cuts leading to a reduction in the global oversupply.

Daily Market News Summary Data 02/03/17

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