Texas Daily Ag Market News Summary 02/10/17

Posted 7 years 290 days ago by

Feeder cattle auction reported higher prices; Futures lower.

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

Cotton prices uneven.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices $1 to $5 higher. March Feeder cattle futures were $1.55 lower, closing at $122.07 per hundredweight (cwt). The Texas fed cattle cash trade was higher, closing at $120 per cwt. February Fed cattle futures were $1.25 lower to close at $116.40 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $1.08 to close at $187.63 per cwt and Select grade losing 17 cents to close at $185.65 per cwt. Estimated cattle harvest for the week totaled 553,000 down 8,000 from last week’s total and up 14,000 from a year ago. Year-to-date harvest is up 2.6%. Net sales of 15,900 MT were down 17 percent from the previous week. Increases were reported for South Korea, Japan and Canada. Exports of 13,700 MT reported for 2017 were down 11 percent from the previous week. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were uneven, with cash prices holding steady at 72.75 cents per pound and March futures gaining 0.24 cents to close at 75.82 cents per pound. Net upland sales of 208,100 round bales (RB) were down 36 percent from the previous week and 39 percent from the prior 4-week average. Increases were reported for Turkey, Vietnam and Indonesia. Exports of 452,100 RB - a marketing-year high - were up 29 percent from the previous week and 79 percent from the prior 4-week average. The primary destinations were China, Vietnam and Turkey.

Corn prices were higher with cash prices gaining 5 cents to close at $3.69 per bushel and March futures gaining 5 cents to close at $3.75 per bushel. Net sales of 971,700 MT were down 15 percent from the previous week and 13 percent from the prior 4-week average. Increases were for Japan , Mexico and South Korea. Exports of 1,124,700 MT were up 47 percent from the previous week and 34 percent from the prior 4-week average. The primary destinations were Mexico, Japan and Colombia.

Wheat prices were higher with cash prices gaining 11 cents to close at $3.54 per bushel and March futures gaining 10 cents to close at $4.61 per bushel. Net sales of 527,300 metric tons were up 17 percent from the previous week and 9 percent from the prior 4-week average. Increases were reported for Japan, Mexico, Chile and Morocco. Exports of 606,100 MT were up 87 percent from the previous week and up noticeably from the prior 4-week average. The primary destinations were China, the Philippines and Peru.

Milk prices were higher with February Class III futures gaining 1 cents to close at $16.86 per cwt.

Stock markets were higher today, with major U.S. stock indexes ending the week at new highs, pushed by corporate earnings and the prospect of future tax cuts and relaxed regulation. March Crude oil futures were 86 cents higher, to close at $53.86 per barrel.

Daily Market News Summary Data 02/10/17

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