Texas Daily Ag Market News Summary 02/17/17

Posted 7 years 283 days ago by

Feeder cattle auction reported lower prices; Futures higher.

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

Cotton prices 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 $3 lower. Texas Weekly Direct reported prices steady to $2 lower. March Feeder cattle futures were 25 cents higher, closing at $124.07 per hundredweight (cwt). The Texas fed cattle cash trade was active, closing at $119.59 per cwt. February Fed cattle futures were $1.40 higher, closing at $117.92 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.27 to close at $190.49 per cwt and Select grade gaining $1.05 to close at $189.24 per cwt. Estimated cattle harvest for the week totaled 543,000 down 13,000 from last week’s total and up 32,000 from a year ago. Year-to-date harvest is up 6.3%. For the time period of February 3-9 exporters reported net sales of 13,300 metric tons (MT) which were down 16 percent from the previous week and 12 percent from the prior four-week average. Increases were reported for Japan, South Korea and Mexico. Exports totaled 14,600 MT reported for 2017 and were up 7 percent from the previous week and 4 percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were lower with cash prices losing 0.75 cents to close at 71.50 cents per pound and March futures losing 1.53 cents to close at 73.48 cents per pound. Net upland sales totaled 222,200 round bales (RB) for 2016-2017 which were up 7 percent from the previous week, but down 34 percent from the prior four-week average. Increases were reported primarily for Turkey, Mexico and Vietnam. Exports totaled 344,900 RB and were down 24 percent from the previous week, but up 10 percent from the prior four-week average. The primary destinations were Vietnam, China and Pakistan.

Corn prices were lower with cash prices losing 4 cents to close at $3.63 per bushel and March futures losing 6 cents to close at $3.68 per bushel. Net sales totaled 783,500 MT for 2016-2017 and were down 19 percent from the previous week and 35 percent from the prior four-week average. Increases were primarily for Japan, Peru and Mexico. Exports totaled 1,251,700 MT and were up 11 percent from the previous week and 32 percent from the prior four-week average. The primary destinations were Japan, Mexico and Peru.

Grain Sorghum cash prices were 8 cents lower, closing at $5.50 per cwt. Net sales totaled 134,900 MT for 2016-2017 and were up noticeably from the previous week and from the prior four-week average. Increases were for China, Japan and the Republic of South Africa. Exports totaled 153,000 MT and were up noticeably from the previous week and up 40 percent from the prior four-week average. The primary destinations were China, Japan and the Republic of South Africa.

Wheat prices were lower with cash and March futures both losing 2 cents to close at $3.51 per bushel and $4.56 per bushel, respectively. Net sales totaled 569,100 MT for delivery in 2016-2017 marketing year and were up 8 percent from the previous week and 10 percent from the prior four-week average. Increases were primarily reported for Mexico, Nigeria and South Korea. Exports totaled 389,100 MT and were down 36 percent from the previous week and 4 percent from the prior four-week average. The primary destinations were Mexico, South Korea and the Dominican Republic.

Milk prices were lower with February Class III losing 2 cents to close at $16.88 per cwt.

Stock markets closed higher today, ending the week in positive territory, and pushing the Dow Jones to reach another record high. March Crude oil futures were 4 cents higher, closing at $53.40 per barrel. Despite today’s gains crude oil prices ended the week with their biggest weekly losses since November.

DailyMarket News Summary Data 02/17/17

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