Texas Daily Ag Market News Summary 02/24/17

Posted 7 years 276 days ago by

Feeder cattle auction reported higher prices; Futures lower.

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

Cotton prices higher.

Grains and soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $5 higher. Texas Weekly Direct reported prices $1 to $3 higher. March Feeder cattle futures were $3.45 lower, closing at $121.70 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $124.00 per cwt. February Fed cattle futures were 68 cents higher, closing at $123.75 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $2.77 to close at $198.96 per cwt and Select grade gaining $2.65 to close at $195.48 per cwt. Estimated cattle harvest for the week totaled 551,000 up 8,000 from last week’s total and 20,000 from a year ago. Year-to-date harvest is up 3.8%. For the time period of February 10-16 exporters reported net sales of 10,400 metric tons (MT) were reported for 2017, and were down 22 percent from the previous week and 41 percent from the prior four-week average. Increases were reported primarily for Mexico, Japan and Canada. Exports totaled 13,300 MT and were down 9 percent from the previous week and 6 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were higher with cash prices gaining 0.50 cents to close at 72.50 cents per pound and March futures gaining 0.40 cents to close at 75.42 cents per pound. Net upland sales totaled 367,200 round bales (RB) for 2016-2017 and were up 65 percent from the previous week and 21 percent from the prior four-week average. Increases were reported primarily for Vietnam, China and Turkey. Exports totaled 340,600 RB and were down 1 percent from the previous week and from the prior four-week average. The primary destinations were China, Vietnam and Turkey.

Corn prices were lower with cash prices losing a penny to close at $3.61 per bushel and March futures losing 2 cents to close at $3.64 per bushel. Net sales totaled 743,100 MT for 2016-2017 and were down 5 percent from the previous week and 30 percent from the prior four-week average. Increases were reported primarily for Japan, Colombia and Taiwan. Exports totaled 1,205,300 MT and were down 4 percent from the previous week, but up 17 percent from the prior four-week average. The primary destinations were Japan, Mexico and Taiwan.

Grain Sorghum cash prices were 2 cents lower, closing at $5.43 per cwt. Net sales totaled 86,000 MT for 2016-2017 and were down 36 percent from the previous week, but up 24 percent from the prior four-week average. Increases were reported for China and Mexico. Exports totaled 176,600 MT and were up 15 percent from the previous week and 31 percent from the prior four-week average. The destinations were China, Mexico and Indonesia.

Wheat prices were lower with cash and March futures both losing 4 cents to close at $3.53 per bushel and $4.54 per bushel, respectively. Net sales totaled 451,300 MT and were down 14 percent from the previous week and 23 percent from the prior four-week average. Increases were primarily reported for Japan, Algeria and Mexico. Exports totaled 629,000 MT and were up 82 percent from the previous week and 61 percent from the prior four-week average. The destinations were primarily Japan, Algeria and Mexico.

Milk prices were lower with February Class III losing a penny to close at $16.86 per cwt.

Stock markets finished higher, after spending most of the day in the negative, as investors bought up utility shares. April Crude oil futures were 46 cents lower, closing at $53.99 per barrel, as concern over U.S. stockpiles continued to drag down prices.

DailyMarket News Summary Data 02/24/17

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