Texas Daily Ag Market News Summary 03/03/17

Posted 7 years 269 days ago by

Feeder cattle auction reported uneven prices; Futures higher.

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

Cotton futures higher.

Grains and soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported uneven prices with instances of steady to $3 higher and $1 to $2 lower. Texas Weekly Direct reported prices steady to $2 lower. March Feeder cattle futures were 77 cents higher, closing at $124.22 per hundredweight (cwt). The Texas fed cattle cash trade finished 68 cents lower, closing at $122.96 per cwt. April Fed cattle futures were 18 cents lower, closing at $115.97 per cwt. Wholesale boxed beef values were uneven, with Choice grade losing 28 cents to close at $208.07 per cwt and Select grade gaining 33 cents to close at $204.05 per cwt. Estimated cattle harvest for the week totaled 562,000 up 8,000 from last week’s total and 33,000 from a year ago. Year-to-date harvest is up 6.3%. For the time period of February 17-23 exporters reported net sales of 15,400 metric tons (MT) and were up 48 percent from the previous week and 4 percent from the prior four-week average. Increases were primarily reported for Hong Kong, South Korea and Japan. Exports totaled 13,100 MT and were down 2 percent from the previous week and 8 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were uneven with cash prices remaining at 74.25 cents per pound and March futures gaining 1.59 cents to close at 77.28 cents per pound. Net upland sales totaled 481,400 round bales (RB) --a marketing year-high-- and were up 31 percent from the previous week and 72 percent from the prior four-week average. Increases were reported for Vietnam, Bangladesh and China. Exports totaled 319,200 RB and were down 6 percent from the previous week and 14 percent from the prior four-week average. The primary destinations were China, Vietnam and Turkey.

Corn prices were higher with cash prices gaining 5 cents to close at $3.74 per bushel and March futures gaining 2 cents to close at $3.75 per bushel. Net sales totaled 692,400 MT and were down 7 percent from the previous week and 24 percent from the prior four-week average. Increases were primarily for Mexico, Japan and South Korea. Exports totaled 1,497,800 MT--a marketing-year high—and were up 24 percent from the previous week and 38 percent from the prior four-week average. The primary destinations were Mexico, Japan and Colombia.

Grain Sorghum cash prices were 7 cents higher, closing at $5.68 per cwt. Net sales totaled 16,200 MT and were down 81 percent from the previous week and 78 percent from the prior four-week average. Increases were for China, the Republic of South Africa and Japan. Exports totaled 102,800 MT and were down 42 percent from the previous week and 30 percent from the prior four-week average. The primary destinations were China, the Republic of South Africa and Indonesia.

Wheat prices were higher with cash prices gaining 21 cents to close at $3.81 per bushel and March futures gaining 2 cents to close at $4.62 per bushel. Net sales totaled 353,200 MT and were down 22 percent from the previous week and 28 percent from the prior four-week average. Increases were reported for Mexico, the Philippines and Japan. Exports totaled 542,000 MT and were down 14 percent from the previous week, but up 14 percent and from the prior four-week average. The destinations were primarily the Philippines, Mexico and Japan.

Milk prices were lower with April Class III losing 9 cents to close at $15.94 per cwt.

Stock markets were higher today, after Fed Reserve chairwoman dropped some signs that interest rates may rise at their next meeting. April Crude oil futures were 72 cents higher, closing at $53.33 per barrel. Crude oil prices rebounded from yesterday’s losses, but still ended the week in negative territory.

DailyMarket News Summary Data 03/03/17

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