Texas Daily Ag Market News Summary 03/10/17

Posted 7 years 262 days ago by

Feeder cattle auction reported higher prices; Futures higher.

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

Cotton prices lower.

Grains and soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions were mixed reporting prices steady to $3 higher. Texas Weekly Direct reported steady prices. March Feeder cattle futures were $1.32 higher, closing at $127.45 per hundredweight (cwt). The Texas fed cattle cash was inactive today. April Fed cattle futures were $1.10 higher, closing at $117.60 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $4.27 to close at $219.83 per cwt and Select grade gaining $1.99 to close at $210.99 per cwt. Estimated cattle harvest for the week totaled 558,000 down 4,000 from last week’s total and up 24,000 from a year ago. Year-to-date harvest is up 4.5%. For the time period of February 24 – March 2 exporters reported net sales of 16,900 metric tons (MT), for delivery in the 2016-2017 marketing year, and were up 10 percent from the previous week and 23 percent from the prior four-week average. Increases were reported for Japan, Hong Kong and Mexico. Exports totaled 13,900 MT and were up 7 percent from the previous week and 2 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were lower with cash prices losing 0.25 cents to close at 75.50 cents per pound and May futures losing 0.53 cents to close at 77.29 cents per pound. Net upland sales totaled 248,900 round bales (RB) for 2016-2017 and were down 48 percent from the previous week and 22 percent from the prior four-week average. Increases were reported for Indonesia, China and Turkey. Exports totaled 529,000 RB--a marketing-year high—and were up 66 percent from the previous week and 45 percent from the prior four-week average. The primary destinations were China, Vietnam and Turkey.

Corn prices were lower with cash and March corn futures both losing 2 cents to close at $3.58 per bushel and $3.58 per bushel, respectively. Net sales totaled 741,100 MT and were up 7 percent from the previous week, but down 7 percent from the prior four-week average. Increases were reported primarily for Japan, South Korea and Mexico. Exports totaled 1,453,700 MT and were down 3 percent from the previous week, but up 15 percent from the prior four-week average. The primary destinations were Japan, Mexico and South Korea.

Grain Sorghum cash prices closed a nickel lower, finishing at $5.38 per cwt. Net sales totaled 110,100 MT and were up noticeably from the previous week and up 79 percent from the prior four-week average. Increases were reported for Mexico, Japan and China. Exports totaled 52,700 MT and were down 49 percent from the previous week and 57 percent from the prior four-week average. The destinations were China, Mexico and Nigeria.

Wheat prices were lower with cash prices losing 7 cents to close at $3.65 per bushel and March futures losing 8 cents to close at $4.45 per bushel, respectively. Net sales totaled 391,600 MT and were up 21 percent from the previous week, but down 14 percent from the prior four-week average. Increases were reported for Japan, Bangladesh and Yemen. Exports totaled 450,500 MT and were down 12 percent from the previous week and 14 percent and from the prior four-week average. The destinations were primarily Mexico, China and Bangladesh.

Milk prices were lower with April Class III losing 8 cents to close at $15.74 per cwt.

Stock markets closed higher today, but major U.S indexes finished the week in the red for the first time since January. U.S indexes rose after the release of a strong February jobs report. April Crude oil futures were 79 cents lower, closing at $48.49 per barrel as fears continue to mount that OPEC’s coordinated production cutting agreement will not be enough to fix the crude oil glut that has been plaguing the market.

DailyMarket News Summary Data 03/10/17

If you are interested in receiving this daily report, please subscribe here.