2017

Posted 7 years 248 days ago by

Feeder cattle auction reported higher prices; Futures lower.

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

Cotton prices higher.

Grains and soybeans lower.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices $$3 to $8 higher. March Feeder cattle futures were 32 cents lower, closing at $133.38 per hundredweight (cwt). The Texas fed cattle cash was inactive today. April Fed cattle futures were 33 cents higher, closing at $122.10 per cwt. Wholesale boxed beef values were higher, with Choice grade losing 66 cents to close at $221.62 per cwt and Select grade losing 22 cents to close at $215.55 per cwt. Estimated cattle harvest for the week totaled 557,000 up 11,000 from last week’s total and 49,000 from a year ago. Year-to-date harvest is up 9.3%. For the time period of March 10-16 exporters reported net sales of 14,600 metric tons (MT) for delivery in the 2016-2017 marketing year and were down 9 percent from the previous week and 1 percent from the prior four-week average. Increases were reported for Japan, Hong Kong and South Korea. Exports totaled 13,100 MT and were down 3 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 higher with cash prices gaining 0.25 cents to close at 75.75 cents per pound and May futures gaining 0.20 cents to close at 77.47 cents per pound. Net upland sales totaled 328,200 running bales (RB) and were up 4 percent from the previous week, but down 7 percent from the prior four-week average. Increases were reported for China, Vietnam and Turkey. Exports totaled 379,700 RB and were up 12 percent from the previous week, but down 1 percent from the prior four-week average. The primary destinations were Vietnam, China and Indonesia.

Corn prices were mixed with cash prices remaining at $3.49 per bushel and May futures losing a penny to close at $3.56 per bushel. Net sales totaled 1,347,000 MT and were up 11 percent from the previous week and 59 percent from the prior four-week average. Increases were for South Korea, Japan and Mexico. Exports totaled 1,382,200 MT and were down 10 percent from the previous week and 3 percent from the prior four-week average. The primary destinations were Mexico, South Korea and Japan.

Grain Sorghum cash prices were steady, remaining at $5.24 per cwt. Net sales totaled 215,600 MT and were up noticeably from the previous week and from the prior four-week average. Increases were for unknown destinations, China and Japan. Exports totaled 12,400 MT and were down 90 percent from the previous week and 89 percent from the prior four-week average. The primary destination was Mexico.

Wheat prices were steady with cash prices remaining at $3.38 per bushel and May futures remaining at $4.28 per bushel. Net sales totaled 418,500 MT and were up 58 percent from the previous week and 17 percent from the prior four-week average. Increases were reported for Japan, Algeria and Mexico. Exports totaled 648,700 MT and were up 5 percent from the previous week and 17 percent and from the prior four-week average. The destinations were primarily Japan, China and Mexico.

Milk prices were lower with April Class III losing 6 cents to close at $14.99 per cwt.

Stock markets closed lower today, pushing U.S indexes to their biggest weekly decline in months, as the House of Representatives struggled to pass a bill that would replace the Affordable Care Act. May Crude oil futures were 27 cents higher, closing at $47.97 per barrel. Crude oil prices edged higher today as investors turn their sights to a meeting of the group that monitors OPEC, regarding the groups production cutting agreement.

DailyMarket News Summary Data 03/24/17

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