2017

Posted 7 years 241 days ago by

Feeder cattle auction reported lower prices; Futures higher.

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

Cotton prices higher.

Grains higher.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $3 lower. Texas Weekly Direct reported mixed prices with instances of steady to $3 higher and steady to $4 lower. March Feeder cattle futures were $1.28 higher, closing at $133.95 per hundredweight (cwt). The Texas fed cattle cash was higher, gaining 47 cents to close at $127.37 per cwt. April Fed cattle futures were 5 cents lower, closing at $119.95 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $1.09 to close at $214.12 per cwt and Select grade losing $4.05 to close at $204.00 per cwt. Estimated cattle harvest for the week totaled 568,000 down 9,000 from last week’s total and up 29,000 from a year ago. Year-to-date harvest is up 5.5%. For the time period of March 17-23, 2017 exporters reported net sales of 10,800 metric tons (MT) which were down 26 percent from the previous week and 31 percent from the prior four-week average. Increases were reported primarily for South Korea, Hong Kong and Japan. Exports totaled 14,500 MT and were up 11 percent from the previous week and 8 percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were higher with cash prices gaining 0.50 cents to close at 75.25 cents per pound and May futures gaining 1.10 cents to close at 77.33 cents per pound. Net upland sales totaled 392,300 running bales (RB) and were up 20 percent from the previous week and 14 percent from the prior four-week average. Increases were reported primarily for Turkey, Vietnam and India. Exports totaled 394,000 RB and were up 4 percent from the previous week and 1 percent from the prior four-week average. The primary destinations were Vietnam, China and Turkey.

Corn prices were higher with cash prices gaining 7 cents to close at $3.59 per bushel and May futures gaining 6 cents to close at $3.64 per bushel. Net sales totaled 716,900 MT and were down 47 percent from the previous week and 28 percent from the prior four-week average. Increases were reported primarily for Peru, Mexico and Japan. Exports totaled 1,402,800 MT and were up 2 percent from the previous week, but down 4 percent from the prior four-week average. The primary destinations were Colombia, Mexico and South Korea.

Grain Sorghum cash prices were 12 cents higher, closing at $5.38 per cwt. Net sales totaled 16,700 MT and resulted as increases for China and Mexico. Exports totaled 58,300 MT and were up noticeably from the previous week, but down 20 percent from the prior four-week average. The destinations were China and Mexico.

Wheat prices were higher with cash and May futures both gaining 4 cents to close at $3.36 per bushel and $4.21 per bushel, respectively. Net sales totaled 464,100 MT and were up 11 percent from the previous week and 33 percent from the prior four-week average. Increases were reported primarily for Saudi Arabia, the Philippines and Mexico. Exports totaled 495,400 MT and were down 24 percent from the previous week and 11 percent and from the prior four-week average. The destinations were primarily the Philippines, Morocco and Mexico.

Milk prices were lower with April Class III milk futures losing 2 cents to close at $15.31 per cwt.

Stock markets closed lower today, but the S&P 500 still managed to post its largest quarterly gain since 2015. May Crude oil futures were 25 cents higher, closing at $50.60 per barrel. Crude oil prices continued to rise, posting their biggest weekly gains in over four months, as investors believe that the market may have hit a turning point putting oversupply concerns to rest.

Daily Market News Summary Data 03/31/17