Texas Daily Ag Market News Summary 04/28/17

Posted 7 years 213 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 futures higher.

Grains and soybeans uneven.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices $2 to $10 higher. April Feeder cattle futures were 53 cents higher to close at $141.38 per hundredweight (cwt). The Texas fed cattle cash was inactive today. April Fed cattle futures were $2.40 higher, closing at $138.00 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $2.64 to close at $221.79 per cwt and Select grade gaining $1.03 to close at $207.68 per cwt. Estimated cattle harvest for the week totaled 579,000 up 20,000 from last week’s total and from a year ago. Year-to-date harvest is up 3.6%. Net sales totaled 21,200 metric tons (MT) and were up 8 percent from the previous week and 30 percent from the prior four-week average. Increases were reported primarily for Japan, South Korea and Mexico. Exports totaled 13,700 MT and were unchanged from the previous week, but down 1 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 75.25 cents per pound and May futures gaining 0.91 cents to close at 80.23 cents per pound. Net upland sales totaled 115,500 running bales (RB) for 2016/2017 and were down 49 percent from the previous week and 61 percent from the prior four-week average. Increases were reported primarily for Vietnam, Turkey and Indonesia. Exports totaled 302,400 RB and were down 16 percent from the previous week and 26 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and India.

Corn prices were lower with cash prices losing 3 cents to close at $3.53 per bushel and May futures losing 4 cents to close at $3.58 per bushel. Net sales totaled 987,900 MT and were up 31 percent from the previous week and 18 percent from the prior four-week average. Increases were reported primarily for South Korea, Japan and Saudi Arabia. Exports totaled 1,374,300 MT and were down 2 percent from the previous week, but unchanged from the prior four-week average. The primary destinations were Japan, Mexico and Peru. Grain Sorghum cash prices were 8 cents lower to close at $5.32 per cwt.

Wheat prices were higher with cash prices gaining 21 cents to close at $3.61 per bushel and May futures gaining 4 cents to close at $4.25 per bushel. Net sales totaled 61,700 MT and were down 85 percent from the previous week and 87 percent from the prior four-week average. Increases were reported primarily for Japan, Yemen and China. Exports totaled 612,700 MT and were down 17 percent from the previous week, but up 1 percent and from the prior four-week average. The destinations were primarily the Philippines, Taiwan and Mexico.

Milk prices were lower with April Class III milk futures losing a penny to close at $15.17 per cwt.

Stock markets closed lower today, but ended the month in positive territory behind strong corporate earnings reports. June Crude oil futures were 36 cents higher, closing at $49.33 per barrel. Crude oil prices rebounded from this week’s losses as investors sold off their contracts to end out the month, with the U.S. inventories still growing and production now slowing down it doesn’t look like this upward trend will continue for long.

Daily Market News Summary Data 04/28/17

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