Texas Daily Ag Market News Summary 05/12/17

Posted 7 years 199 days ago by

Feeder cattle auction reported lower prices; Futures higher.

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

Cotton prices higher.

Grains and soybeans uneven.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets uneven.

Texas feeder cattle auctions reported prices steady to $8 lower. Texas Weekly Direct reported prices $1 to $5 lower with instances of up to $9 lower. May Feeder cattle futures were $2.18 higher, to close at $144.55 per hundredweight (cwt). The Texas fed cattle cash was inactive today. June Fed cattle futures were $1.25 higher, closing at $125.17 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining 83 cents to close at $247.89 per cwt and Select grade losing $1.15 to close at $225.51 per cwt. Estimated cattle harvest for the week totaled 575,000 up 8,000 from last week’s total and 15,000 from a year ago. Year-to-date harvest is up 2.6%. For the time period of April 28- May 4 exporters reported net sales totaling 10,800 metric tons (MT) were down 35 percent from the previous week and 41 percent from the prior four-week average. Increases were reported primarily for South Korea, Japan and Mexico. Exports totaled 12,800 MT and were unchanged from the previous week, but down 5 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were higher with cash prices gaining 1.50 cents to close at 77.25 cents per pound and July futures gaining 3.00 cents to close at 82.18 cents per pound. Net upland sales totaled 160,600 running bales (RB) and were up 5 percent from the previous week, but down 20 percent from the prior four-week average. Increases were reported for Turkey, Vietnam and China. Exports totaled 412,800 RB and were up 16 percent from the previous week and 13 percent from the prior four-week average. The primary destinations were Turkey, Vietnam and Indonesia.

Corn prices were higher with cash prices gaining 3 cents to close at $3.71 per bushel and May futures gaining a penny to close at $3.62 per bushel. Net sales totaled 277,700 MT--a marketing-year low—and were down 64 percent from the previous week and 66 percent from the prior four-week average. Increases were reported for Mexico, Japan and Venezuela. Exports totaled 722,900 MT and were down 41 percent from the previous week and 43 percent from the prior four-week average. The primary destinations were Mexico, Japan and South Korea.

Grain Sorghum cash prices were 4 cents higher, to close at $5.47 per cwt. Net sales totaled 2,000 MT and resulted as increases for China and Japan. Exports totaled 187,300 MT and were up noticeably from the previous week and from the prior four-week average. The destinations were China, Mexico and Japan.

Wheat prices were lower with cash prices losing 2 cents to close $3.70 per bushel and May futures losing a penny to close at $4.29 per bushel. Net sales totaled 273,400 MT and were reported primarily for China, Mexico and the Philippines. Exports totaled 595,800 MT and were down 4 percent from the previous week and 9 percent and from the prior four-week average. The destinations were primarily Indonesia, Nigeria and China.

Milk prices were lower with May Class III milk futures losing 3 cents to close at $15.58 per cwt.

Stock markets closed lower today, behind the release of disappointing retail earnings reports. June Crude oil futures were penny higher closing at $47.84 per barrel, as OPEC’s members along with 11 other nations, are expected to agree to a deal that will extend the production cutting measures agreed to last year. Last year’s deal equated to a reduction of 1.8 million barrels a-day in attempts to off-set the continually increasing U.S. shale production.

Daily Market News Summary Data 05/12/17

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