Texas Daily Ag Market News Summary 05/19/17

Posted 7 years 192 days ago by

Feeder cattle auction reported uneven prices; Futures higher.

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

Cotton futures higher.

Grains and soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auction were uneven, reporting instances of steady prices, instances of $1 to $4 higher and $2 to $4 lower. Texas Weekly Direct reported prices steady to $4 lower. May Feeder cattle futures were $1.08 higher, to close at $143.35 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. June Fed cattle futures were 50 cents higher, closing at $123.45 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 7 cents to close at $247.14 per cwt and Select grade losing 24 cents to close at $221.42 per cwt. Estimated cattle harvest for the week totaled 561,000 down 14,000 from last week’s total and up 2,000 from a year ago. Year-to-date harvest is up 0.4%. For the time period of May 5-11, 2017, exporters reported net sales of beef totaling 7,600 metric tons (MT) and were down 30 percent from the previous week and 56 percent from the prior four-week average. Increases were reported primarily for Japan, Mexico and Taiwan. Exports totaled 14,000 MT and were up 9 percent from the previous week and 6 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 77.50 cents per pound and July futures gaining 0.21 cents to close at 79.45 cents per pound. Net upland sales totaled 120,700 running bales (RB) were down 25 percent from the previous week and 26 percent from the prior four-week average. Increases were reported primarily for Vietnam, Turkey and Indonesia. Exports totaled 388,000 RB and were down 6 percent from the previous week, but up 9 percent from the prior four-week average. The primary destinations were Vietnam, India and China.

Corn prices were higher with cash prices gaining 6 cents to close at $3.72 per bushel and July futures gaining 8 cents to close at $3.73 per bushel. Net sales totaled 705,300 MT and were up noticeably from the previous week and 1 percent from the prior four-week average. Increases were reported for Japan, Mexico and Spain. Exports totaled 1,543,400 MT and were up noticeably from the previous week and 31 percent from the prior four-week average. The primary destinations were Mexico, Japan and South Korea.

Grain Sorghum cash prices were 12 cents higher, closing at $5.50 per cwt. Net sales totaled 56,200 MT and were up noticeably from the previous week and up 5 percent from the prior four-week average. Increases were reported for China, Mexico and Japan. Exports totaled 83,800 MT and were down 55 percent from the previous week and 21 percent from the prior four-week average. The destinations were China, Japan and Mexico.

Wheat prices were higher with cash and July futures both gaining 12 cents to close at $3.69 per bushel and $4.38 per bushel, respectively. Net sales totaled 247,600 MT and were up noticeably from the previous week and 40 percent from the prior four-week average. Increases were reported for China, Nigeria and Vietnam. Exports totaled 673,200 MT and were up 13 percent from the previous week and 5 percent and from the prior four-week average. The destinations were primarily China, Thailand and Saudi Arabia.

Milk prices were lower with May Class III milk futures losing a penny to close at $15.60 per cwt.

Stock markets were higher today, bouncing back from mid-week losses caused by political turmoil in Washington. Gains have come on the back on strong corporate earnings reports combined with the rising and stabilizing of global crude oil prices. June Crude oil futures were 98 cents higher, closing at $50.33 per barrel. Crude oil prices climbed to a one-month high, pushed up by fresh optimism surrounding the extension of OPEC’s production cuts combined with the declining of U.S. crude oil inventories.

Daily Market News Summary Data 05/19/17

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