Texas Daily Ag Market News Summary 06/02/17

Posted 7 years 178 days ago by

Feeder cattle auctions higher; Futures higher.

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

Cotton prices lower.

Grains and soybeans higher.

Milk futures lower.

Crude oil lower; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices $1 to $5 higher. Texas Weekly Direct reported prices $2 to $4 higher. August Feeder cattle futures were $1.65 higher, to close at $158.72 per hundredweight (cwt). The Texas fed cattle cash trade was higher today gaining 40 cents to close at $136.70 per cwt. June Fed cattle futures were $3.40 higher, closing at $130.82 per cwt. Wholesale boxed beef values were uneven, with Choice grade losing 34 cents to close at $245.24 per cwt and Select grade gaining 84 cents to close at $218.06 per cwt. Estimated cattle harvest for the week totaled 469,000 down 106,000 from last week’s total and up 14,000 from a year ago. Year-to-date harvest is up 3.1%. For the time period of May 19-25 exporters reported net sales of 12,100 metric tons (MT) and were up 69 percent from the previous week and 15 percent from the prior four-week average. Increases were reported primarily for Japan, Mexico and Hong Kong. Exports totaled 14,800 MT and were up 9 percent from the previous week and 11 percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were lower with cash prices losing 1.00 cents to close at 75.00 cents per pound and July futures losing 0.94 cents to close at 76.69 cents per pound. Net upland sales totaled 110,900 running bales (RB) and were up noticeably from the previous week, but down 1 percent from the prior four-week average. Increases were reported primarily for Vietnam, China and Turkey. Exports totaled 370,400 RB and were up 11 percent from the previous week, but down 1 percent from the prior four-week average. The primary destinations were Turkey, Vietnam and Bangladesh.

Corn prices were higher with cash and July futures both gaining 2 cents to close at $3.73 per bushel and $3.73 per bushel, respectively. Net sales totaled 412,100 MT and were down 10 percent from the previous week and 26 percent from the prior four-week average. Increases were reported primarily for Japan, Mexico and Taiwan. Exports totaled 1,332,400 MT and were up 27 percent from the previous week and 17 percent from the prior four-week average. The primary destinations were Japan, Mexico and South Korea.

Grain Sorghum cash prices were 3 cents higher, closing at $5.50 per cwt. Net sales totaled 1,500 MT and resulted as increases for Mexico and Japan. Exports totaled 131,800 MT and were up noticeably from the previous week and 34 percent from the prior four-week average. The destinations were China, Mexico and Japan.

Wheat prices were higher with cash prices gaining a penny to close at $3.64 per bushel and July futures gaining 2 cents to close at $4.33 per bushel. For 2017/2018, net sales totaled 810,300 MT and were reported primarily for Japan, Egypt and Mexico. Exports totaled 583,500 MT and were down 21 percent from the previous week and 11 percent and from the prior four-week average. The destinations were primarily the Philippines, China and Japan.

Milk prices were lower with June Class III milk futures losing 14 cents to close at $16.52 per cwt.

Stock markets closed higher today, reaching fresh new highs yet again, boosted up again by strong corporate profits and a strong jobs report. July Crude oil futures were 70 cents lower, closing at $47.66 per barrel. Crude oil prices resumed recent declines, reaching a four-week low, behind rising U.S. crude oil production and the negative stigma left behind after President Trump withdrew from the Paris Climate Accord.

Daily Market News Summary Data 06/02/17

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