Texas Daily Ag Market News Summary 06/09/17

Posted 7 years 171 days ago by

Feeder cattle auctions higher; Futures higher.

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

Cotton prices lower.

Grains and soybeans uneven.

Milk futures steady.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported steady prices with instances of up to $4 higher. Texas Weekly Direct reported prices $2 to $5 higher. August Feeder cattle futures were 22 cents higher, to close at $154.17 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. June Fed cattle futures were 12 cents lower, closing at $131.25 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining 82 cents to close at $251.21 per cwt and Select grade gaining 28 cents to close at $220.29 per cwt. Estimated cattle harvest for the week totaled 583,000 up 114,000 from last week’s total and 26,000 from a year ago. Year-to-date harvest is up 4.7%. For the time period of May 26- June 1 exporters reported net sales of 13,800 metric tons (MT), which were up 15 percent from the previous week and 47 percent from the prior four-week average. Increases were reported primarily for Japan, Canada and South Korea. Exports totaled 12,400 MT and were down 16 percent from the previous week and 10 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were lower with cash prices losing 0.75 cents to close at 73.75 cents per pound and July futures losing 0.86 cents to close at 75.69 cents per pound. Net upland sales totaled 82,700 running bales (RB) and were down 26 percent from the previous week and 19 percent from the prior four-week average. Increases were reported primarily for Turkey, Vietnam and Indonesia. Exports totaled 316,100 RB and were down 15 percent from the previous week and 16 percent from the prior four-week average. The primary destinations were Turkey, India and Vietnam.

Corn prices were higher with cash prices gaining 3 cents to close at $3.88 per bushel and July futures gaining 2 cents to close at $3.88 per bushel. Net sales totaled 348,600 MT and were down 15 percent from the previous week and 25 percent from the prior four-week average. Increases were reported for Saudi Arabia, Japan and China. Exports totaled 1,213,800 MT and were down 9 percent from the previous week, but up 4 percent from the prior four-week average. The primary destinations were Mexico, South Korea and Japan. Grain Sorghum cash prices were 3 cents higher, closing at $5.77 per cwt.

Wheat prices were lower with cash prices losing a penny to close at $3.86 per bushel and July futures losing 2 cents to close at $4.52 per bushel. Net sales for the 2017/2018 marketing year, which began June 1, totaled 461,000 MT. Increases were reported for Peru, Mexico and Italy. Exports for June 1 totaled 93,900 MT, with Peru, Thailand, Colombia and Guatemala being the primary destinations.

Milk prices were steady with June Class III milk futures remaining at $16.28 per cwt.

Stock markets closed lower today. Declines came after a perceived over-evaluation of technology companies sparked a major sell-off of tech shares among investors. July Crude oil futures were 19 cents higher, closing at $45.83 per barrel. Crude oil prices stopped recent declines, even though the number of oil rigs reportedly drilling in the U.S. rose by 8 this week.

Daily Market News Summary Data 06/09/17

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