Texas Daily Ag Market News Summary 06/12/17

Posted 7 years 168 days ago by

Feeder cattle auctions steady; Futures lower.

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

Cotton prices lower.

Grains and soybeans lower.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported steady prices. August Feeder cattle futures were $2.62 lower, to close at $151.55 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. June Fed cattle futures were $2.90 lower, closing at $128.35 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.31 to close at $252.52 per cwt and Select grade gaining $1.48 to close at $221.77 per cwt. Estimated cattle harvest for the week totaled 117,000 up 1,000 from last week’s total and 7,000 from a year ago. Year-to-date harvest is up 6.4%.

Cotton prices were lower with cash prices losing 0.50 cents to close at 73.25 cents per pound and July futures losing 0.56 cents to close at 75.13 cents per pound.

Corn prices were lower with cash and July futures both losing 11 cents and both closing at $3.77 per bushel. Grain Sorghum cash prices were 19 cents lower, closing at $5.58 per cwt.

Wheat prices were lower with cash and July futures both losing 9 cents to close at $3.77 per bushel and $4.43 per bushel, respectively.

Milk prices were higher with June Class III milk futures gaining 3 cents to close at $16.31 per cwt.

Stock markets closed lower today, as Technology shares resumed last week’s declines and dragged down all major U.S. indexes in the process. July Crude oil futures were 25 cents higher, closing at $46.08 per barrel. Crude oil prices have gone up in recent sessions, despite the fact that OPEC has extended their production cuts and U.S. producers have continued to ramp up production.

Daily Market News Summary Data 06/12/17

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From Weekly Recap:

AUSTIN – (June 12, 2017) For the week ending June 9, 2017, Texas feeder cattle auctions reported prices steady to $15 higher. Texas Weekly Direct reported prices $2 to $5 higher. Wholesale Beef values were higher at the end of the week, with Choice Grade gaining $2.86 to end at $251.21 per hundredweight (cwt) and Select Grade gaining 85 cents to end at $220.29 per cwt. For the time period of May 29- June 4 the USDA NASS Field Office reported that livestock remained in good condition. Pasture conditions varied greatly throughout the state, depending on recent rainfall. In many areas, grasses continued to improve providing good grazing conditions. Pastures in East Texas were saturated, delaying hay harvest. 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 at the close of last week, with cash prices losing 0.75 cents to end at 73.75 cents per pound and July futures losing 0.62 cents to end at 75.69 cents per pound. The USDA NASS Field Office reported that Cotton planting was delayed in areas of the Low Plains and North East Texas due to wet conditions. Thrip infestations were detected in seeding cotton in the Northern High Plains. 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.

Wheat prices were higher at the close of last week with cash prices gaining 25 cents to end the week at $3.86 per bushel and July futures gaining 22 cents to end at $4.52 per bushel. The USDA NASS Field Office reported that wheat harvest was in full swing across the plains and nearing completion in areas of the Blacklands, Edwards Plateau, and South Central Texas. Heavy rains halted wheat harvest in areas of South Texas, but only a few areas remained to be harvested. 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.

Corn prices were higher at the close of last week with cash and July futures both gaining 15 cents and both ending at $3.88 per bushel. The USDA NASS Field Office reported that corn planting was underway in the Northern Low Plains. 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 prices were higher at the close of last with cash prices gaining 26 cents to end at $5.77 per cwt. The USDA NASS Field Office reported that sorghum planting was underway in the Northern Low Plains.

Milk prices were lower at the end of last week, with June Class III milk futures losing 16 cents to end the week at $16.28 per cwt.

This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with 16.57 percent of Texas still in some stage of drought intensity, down 17.93 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved as well, with 16.96 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 1.35 percentage points from last week.