Texas Daily Ag Market News Summary 06/16/17

Posted 7 years 164 days ago by

Feeder cattle auctions uneven; Futures higher.

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

Cotton futures lower.

Grains and soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported mixed prices with instances of steady to $8 lower and $2 to $5 higher. Texas Weekly Direct reported prices $2 to $8 lower. August Feeder cattle futures were 80 cents higher, to close at $147.87 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $127.00 per cwt. June Fed cattle futures were 80 cents lower, closing at $121.70 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining 10 cents to close at $249.84 per cwt and Select grade losing 73 cents to close at $219.80 per cwt. Estimated cattle harvest for the week totaled 585,000 up 2,000 from last week’s total and 30,000 from a year ago. Year-to-date harvest is up 5.4%. For the time period of June 2-8 U.S. exporters reported net sales of 8,500 metric tons (MT) which were down 38 percent from the previous week and 16 percent from the prior four-week average. Increases were reported primarily for Mexico, Hong Kong and Japan. Exports totaled 14,500 MT and were up 17 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 mixed with cash prices remaining at 69.75 cents per pound and July futures losing 0.03 cents to close at 71.88 cents per pound. Net upland sales totaled 69,400 running bales (RB) and were down 16 percent from the previous week and from the prior four-week average. Increases were reported for India, Vietnam and China. Exports totaled 233,300 RB and were down 26 percent from the previous week and 34 percent from the prior four-week average. The primary destinations were Turkey, Vietnam and India.

Corn prices were higher with cash prices gaining 5 cents to close at $3.84 per bushel and July futures gaining 4 cents to close at $3.84 per bushel, as well. Net sales totaled 600,700 MT and were up 72 percent from the previous week and 25 percent from the prior four-week average. Increases were reported for Mexico, Colombia and China. Exports totaled 992,300 MT and were down 18 percent from the previous week and 23 percent from the prior four-week average. The primary destinations were Mexico, Japan and Taiwan.

Grain Sorghum cash prices were 9 cents higher, closing at $5.82 per cwt. Net sales totaled 60,600 MT and were up noticeably from the previous week and from the prior four-week average. Increases were for China and Mexico. Exports totaled 1,400 MT and were down 98 percent from the previous week and from the prior four-week average. The primary destination was Mexico.

Wheat prices were higher with cash prices gaining 13 cents to close at $4.17 per bushel and July futures gaining 9 cents to close at $4.74 per bushel. Net sales totaled 373,400 MT and were primarily reported for Mexico, Nigeria and Taiwan. Exports totaled 624,400 MT and were reported primarily for Yemen, Nigeria and South Korea.

Milk prices were lower with June Class III milk futures losing a penny to close at $16.33 per cwt.

Stock markets closed lower today, as retail shares across the market fell after Amazon.com announced it plans on buying Whole Foods Market potentially squeezing all competitors in the retail sector. July Crude oil futures were 28 cents higher, closing at $44.74 per barrel. Crude oil prices rebounded from recent declines, but still stayed in the red for the week, as fears about the global oversupply of crude still haunt crude prices.

Daily Market News Summary Data 06/16/17

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