Texas Daily Ag Market News Summary 06/23/17

Posted 7 years 157 days ago by

Feeder cattle auctions lower; Futures higher.

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

Cotton prices higher.

Grains and soybeans lower.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices $1 to $10 lower. Texas Weekly Direct reported prices $5 to $9 lower. August Feeder cattle futures were $1.50 higher, to close at $144.95 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $119.00 per cwt. August Fed cattle futures were $1.00 higher, closing at $115.27 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $3.13 to close at $239.75 per cwt and Select grade losing 20 cents to close at $216.72 per cwt. Estimated cattle harvest for the week totaled 583,000 down 2,000 from last week’s total and up 22,000 from a year ago. Year-to-date harvest is up 4.0%. For the time period of June 9-15 exporters reported net sales of 16,600 metric tons (MT), which were up 96 percent from the previous week and 60 percent from the prior four-week average. Increases were reported primarily for South Korea, Japan and Hong Kong. Exports totaled 13,700 MT and were down 5 percent from the previous week, but unchanged from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were higher with cash prices gaining 1.00 cents to close at 68.25 cents per pound and July futures gaining 1.51 cents to close at 72.65 cents per pound. Net upland sales totaled 167,500 running bales (RB) and were up noticeably from the previous week and from the prior four-week average. Increases were reported for Vietnam, India and Indonesia. Exports totaled 259,400 RB and were up 11 percent from the previous week, but down 17 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Indonesia.

Corn prices were lower with cash and July futures both losing a nickel and both closing at $3.58 per bushel. Net sales totaled 528,800 MT and were down 12 percent from the previous week, but up 16 percent from the prior four-week average. Increases were reported for Japan, Mexico and Israel. Exports totaled 1,211,500 MT and were up 22 percent from the previous week and 6 percent from the prior four-week average. The primary destinations were Mexico, Japan and South Korea.

Grain Sorghum cash prices were 8 cents lower, closing at $5.36 per cwt. Net sales totaled 62,100 MT and were up 2 percent from the previous week and up noticeably from the prior four-week average. Increases were for China and unknown destinations. Exports totaled 63,800 MT and were up noticeably from the previous week, but down 2 percent from the prior four-week average. The destinations were China, Mexico and South Korea.

Wheat prices were lower with cash prices losing 2 cents to close at $4.14 per bushel and July futures losing 4 cents to close at $4.64 per bushel. Net sales totaled 542,900 MT and were reported primarily for Japan, Taiwan and the Philippines. Exports totaled 717,800 MT and were reported primarily to South Korea, the Philippines and Algeria.

Milk prices were higher with July Class III milk futures gaining 13 cents to close at $16.05 per cwt.

Stock markets closed higher today and ended the week in positive territory. Stocks have risen in recent sessions as gains in the health-care sector overcame declines in the energy sector. August Crude oil futures were higher, gaining 27 cents, to close at $43.01 per barrel.

Daily Market News Summary Data 06/23/17

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