Texas Daily Ag Market News Summary 06/26/17

Posted 7 years 154 days ago by

Feeder cattle auction reported lower prices; Futures higher.

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

Cotton futures higher.

Grains and soybeans uneven.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets mixed.

Texas feeder cattle auctions reported prices steady to $6 lower. August Feeder cattle futures were $4.50 higher, closing at $149.45 per hundredweight (cwt). The Texas fed cattle cash trade was inactive. August Fed cattle futures were $3.00 higher, closing at $118.27 per cwt. Wholesale boxed beef values were uneven, with Choice grade losing $1.18 to close at $238.57 per cwt and Select grade gaining 94 cents to close at $217.66 per cwt. Estimated cattle harvest for the week totaled 117,000 up 3,000 from last week’s total and 6,000 from a year ago. Year-to-date harvest is up 5.4%.

Cotton prices were uneven with cash prices remaining at 68.25 cents per pound and July futures gaining 1.08 cents to close at 73.68 cents per pound.

Corn prices were higher with cash and July futures both gaining a penny and both closing at $3.59 per bushel. Grain Sorghum cash prices were 2 cents higher, closing at $5.38 per cwt.

Wheat prices were lower with cash prices losing 12 cents to close at $4.02 per bushel and July futures losing 11 cents to close at $4.53 per bushel.

Milk prices were lower with July Class III losing 16 cents to close at $15.89 per cwt.

Stock markets were mixed today, after gains in utility shares and other dividend paying stocks were drowned out by the release of tepid U.S. economic data. August Crude oil futures were 37 cents higher, closing at $43.38 per barrel. Crude oil prices were up for the third straight session, despite the fact that U.S. crude oil output has continued to rise. Although prices were up the overall tone in oil markets were still down, as investors continue to struggle with the continued increase in U.S. production and the attempts of OPEC to cut production and ease global supplies.

DailyMarket News Summary Data 06/26/17

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From Weekly Recap:

AUSTIN – (June 26, 2017) For the week ending June 23, 2017, Texas feeder cattle auctions reported prices $1 to $10 lower. Texas Weekly Direct reported prices $5 to $9 lower. Wholesale Beef values were lower at the end of the week, with Choice Grade losing $9.71 to end at $239.75 per hundredweight (cwt) and Select Grade losing $4.64 to end at $216.72 per cwt. For the time period of June 12-18 the USDA NASS Field Office reported that livestock were mostly in good condition across the state. Pasture and range condition were rated mostly fair to good. However, conditions were declining fast in areas of the Lower Valley, the Low Plains and Central and South Texas, raising the threat of wildfires. 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 uneven at the close of last week with cash prices losing 0.50 cents to end at 68.25 cents per pound and July futures gaining 1.26 cents to end at 72.65 per bushel. The USDA NASS Field Office reported that hail and slow emergence of cotton were seen in some areas of the Southern High Plains. Cotton in South Texas had begun setting bolls. Spider mites were seen in cotton fields of the Blacklands. 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.

Wheat prices were uneven at the close of last week with cash prices remaining at $4.14 per bushel and July futures losing 9 cents to end at $4.64 per bushel. The USDA NASS Field Office reported that wheat harvest continued in areas of the Plains, the Blacklands and North East Texas. Small grain harvest was nearing completion in most of the state, while areas of the Northern High Plains progressed quickly. 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.

Corn prices were lower at the close of last week with cash and July futures both losing 17 cents and both ending at $3.58 per bushel. The USDA NASS Field Office reported that corn producers in the Southern High Plains were concerned with the adverse effect high temperatures could have on pollination. Some corn producers sprayed for rust in the Upper Coast. In South Texas, corn was maturing. 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 prices were lower at the close of last with cash prices losing 30 cents to end at $5.36 per cwt. The USDA NASS Field Office reported that in South Texas, sorghum was turning color. Producers in South Texas and the Lower Valley were expecting to start sorghum harvest in the next two weeks. Sorghum was being planted behind wheat in the Northern High Plains. Heat stress on sorghum was reported in the Blacklands, the Trans-Pecos and the Southern High Plains. 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.

Milk prices were lower at the close of last week, with July Class III milk futures losing 27 cents to end at $16.05 per cwt.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 27.35 percent of Texas still in some stage of drought intensity, up 5.58 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought, down 0.93 percentage points from three months ago. On the national level, drought conditions improved slightly, with 19.50 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.51 percentage points from last week.