Texas Daily Ag Market News Summary 07/07/17

Posted 7 years 143 days ago by

Feeder cattle auctions inactive; Futures higher.

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

Cotton prices higher.

Grains and soybeans uneven.

Milk futures lower.

Crude oil lower; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions were inactive due to July 4^th Holiday. Texas Weekly Direct reported prices steady to $2 higher. August Feeder cattle futures were 40 cents higher, closing at $145.02 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. August Fed cattle futures were 18 cents higher, closing at $114.77 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $1.21 to close at $218.84 per cwt and Select grade losing $1.25 to close at $202.51 per cwt. Estimated cattle harvest for the week totaled 469,000 down 117,000 from last week’s total and up 31,000 from a year ago. Year-to-date harvest is up 7.1%. For the time period of June 23-29 exporters reported net sales of beef totaling 17,000 metric tons (MT), which were up 52 percent from the previous week and 36 percent from the prior four-week average. Increases were reported for Japan, Hong Kong and South Korea. Exports totaled 14,900 MT and were unchanged from the previous week, but up 7 percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 68.75 cents per pound and July futures gaining 0.28 cents to close at 75.29 cents per pound. Net upland sales totaled 194,200 running bales (RB), which were down 26 percent from the previous week, but up 34 percent from the prior four-week average. Increases were reported for Vietnam, China and South Korea. Exports totaled 302,500 RB and were up 21 percent from the previous week and 14 percent from the prior four-week average. The primary destinations were Turkey, Vietnam and Indonesia.

Corn prices were higher with cash and July futures both gaining 2 cents to close at $3.91 per bushel and $3.82 per bushel, respectively. Net sales totaled 140,300 MT and were down 56 percent from the previous week and 69 percent from the prior four-week average. Increases were reported for the Netherlands, Mexico and South Korea. Exports totaled 1,108,900 MT and were up 9 percent from the previous week, but unchanged from the prior four-week average. The primary destinations were Japan, Mexico and the Netherlands.

Grain Sorghum cash prices were 4 cents higher, closing at $5.84 per cwt. Net sales totaled 71,500 MT and were reported for China, Mexico and Japan. Exports totaled 13,800 MT and were down 82 percent from the previous week and 75 percent from the prior four-week average. The destinations were Japan, and Mexico.

Wheat prices were lower with cash prices losing a nickel to close at $4.73 per bushel and July futures losing 4 cents to close $5.27 per bushel. Net sales totaled 375,300 MT; Increases were reported primarily for the Philippines, South Korea and Mexico. Exports totaled 541,100 MT and were reported primarily to the Philippines, Mexico and Italy.

Milk prices were lower with July Class III losing 14 cents to close at $15.58 per cwt.

Stock markets were higher today, ending the week in positive territory, after a rally in the financial sector and bank stocks specifically, spurred big gains in major U.S. Indexes. August Crude oil futures were $1.29 lower, closing at $44.23 per barrel.

Daily Market News Summary Data 07/07/17

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