Texas Daily Ag Market News Summary 07/14/17

Posted 7 years 136 days ago by

Feeder cattle auctions higher; Futures higher.

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

Cotton prices higher.

Grains and soybeans uneven.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices $1 to $5 higher. Texas Weekly Direct reported prices “unevenly steady”. August Feeder cattle futures were 98 cents higher, closing at $154.00 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. August Fed cattle futures were 38 cents higher, closing at $117.80 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 53 cents to close at $209.35 per cwt and Select grade losing $1.84 to close at $195.42 per cwt. Estimated cattle harvest for the week totaled 593,000 up 124,000 from last week’s total and 38,000 from a year ago. Year-to-date harvest is up 6.9%. For the time period of June 30 – July 6 exporters reported that net sales of beef totaled 12,500 metric tons (MT) and were down 27 percent from the previous week and 7 percent from the prior four-week average. Increases were reported primarily for Japan, South Korea and Hong Kong. Exports totaled 11,700 MT and were down 22 percent from the previous week and 20 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 0.75 cents to close at 65.75 cents per pound and October futures gaining 0.64 cents to close at 67.19 cents per pound. Net upland sales totaled 13,000 running bales (RB) for 2016-2017--a marketing-year low—and were down 93 percent from the previous week and from the prior four-week average. Increases were reported primarily for Mexico, Turkey and Vietnam. Exports totaled 195,300 RB and were down 35 percent from the previous week and 25 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Mexico.

Corn prices were higher with cash prices gaining 11 cents to close at $3.71 per bushel and July futures gaining 4 cents to close at $3.65 per bushel. Net sales totaled 161,000 MT and were up 15 percent from the previous week, but down 59 percent from the prior four-week average. Increases were reported for Japan, Spain and Mexico. Exports totaled 880,500 MT and were down 21 percent from the previous week and 19 percent from the prior four-week average. The primary destinations were Mexico, Taiwan and Spain. Grain Sorghum cash prices were 14 cents higher, closing at $5.57 per cwt. Net sales totaled 59,600 MT and increases were reported for China and Mexico. Exports totaled 103,700 MT and were up noticeably from the previous week and from the prior four-week average. The destinations were China and Mexico.

Wheat prices were lower with cash and July futures both losing a penny to close at $4.99 per bushel and $4.48 per bushel, respectively. Net sales totaled 357,700 MT and increases were reported primarily for Japan, the Philippines and Malaysia. Exports totaled 475,300 MT and were reported to Egypt, Mexico and Algeria.

Milk prices were higher with July Class III gaining 3 cents to close at $15.62 per cwt.

Stock markets were higher today, pushing the Dow Jones and S&P 500 to yet another new record high, as investors believe that interest rates will stay relatively low for the foreseeable future. August Crude oil futures were 49 cents higher, closing at $46.54 per barrel. Crude oil continued recent gains as investors continue to believe that demand for crude oil is increasing and will not stop anytime soon.

Daily Market News Summary Data 07/14/17

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