Texas Daily Ag Market News Summary 08/04/17

Posted 7 years 115 days ago by

Feeder cattle auctions higher; Futures lower.

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

Cotton prices lower.

Grains and soybeans uneven.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $5 higher. Texas Weekly Direct reported prices $2 to $5 lower. August Feeder cattle futures were 70 cents lower, closing at $149.95 per hundredweight (cwt). The Texas fed cattle cash trade was inactive. August Fed cattle futures were 23 cents higher closing at $115.45 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $1.55 to close at $203.61 per cwt and Select grade losing 47 cents to close at $197.31 per cwt. Estimated cattle harvest for the week totaled 582,000 on par with last last week’s total and up 29,000 from a year ago. Year-to-date harvest is up 5.3%. For the time period of July 21-27 exporters reported net sales totaling 11,400 metric tons (MT) which were down 18 percent from the previous week and from the prior four-week average. Increases were reported primarily for South Korea, Canada and Japan. Exports totaled 15,000 MT and were down 3 percent from the previous week, but up 6 percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were lower with cash prices losing 0.50 cents to close at 68.75 cents per pound and October futures losing 0.56 cents to close at 70.99 cents per pound. Net sales totaled 126,500 running bales (RB) and were reported primarily for South Korea, Mexico and Vietnam. Exports totaled 275,300 RB and were down 16 percent from the previous week, but unchanged from the prior four-week average. The primary destinations were Turkey, Vietnam and Indonesia.

Corn prices were higher with cash prices and September futures both gaining 3 cents and both closing at $3.67 per bushel. Net sales totaled 36,700 MT--marketing-year low—and were down 60 percent from the previous week and 83 percent from the prior four-week average. Increases were reported primarily for China, Colombia and Mexico. Exports totaled 1,090,700 MT and were up 22 percent from the previous week and 11 percent from the prior four-week average. The primary destinations were Mexico, Japan and Colombia. Grain Sorghum cash prices were a nickel higher, closing at $5.47 per bushel.

Wheat prices were steady with cash prices remaining at $3.64 per bushel and September futures remaining at $4.60 per bushel. Net sales totaled 145,500 MT--a marketing-year low—and were down 71 percent from the previous week and 69 percent from the prior four-week average. Increases were for Indonesia, the Philippines and Colombia. Exports totaled 583,300 MT and were up 22 percent from the previous week and 14 percent from the prior four-week average. The primary destinations were Venezuela, Indonesia and Mexico.

Milk prices were lower with August Class III losing 9 cents to close at $16.33 per cwt.

Stock markets were higher today, pushing the Dow Jones to another record high, after the release of a strong jobs report showing that employers are continuing to hire at a healthy rate. September Crude oil futures were 55 cents higher, closing at $49.58 per barrel. Crude oil prices rose in advance of OPEC’s compliance meeting scheduled for next week.

Daily Market News Summary Data 08/04/17

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