Texas Daily Ag Market News Summary 08/07/17

Posted 7 years 112 days ago by

Feeder cattle auctions steady; Futures lower.

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

Cotton prices higher.

Grains and soybeans higher.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported steady prices. August Feeder cattle futures were $3.70 lower, closing at $146.25 per hundredweight (cwt). The Texas fed cattle cash trade was inactive. August Fed cattle futures were $2.70 lower, closing at $112.75 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 89 cents to close at $202.72 per cwt and Select grade losing 31 cents to close at $197.00 per cwt. Estimated cattle harvest for the week totaled 118,000 up 7,000 from last week and from last year’s total. Year-to-date harvest is up 6.3%.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 69.00 cents per pound and October futures gaining 0.23 cents to close at 71.22 cents per pound.

Corn prices were higher with cash prices and September futures both gaining a nickel and both closing at $3.72 per bushel. Grain Sorghum cash prices were 9 cents higher, closing at $5.56 per bushel.

Wheat prices were higher with cash prices and September futures both gaining 7 cents closing at $4.01 per bushel and $4.67 per bushel, respectively.

Milk prices were lower with August Class III losing 8 cents to close at $16.25 per cwt.

Stock markets were higher today, as more positive corporate earnings reports were released along with a few corporate acquisitions, helped propel the Dow Jones to yet another new record-high and push all major U.S. indexes into the green. September Crude oil futures were 19 cents lower, closing at $49.39 per barrel. Crude oil prices retreated from a month-long rally, as concerns over global supply and demand have resurfaced, combined with growing speculation on whether Libya will or will not take part in OPEC’s production cutting agreement.

Daily Market News Summary Data 08/07/17

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From Weekly Recap:

AUSTIN – (Aug. 7, 2017) For the week ending Aug. 4, 2017, Texas feeder cattle auctions reported mixed prices, with instances of steady to $10 lower and steady to $5 higher. Texas Weekly Direct reported prices $2 to $5 lower. Wholesale Beef values were lower at the end of the week, with Choice Grade losing $2.14 to end at $203.61 per hundredweight (cwt) and Select Grade losing 53 cents to end at $197.31 per cwt. For the time period of July 24-30, the USDA NASS Field Office reported that livestock was in good to fair condition throughout the state. Supplemental feeding continued in South Texas and the Lower Valley. Range and pasture conditions remained fair to good across the state. However, the lack of rain and high temperatures have reduced range and pasture condition across many areas. Hay harvest progressed in the Blacklands. For the time period of July 21-27, exporters reported net sales totaling 11,400 metric tons (MT), which was 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, which were down three percent from the previous week but up six percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were higher at the close of last week, with cash prices gaining 1.25 cents to end at 68.75 cents per pound and October futures gaining 0.49 cents to end at 70.99 per bushel. The USDA NASS Field Office reported that cotton had reached the squaring stage in the Northern High Plains and was blooming and setting bolls in the Southern Plains. Cotton fields were sprayed for flea hoppers in the Northern Low Plains. Muddy fields in areas of the Trans-Pecos prevented cotton farmers from working their fields. Cotton was blooming in areas of the Edwards Plateau. Cotton defoliation started in areas of the Coastal Bend and South Texas, while harvest was at peak activity in the Lower Valley. Net sales totaled 126,500 running bales (RB) and were reported primarily for South Korea, Mexico and Vietnam. Exports totaled 275,300 RB, which were down 16 percent from the previous week but unchanged from the prior four-week average. The primary destinations were Turkey, Vietnam and Indonesia.

Wheat prices were lower at the close of last week, with cash prices losing 16 cents to end at $3.94 per bushel and September futures losing 15 cents to end 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 reported primarily for Indonesia, the Philippines and Colombia. Exports totaled 583,300 MT, which 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.

Corn prices were lower at the close of last week, with cash and September futures prices both losing four cents and both closing at $3.67 per bushel. The USDA NASS Field Office reported that corn had reached the tasseling stage in the Northern High Plains. Corn harvest was underway in the Cross Timbers, the Blacklands, East Texas, South Central Texas, the Upper Coast, South Texas and the Lower Valley. 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, which 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 down at the close of last week, losing eight cents to end at $5.47 per cwt. The USDA NASS Field Office reported that sorghum was filling grain in the Southern High Plains and had reached the boot stage in most areas of the Northern High Plains. Harvest continued in the Blacklands, the Edwards Plateau, South Texas and the Lower Valley. Net sales totaled 60,000 MT and were reported for China. Exports totaled 168,000 MT, which were up noticeably from the previous week and from the prior four-week average. The destinations were China and Mexico.

Milk prices were lower at the close of last week, with August Class III milk futures losing 26 cents to end at $16.33 per cwt.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 26.52 percent of Texas still in some stage of drought intensity, up 1.56 percentage points from last week. On the national level, drought conditions improved slightly, with 30.52 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 2.17 percentage points from last week.