Texas Daily Ag Market News Summary 08/11/17

Posted 7 years 108 days ago by

Feeder cattle auctions lower; Futures higher.

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

Cotton futures lower.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $7 lower. Texas Weekly Direct reported prices mostly $1 to $2 lower on limited comparable sales. August Feeder cattle futures were 60 cents higher, closing at $141.77 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. August Fed cattle futures were 87 cents higher, closing at $109.72 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $1.03 to close at $199.60 per cwt and Select grade losing 7 cents to close at $196.12 per cwt. Estimated cattle harvest for the week totaled 583,000 up 1,000 from last week’s total and 22,000 from last year’s total. Year-to-date harvest is up 4.0%. For the time period of July 28 – August 3, 2017 net beef sales totaled 16,400 metric tons (MT) and were up 44 percent from the previous week and 31 percent from the prior four-week average. Increases were reported primarily for Japan, Hong Kong and South Korea. Exports totaled 14,700 MT and were down three percent from the previous week, but up three percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were mixed with cash prices remaining at 68.75 cents per pound and October futures losing 0.02 cents to close at 69.24 cents per pound. Net sales for 2017-2018, which began August 1, totaled 75,800 running bales (RB). Increases reported primarily for Vietnam, Thailand and Mexico. Exports for the period ending July 31 totaled 102,200 RB which brings accumulated exports up to 13,823,100 RB, which is up 64 percent from the prior year’s total. The primary destinations were Vietnam, Turkey and Mexico.

Corn prices were higher with cash prices gaining 3 cents to close at $3.61 per bushel and September futures gaining 4 cents to close at $3.61 per bushel, as well. Net sales of 628,400 MT were reported primarily for Colombia (275,000 MT), Mexico (194,100 MT), and unknown destinations. Exports of 973,500 MT were down 11 percent from the previous week, but unchanged from the prior 4-week average. The primary destinations were Japan (328,100 MT), Mexico (245,400 MT), Colombia.

Grain Sorghum cash prices were a nickel higher, closing at $5.41 per bushel. Net sales totaled 145,500 MT and were reported for unknown destinations and Japan. Exports totaled 102,000 MT and were down 39 percent from the previous week, but up six percent from the prior four-week average. The destinations were China and Mexico.

Wheat prices were mixed with cash prices gaining a penny to close at $3.90 per bushel and September futures losing 7 cents to close at $4.41 per bushel. Net sales totaled 464,300 MT and were up noticeably from the previous week and 11 percent from the prior four-week average. Increases were reported primarily for Indonesia, South Korea and Algeria. Exports totaled 568,200 MT and were down three percent from the previous week, but up nine percent from the prior four-week average. The primary destinations were Japan, China and the Philippines.

Milk prices were higher with August Class III gaining 8 cents to close at $16.47 per cwt.

Stock markets closed higher today, but ended the week in the red. Major U.S. indexes had their worst weekly declines, in several months, behind a combination of the rising political tension between the U.S. and North Korea and the release of disappointing earnings reports. September Crude oil futures were 23 cents higher, closing at $48.82 per barrel.

Daily Market News Summary Data 08/11/17

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