Texas Daily Ag Market News Summary 08/21/17

Posted 7 years 98 days ago by

Feeder cattle auctions lower; Futures lower.

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

Cotton prices higher.

Grains and soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions were lower, reporting prices steady to $3 lower. September Feeder cattle futures were 87 cents lower, closing at $139.15 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were 5 cents lower, closing at $105.85 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 99 cents to close at $193.09 per cwt and Select grade losing 88 cents to close at $191.62 per cwt. Estimated cattle harvest for the week totaled 118,000 up 2,000 from last week’s total and 6,000 from last year’s total. Year-to-date harvest is up 5.4%.

Cotton prices were higher with cash prices gaining 1.00 cents to close at 69.00 cents per pound and October futures gaining 0.92 cents to close at 68.71 cents per pound.

Corn prices were lower with cash prices losing 2 cents to close at $3.49 per and September futures losing 3 cents to close at $3.49 per bushel, as well. Grain Sorghum cash prices were 4 cents lower, closing at $5.32 per bushel.

Wheat prices were lower with cash prices losing 6 cents to close at $3.49 per bushel and September futures losing 7 cents to close at $4.08 per bushel.

Milk prices were lower with September Class III losing 6 cents to close at $17.13 per cwt.

Stock markets were mostly higher today, after the largest two-week decline of the year, propped up by modest gains in blue chip stocks. September Crude oil futures were $1.14 lower, closing at $47.37 per barrel. Crude oil prices dropped as the end of the summer driving season is approaching quickly.

Daily Market News Summary Data 08/21/17

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From Weekly Recap:

AUSTIN – (August 21, 2017) For the week ending August 18, 2017, Texas feeder cattle auctions reported mixed prices with instances of steady to $5 lower and $3 to $5 higher. Texas Weekly Direct reported prices mostly $5 to $7 lower. Wholesale Beef values were lower at the end of the week, with Choice Grade losing $4.84 to end at $194.08 per hundredweight (cwt) and Select Grade losing $3.94 to end at $192.50 per cwt. For the time period of August 7-13 the USDA NASS Field Office reported that cattle conditions in areas of South Texas have declined. Producers continued providing supplemental feed for livestock. Range and pasture condition varied across the state. Some areas benefited greatly from the recent rains and increase in moisture. However, pastures in South Texas and areas of the Trans-Pecos were still dry and continued to decline in forage quality. Hogs continued to be a problem for corn growers in North East Texas. For the time period of August 4-10 exporters reported that net sales of beef totaled 12,800 metric tons (MT) and were down 22 percent from the previous week and six percent from the prior four-week average. Increases were reported primarily for Japan, South Korea and Mexico. Exports totaled 15,600 MT--a marketing-year high—and were up seven percent from the previous week and four percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were lower at the close of last week with cash prices losing 0.50 cents to end at 68.00 cents per pound and October futures losing 0.71 cents to end at 67.79 cents per bushel. The USDA NASS Field Office reported aphid numbers in the Southern High Plains were elevated in areas that were previously treated for cotton fleahoppers. There were signs of cotton root rot in some areas of the Blacklands. Cotton harvest continued in the Upper Coast, the Coastal Bend, South Texas and the Lower Valley. Net sales totaled 186,700 running bales (RB) for 2017-2018 and were reported primarily for Vietnam, Indonesia and Thailand. Exports totaled 200,400 RB and were primarily reported to China, Vietnam and Turkey.

Wheat prices were lower at the close of last week with cash prices and September futures both losing 22 cents to end at $3.55 per bushel and $4.15 per bushel, respectively. The USDA NASS Field Office reported that field preparations continued for the 2017 wheat crops. Net sales totaled 633,600 MT, for delivery in the 2017-2018 marketing year, and were up 37 percent from the previous week and 43 percent from the prior four-week average. Increases were reported primarily for Thailand, Indonesia and Mexico. Exports totaled 545,900 MT and were down four percent from the previous week, but unchanged from the prior four-week average. The primary destinations were Japan, the Philippines and Mexico.

Corn prices were lower at the close of last week with cash prices and September futures both losing 11 cents to end at $3.51 per bushel and $3.52 per bushel, respectively. The USDA NASS Field Office reported that producers were making preparations in anticipation of corn harvest in the Northern High Plains. Net sales totaled 671,800 MT, for 2017-2018, and were reported primarily for Mexico, unknown destinations and Japan. Exports totaled 698,500 MT and were down 28 percent from the previous week and 30 percent from the prior four-week average. The primary destinations were Mexico, South Korea and China.

Grain Sorghum cash prices were lower at the close of last week, losing 20 cents to end at $5.24 per cwt. Net sales totaled 17,500 MT, for 2016-2017, and resulted as increases for China and Japan. Exports totaled 69,300 MT and were down 32 percent from the previous week and 28 percent from the prior four-week average. The destinations were China, Mexico and South Korea.

Milk prices were steady at the close of last week, with September Class III milk futures remaining at $17.19 per cwt.

This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with only 10.29 percent of Texas still in some stage of drought intensity, down 9.74 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought, down 1.20 percentage points from three months ago. On the national level, drought conditions improved slightly, with 28.05 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 1.72 percentage points from last week.