Texas Daily Ag Market News Summary 08/25/17

Posted 7 years 94 days ago by

Feeder cattle auctions mixed; Futures higher.

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

Cotton futures lower.

Grains and soybeans lower.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions were mixed, reporting prices steady to $5 lower with instances of steady to $1 higher. Texas Weekly Direct reported prices steady to $4 lower. September Feeder cattle futures were 74 cents higher, closing at $142.92 per hundredweight (cwt). The Texas fed cattle cash trade was higher today, gaining $1.00 to close at $107.00 per cwt. October Fed cattle futures were 9 cents higher, closing at $106.92 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 43 cents to close at $191.32 per cwt and Select grade losing 36 cents to close at $188.30 per cwt. Estimated cattle harvest for the week totaled 583,000 up 1,000 from last week’s total and 18,000 from last year’s total. Year-to-date harvest is up 3.2%. For the time period of August 11-17 exporters reported that net sales of beef totaled 16,600 metric tons (MT) and were up 30 percent from the previous week and 22 percent from the prior four-week average. Increases were reported for Japan, Egypt and South Korea. Exports totaled 15,200 MT and were down three percent from the previous week, but unchanged from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were uneven with cash prices remaining at 69.75 cents per pound and October futures losing 1.56 cents to close at 68.61 cents per pound. Net sales totaled 277,600 running bales (RB) for 2017-2018, and were reported primarily for China, Mexico and Vietnam. Exports totaled 221,800 RB and were reported primarily to Vietnam, Indonesia and China.

Corn prices were lower with cash prices and September futures both losing 3 cents and both closing at $3.39 per bushel. Net sales totaled 102,400 MT for 2016-2017 and were up 64 percent from the previous week and 68 percent from the prior four-week average. Increases were reported primarily for Costa Rica, Japan and Mexico. Exports totaled 725,000 MT and were up four percent from the previous week, but down 21 percent from the prior four-week average. The primary destinations were Mexico, Japan and Peru.

Grain Sorghum cash prices were 6 cents lower, closing at $5.14 per bushel. Net sales totaled 42,800 MT for 2016-2017, and were up noticeably from the previous week, but down 25 percent from the prior four-week average. Increases were reported for China, Japan and Taiwan. Exports totaled 52,600 MT and were down 24 percent from the previous week and 47 percent from the prior four-week average. The destinations were China, Mexico and Taiwan.

Wheat prices were lower with cash prices losing 2 cents to close at $3.45 per bushel and September futures losing a penny to close at $4.05 per bushel. Net sales totaled 386,400 MT and were down 39 percent from the previous week and 11 percent from the prior four-week average. Increases were for Taiwan, the Philippines and Thailand. Exports totaled 499,000 MT and were down nine percent from the previous week and eight percent from the prior four-week average. The primary destinations were China, the Philippines and Mexico.

Milk prices were lower with September Class III losing 3 cents to close at $16.64 per cwt.

Stock markets were higher today as broad gains across multiple sectors, helped to offset declines in dragging retail shares, and lifted the S&P 500 to the indexes first weekly gain in over three-weeks. October Crude oil futures were 44 cents higher, closing at $47.87 per barrel. Crude oil prices surged upward as hurricane Harvey continues on its path towards the Texas Coast, but this surge was not enough to lift crude prices into positive territory for the week.

Daily Market News Summary Data 08/25/17

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