Texas Daily Ag Market News Summary 09/01/17

Posted 7 years 87 days ago by

Feeder cattle auctions higher; Futures higher.

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

Cotton prices higher.

Grains and soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $5 higher. Texas Weekly Direct reported prices steady to $4 higher. September Feeder cattle futures were 15 cents higher, closing at $142.72 per hundredweight (cwt). The Texas fed cattle cash trade was lower today, losing 71 cents to close at $104.00 per cwt. October Fed cattle futures were 25 cents lower, closing at $105.15 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 56 cents to close at $191.35 per cwt and Select grade losing 69 cents to close at $190.65 per cwt. Estimated cattle harvest for the week totaled 581,000 down 2,000 from last week’s total and up 17,000 from last year’s total. Year-to-date harvest is up 3.1%. For the time period of August 18-24 U.S. exporters reported that net sales of beef totaled 25,200 metric tons (MT)--a marketing-year high—and were up 52 percent from the previous week and 76 percent from the prior four-week average. Increases were reported primarily for South Korea, Hong Kong and Egypt. Exports totaled 21,400 MT—a marketing-year high—and were up 41 percent from the previous week and 42 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton futures were higher with cash prices gaining 0.50 cents to close at 73.25 cents per pound and October futures gaining 1.07 cents to close at 72.55 cents per pound. Net sales totaled 230,700 running bales (RB), for 2017-2018, and were reported primarily for Vietnam, China and Turkey. Exports totaled 156,300 RB and were reported primarily to Vietnam, China and Turkey.

Corn prices were uneven with cash prices gaining 6 cents to close at $3.48 per bushel and September futures losing 2 cents to close at $3.40 per bushel. Net sales totaled 804,200 MT, for the 2017-2018 marketing year, and were reported primarily for Mexico and Guatemala. Exports totaled 983,800 MT and were up 36 percent from the previous week and 13 percent from the prior four-week average. The primary destinations were Mexico, Japan and China. Grain Sorghum cash prices were 16 cents higher, closing at $5.26 per bushel. Net sales totaled 54,000 MT, for 2017-2018, and were reported for China. Exports totaled 154,900 MT and were up noticeably from the previous week and up 58 percent from the prior four-week average. The destinations were China and Mexico.

Wheat prices were higher with cash prices gaining 9 cents to close at $3.58 per bushel and September futures gaining 4 cents to close at $4.13 per bushel. Net sales totaled 536,000 MT for delivery in the 2017-2018 marketing year, and were up 39 percent from the previous week and 32 percent from the prior four-week average. Increases were for Japan, the Philippines and Republic of South Africa.

Milk prices were lower with September Class III losing 5 cents to close at $16.15 per cwt.

Stock markets were higher today, continuing yesterday’s trend, behind gains in biotechnology shares and signals that investors believe show a strong U.S. economy. October Crude oil futures picked up 6 cents, closing at $47.29 per barrel.

Daily Market News Summary Data 09/01/17

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