Texas Daily Ag Market News Summary 09/05/17

Posted 7 years 83 days ago by

Feeder cattle auctions inactive; Futures lower.

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

Cotton prices higher.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions were inactive today. September Feeder cattle futures were 67 cents lower, closing at $142.05 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were 73 cents lower, closing at $104.42 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining $1.10 to close at $192.45 per cwt and Select grade losing 18 cents to close at $190.47 per cwt. Estimated cattle harvest for the week totaled 119,000 down 114,000 from last week’s total and up 4,000 from last year’s total. Year-to-date harvest is up 3.4%.

Cotton futures were higher with cash prices gaining 2.00 cents to close at 75.25 cents per pound and October futures gaining 2.71 cents to close at 75.26 cents per pound.

Corn prices were higher with cash prices gaining 3 cents to close at $3.51 per bushel and September futures gaining 4 cents to close at $3.44 per bushel. Grain Sorghum cash prices were 6 cents higher, closing at $5.32 per bushel.

Wheat prices were higher with cash prices gaining a penny to close at $3.59 per bushel and September futures gaining 7 cents to close at $4.20 per bushel.

Milk prices were lower with September Class III gaining 13 cents to close at $16.28 per cwt.

Stock markets were lower today, dropping the Dow Jones over 200 points, as renewed fear over threats from North Korea and another power hurricane have weighed heavily on the U.S. markets. October Crude oil futures picked up $1.37, closing at $48.66 per barrel. Crude oil prices surged higher today, as refineries and other production infrastructure have begun to reset and start up.

Daily Market News Summary Data 09/05/17

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From Weekly Recap:

AUSTIN – (September 5, 2017) For the week ending September 1, 2017, Texas feeder cattle auctions reported mixed prices with instances of steady to $6 lower and steady to $5 higher. Texas Weekly Direct reported prices steady to $4 higher. Wholesale Beef values were lower at the end of the week, with Choice Grade losing 42 cents to end at $191.35 per hundredweight (cwt) and Select Grade losing 14 cents to end at $190.65 per cwt. For the week of August 21-27 the USDA NASS Field Office reported that producers continued providing supplemental feed for livestock in South Texas. Livestock was mostly rated fair to good in the state. Range and pasture condition was also rated mostly fair to good across the state. 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 prices were higher at the close of last week with cash prices gaining 1.50 cents to end at 73.25 cents per pound and October futures gaining 1.99 cents to end at 72.55 cents per bushel. The USDA NASS Field Office reported that cotton in the Northern Plains was in need of heat units. Several producers in the Coastal Bend completed cotton harvested prior to the arrival of hurricane Harvey. Cotton modules in the Coastal Bend received little to no damage from the hurricane. 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.

Wheat prices were higher at the close of last week with cash prices gaining 19 cents to close at $3.58 per bushel and September futures gaining 16 cents to close at $4.13 per bushel. The USDA NASS Field Office reported that field preparations continued for the 2017 wheat crop. 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.

Corn prices were higher at the close of last week with cash prices gaining 14 cents to end at $3.48 per bushel and September corn futures gaining six cents to close at $3.40 per bushel. The USDA NASS Field Office reported corn harvest continued in the Southern High Plains, the Cross Timbers, the Blacklands, North East Texas and South Central Texas. Rains and moisture kept delaying the harvest of corn in the Northern Low Plains and areas of the Blacklands. 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 higher at the close of last week, gaining 21 cents to end at $5.26 per cwt. The USDA NASS Field Office reported that sorghum grain fill advanced rapidly in the Northern High Plains. Sorghum harvest continued in the Edwards Plateau and the Southern Plains. Rains and moisture kept delaying the harvest of corn and sorghum in the Northern Low Plains and areas of the Blacklands. 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.

Milk prices were lower at the close of last week, with September Class III milk futures losing 19 cents to end at $16.15 per cwt.

This week’s U.S. Drought Monitor for Texas showed a vast improvement in drought conditions for the state, with only 3.86 percent of Texas still in some stage of drought intensity, down 9.70 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought, on par from three months ago. On the national level, drought conditions worsened slightly, with 28.57 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 1.14 percentage points from last week.