Texas Daily Ag Market News Summary 09/08/17

Posted 7 years 80 days ago by

Feeder cattle auctions higher; Futures higher.

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

Cotton prices higher.

Grains and soybeans uneven.

Milk futures steady.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $4 higher. Texas Weekly Direct reported prices steady to $4 higher, as well. September Feeder cattle futures were $2.32 higher, closing at $147.87 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $102.00 per cwt. October Fed cattle futures were $1.10 higher, closing at $107.32 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 25 cents to close at $191.88 per cwt and Select grade losing 19 cents to close at $189.97 per cwt. Estimated cattle harvest for the week totaled 469,000 down 112,000 from last week’s total and up 12,000 from last year’s total. Year-to-date harvest is up 2.7%. For the time period of August 24-31 U.S. exporters reported net sales of beef totaling 5,900 metric tons (MT) reported for 2017 and were down 77 percent from the previous week and 67 percent from the prior four-week average. Increases were reported for Japan, South Korea and Hong Kong. Exports totaled 17,600 MT and were down 18 percent from the previous week, but up 5 percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 74.00 cents per pound and October futures gaining 0.56 cents to close at 75.59 cents per pound. Net sales totaled 116,100 running bales (RB) for 2017-2018 and were reported for Vietnam, Mexico and Bangladesh. Exports totaled 164,300 RB and were reported primarily to Vietnam, China and Mexico.

Corn prices were higher with cash prices and September futures both gaining 2 cents to close at $3.50 per bushel and $3.44 per bushel, respectively. Net Sales totaled 1,480,000 MT, reported for 2017-2018 marketing year. Exports totaled 695,400 MT and were down 29 percent from the previous week and 18 percent from the prior four-week average, increases were reported primarily to Mexico, Colombia and Japan. Grain Sorghum cash prices were 4 cents higher, closing at $5.31 per cwt. Net Sales totaled 57,400 MT for 2017-2018, and were reported for China. Exports totaled 1,500 MT and were down 99 percent from the previous week and 98 percent from the prior four-week average. Exports were reported to China and Mexico.

Wheat prices were mixed with cash prices losing 4 cents to close at $3.63 per bushel and September futures remaining at $4.16 per bushel. Net sales totaled 375,500 MT for delivery in the 2017-2018 marketing year, and were down 30 percent from the previous week and 26 percent from the prior four-week average. Increases were primarily for South Korea, Nigeria and Japan. Exports totaled 226,400 MT, and were down 68 percent from the previous week and 61 percent from the prior four-week average. The primary destinations were Japan, Taiwan and South Korea.

Milk prices were steady with September Class III milk futures remaining at $16.28 per cwt.

Stock markets were lower today, after investors pulled away from global shares and poured money into haven assets, as Hurricane Irma approaches the coast line. The severe weather combined with the growing political tension surrounding the U.S. and North Korea have pushed major U.S. indexes into negative territory for the week. October Crude oil futures were $1.61 lower, closing at $47.48 per barrel. Crude oil prices fell through the floor yesterday as hurricane Irma approaches the coastline, throwing even more uncertainty into the already “rocky” global crude oil market.

Daily Market News Summary Data 09/08/17

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