Texas Daily Ag Market News Summary 09/11/17

Posted 7 years 77 days ago by

Feeder cattle auctions higher; Futures higher.

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

Cotton prices lower.

Grains and soybeans uneven.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $4 higher. September Feeder cattle futures were 58 cents higher, closing at $148.45 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were 12 cents lower, closing at $107.20 per cwt. Wholesale boxed beef values were uneven, with Choice grade losing 32 cents to close at $191.56 per cwt and Select grade picking up 41 cents to close at $190.38 per cwt. Estimated cattle harvest for the week totaled 116,000 up 114,000 from last week’s total and 5,000 from last year’s total. Year-to-date harvest is up 4.5%.

Cotton prices were lower with cash prices losing 0.75 cents to close at 73.25 cents per pound and October futures losing 1.88 cents to close at 73.71 cents per pound.

Corn prices were higher with cash prices gaining 4 cents to close at $3.54 per bushel and September futures gainin 2 cents to dlowe at $3.46 per bushel. Grain Sorghum cash prices were 6 cents higher, closing at $5.37 per cwt.

Wheat prices were lower with cash prices losing 6 cents to close at $3.57 per bushel and September futures losing 7 cents to close at $4.09 per bushel.

Milk prices were lower with September Class III milk losing 6 cents to close at $16.22 per cwt.

Stock markets were higher today, as investors retreated from “safe haven’ assets and poured money into major U.S. indexes, pushing the Dow Jones about 22,000 pts. These gains came as fears over the political tension between the U.S. and North Korea have begun to subside along with fears surrounding the impact of Hurricane Irma. October Crude oil futures were 59 cents higher, closing at $48.07 per barrel. Crude prices have bounced back as the production infrastructure has begun to restart as the aftermath of the recent hurricanes begins to fade away.

Daily Market News Summary Data 09/11/17

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From Weekly Recap:

AUSTIN – (September 11, 2017) For the week ending September 8, 2017, Texas feeder cattle auctions reported prices steady to $10 higher, with limited comparable sales. Texas Weekly Direct reported prices steady to $4 higher. Wholesale Beef values were lower at the end of the week, with Choice Grade losing 57 cents to end at $191.88 per hundredweight (cwt) and Select Grade losing 50 cents to end at $189.97 per cwt. For the time period of August 28 – September 3 the USDA NASS Field Office reported that cattle across the state were mostly in good condition. Pasture and range condition was mostly fair to good. However, some of the fields affected by the hurricane remained saturated. 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 uneven at the close of last week with cash prices losing 1.25 cents to end at 74.00 cents per pound and October futures gaining 0.33 cents to end at 75.59 cents per bushel. The USDA NASS Field Office reported that significant damage was reported to cotton unharvested prior to the passing of Hurricane Harvey in the Upper Coast and South Central Texas. Cotton harvest resumed in South Texas and the Lower Valley. Bollworms and aphids damaged some cotton fields in areas of the Southern High Plains, while cotton in the Blacklands was being defoliated. 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.

Wheat prices were uneven at the close of last week with cash prices gaining 4 cents to close at $3.63 per bushel and September futures losing 4 cents to close at $4.16 per bushel. The USDA NASS Field Office reported that field preparations for wheat neared completion in areas of the Plains, the Cross Timbers and the Edwards Plateau. 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.

Corn prices were uneven at the close of last week, as well, with cash prices losing a penny to end at $3.50 per bushel and September corn futures remaining at $3.44 per bushel. The USDA NASS Field Office reported that a few corn fields in areas of the Northern High Plains were damaged due to wild hogs. 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 lower at the close of last week with cash prices losing a penny to end at $5.31 per bushel. The USDA NASS Field Office reported that sorghum in the Northern High Plains was treated for pests. Aphids were becoming a problem for sorghum producers in the Northern Low Plains.

Milk prices were steady at the close of last week, with September Class III milk futures remaining at $16.28 per cwt.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 5.16 percent of Texas still in some stage of drought intensity, up 1.30 percentage points from last week. Additionally, 0.04 percent of the state remains in severe, extreme, or exceptional drought, up 0.04 percentage points from three months ago. On the national level, drought conditions worsened slightly as well, with 30.09 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 1.52 percentage points from last week.