Sep 15 2017

Texas Daily Ag Market news Summary 09/15/17 Posted 7 years 73 days ago by

Feeder cattle auctions mixed; Futures higher.

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

Cotton prices higher.

Grains and soybeans higher.

Milk futures lower.

Crude oil steady; Natural gas lower.

Stock markets higher.

                      

 

Texas feeder cattle auctions reported mixed prices with instances of firm to $5 higher and steady to $3 lower. Texas Weekly Direct reported prices $2 to $6 higher. October Feeder cattle futures were $1.05 higher, closing at $150.65 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were 83 cents higher, closing at $107.75 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining 42 cents to close at $191.42 per cwt and Select grade losing 87 cents to close at $185.85 per cwt. Estimated cattle harvest for the week totaled 583,000 up 114,000 from last week’s total and 26,000 from last year’s total. Year-to-date harvest is up 4.7%. For the time period of September 1-7 exporters reported net sales of beef totaling 14,700 metric tons (MT) and were up noticeably from the previous week, but down three percent from the prior four-week average. Increases were reported primarily for Hong Kong, Japan and South Korea. Exports totaled 12,800 MT and were down 27 percent from the previous week and from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

 

Cotton prices were higher with cash prices gaining 0.25 cents to close at 69.50 per pound and October futures gaining 0.35 cents to close at 70.13 cents per pound. Net sales totaled 65,200 running bales (RB) for 2017-2018 and were reported primarily for Vietnam, South Korea and Mexico. Exports totaled 108,500 RB and were primarily to Mexico, Vietnam and China.

 

Corn prices were higher with cash prices and December futures both gaining a penny to close at $3.57 per bushel and $3.55 per bushel, respectively. Net sales totaled 1,046,700 MT for 2017-2018 and were reported primarily for Mexico, Colombia and Japan. Exports totaled 714,600 MT and were reported primarily to Mexico, Colombia and Japan. Grain Sorghum cash prices were higher, gaining a penny, to close at $5.52 per cwt. Net sales totaled 222,300 MT for 2017-2018 and were reported for China and unknown destinations. Exports totaled 51,300 MT and were reported to China and Mexico.

 

Wheat prices were higher with cash prices gaining 3 cents to close at $3.80 per bushel and December futures gaining 4 cents to close at $4.46 per bushel. Net sales totaled 316,700 MT for delivery in the 2017-2018 marketing year and were down 16 percent from the previous week and 34 percent from the prior four-week average.  Increases were reported primarily for Colombia, Turkey and the Dominican Republic. Exports totaled 439,200 MT and were up 94 percent from the previous week, but down 12 percent from the prior four-week average. The primary destinations were Japan, Mexico and Colombia. 

 

Milk prices were lower with October Class III milk losing 14 cents to close at $15.77 per cwt.

 

Stock markets were higher today, notching another day of record highs, as fears surrounding damage from Hurricane Irma that kept pressure on U.S. indexes have subsided. October Crude oil futures were steady to remain at $49.89 per barrel. Crude prices remained unchanged as investors struggle with conflicting signals for global supply and demand.

 

Daily Market News Summary Data 09/15/17

 

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