Texas Daily Ag Market News Summary 09/22/17

Posted 7 years 66 days ago by

Feeder cattle auctions higher; Futures higher.

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

Cotton futures higher.

Grains and soybeans mostly higher.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $2 higher. Texas Weekly Direct reported prices steady to $3 higher. October Feeder cattle futures were 23 cents higher, closing at $156.10 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $107.99 per cwt. October Fed cattle futures were $1.47 higher, closing at $111.57 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining 9 cents to close at $191.60 per cwt and Select grade gaining 32 cents to close at $188.73 per cwt. Estimated cattle harvest for the week totaled 579,000 down 4,000 from last week’s total and up 15,000 from last year’s total. Year-to-date harvest is up 5.7%. For the time period of September 8-14 U.S. exporters reported beef net sales totaling 12,500 metric tons (MT) and were down 15 percent from the previous week and 20 percent from the prior four-week average. Increases were reported primarily for Mexico, South Korea and Japan. Exports totaled 15,400 MT and were up 20 percent from the previous week, but down eight percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were mixed with cash prices remaining at 68.50 cents per pound and October futures gaining 0.05 cents to close at 69.09 cents per pound. Net sales totaled 219,900 running bales (RB) for 2017-2018, and were up noticeably from the previous week and 28 percent from the prior four-week average. Increases were reported primarily for Turkey, Vietnam and China. Exports totaled 175,700 RB and were up 62 percent from the previous week and eight percent from the prior four-week average. Exports were reported primarily to Vietnam, China and Mexico.

Corn prices were higher with cash prices gaining 3 cents to close at $3.55 per bushel and December futures gaining 4 cents to close at $3.54 per bushel. Net sales totaled 526,900 MT and were reported primarily for Mexico, Japan and Colombia. Exports totaled 703,700 MT and were reported primarily to Mexico, Peru and Japan. Grain Sorghum cash prices were 6 cents higher, closing at $5.49 per cwt. Net sales totaled 51,900 MT and resulted as increases for China. Exports totaled 72,200 MT and were reported to China and Mexico.

Wheat prices were steady with cash prices and December futures both remaining at $3.85 per bushel and $4.50 per bushel, respectively. Net sales totaled 307,200 MT and were down three percent from the previous week and 24 percent from the prior four-week average. Increases were reported for the Philippines, Mexico and Kenya. Exports totaled 427,700 MT and were down three percent from the previous week and down nine percent from the prior four-week average. The primary destinations were the Philippines, Mexico and Nigeria.

Milk prices were higher with October Class III milk gaining 15 cents to close at $16.17 per cwt.

Stock markets were higher today, pushing major U.S. indexes into positive territory for the second consecutive week. U.S. indexes were pushed up by gains in banking shares. November Crude oil futures were 11 cents higher, to close at $50.66 per barrel.

Daily Market News Summary Data 09/22/17

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