Texas Daily Ag Market News Summary 09/25/17

Posted 7 years 63 days ago by

Feeder cattle auctions lower; Futures lower.

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

Cotton prices higher.

Grains and soybeans mostly higher.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $2 lower. October Feeder cattle futures were $4.50 lower, closing at $151.60 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were $2.35 lower, closing at $109.22 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $2.36 to close at $193.96 per cwt and Select grade gaining $2.16 to close at $190.89 per cwt. Estimated cattle harvest for the week totaled 118,000 up 6,000 from last week’s total and from last year’s total. Year-to-date harvest is up 5.4%.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 68.75 cents per pound and October futures gaining 1.00 cents to close at 70.09 cents per pound.

Corn prices were higher with cash prices gaining a penny to close at $3.56 per bushel and December futures remaining at $3.54 per bushel. Grain Sorghum cash prices were 2 cents lower, closing at $5.47 per cwt.

Wheat prices were higher with cash prices gaining 6 cents to close at $3.91 per bushel and December futures gaining 4 cents to close at $4.54 per bushel.

Milk prices were higher with October Class III milk gaining 16 cents to close at $16.33 per cwt.

Stock markets were lower today, backing off of recent gains as declines in Technology shares combined with renewed political tension between The U.S. and North Korea have dragged markets down. November Crude oil futures were $1.56 higher, to close at $52.22 per barrel. Crude oil prices hit a two-year high as investor confidence in OPEC’s ability to end the global glut of crude has been renewed.

Daily Market News Summary Data 09/25/17

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From Weekly Recap:

AUSTIN – (September 25, 2017) For the week ending September 22, 2017, Texas feeder cattle auctions were mixed reporting prices steady to $10 lower with instances of steady to $2 higher. Texas Weekly Direct reported prices steady to $3 higher. Wholesale Beef values were lower at the end of the week, with Choice Grade losing 51 cents to end at $191.60 per hundredweight (cwt) and Select Grade losing 10 cents to end at $188.73 per cwt. For the week of September 11 - 17 the USDA NASS Field Office reported that producers were giving supplemental feed to livestock in the Cross Timbers, South Texas and the Lower Valley. Cattle and livestock condition remained good to fair across the state. Pastures were showing signs of drought stress in many areas of the state. Overall, pasture and range condition remained good to fair statewide. 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 lower at the close of last week with cash prices losing 0.50 cents to end at 68.50 cents per pound and October futures losing 0.89 cents to end at 69.09 cents per bushel. The USDA NASS Field Office reported that cotton bolls were opening in the Plains and the Trans-Pecos while harvest continued in the Blacklands, South East Texas and South Texas. 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.

Wheat prices were higher at the close of last week with cash prices and December futures both gaining 8 cents to close at $3.85 per bushel and $4.50 per bushel, respectively. The USDA NASS Field Office reported that winter wheat seeding continued in the Plains. Wheat producers in some areas of the Southern Plains, the Cross Timbers, the Blacklands and the Trans-Pecos were waiting for higher soil moisture to start seeding the fields. Oats and wheat seeding continued in South Texas. 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.

Corn prices were higher at the close of last week with cash prices gaining 5 cents to end at $3.55 per bushel and December corn futures gaining 6 cents to close at $3.54 per bushel. The USDA NASS Field Office reported that corn harvest continued in the Northern Plains and the Cross Timbers. 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 higher at the close of last week gaining 9 cents to end at $5.49 per bushel. Net sales totaled 51,900 MT and resulted as increases for China. Exports totaled 72,200 MT and were reported to China and Mexico.

Milk prices were higher at the close of last week, with October Class III milk futures gaining 40 cents to end at $16.17 per cwt.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 20.73 percent of Texas still in some stage of drought intensity, up 13.18 percentage points from last week. Additionally, 0.35 percent of the state remains in severe, extreme, or exceptional drought, up 0.35 percentage points from three months ago. On the national level, drought conditions worsened slightly as well, with 36.86 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 3.12 percentage points from last week.