Sep
25
2017
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Posted 7 years 120 days ago by
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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.