Texas Daily Ag Market News Summary 09/29/17

Posted 7 years 59 days ago by

Feeder cattle auctions mixed; Futures lower.

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

Cotton prices lower.

Grains and soybeans uneven.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions were mixed reporting prices steady to $2 higher, with instances of up to $2 lower. Texas Weekly Direct reported prices to be “unevenly steady”. October Feeder cattle futures were 73 cents lower, closing at $152.22 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $108.5 per cwt. October Fed cattle futures were 13 cents higher, closing at $109.10 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining 21 cents to close at $196.62 per cwt and Select grade losing 61 cents to close at $188.50 per cwt. Estimated cattle harvest for the week totaled 586,000 up 7,000 from last week’s total and 21,000 from last year’s total. Year-to-date harvest is up 3.8%. For the time period of September 15 – 21 exporters reported net sales of beef totaling 16,000 metric tons (MT) and were up 28 percent from the previous week and 10 percent from the prior four-week average. Increases were reported primarily for South Korea, Hong Kong and Japan. Exports totaled 17,000 MT and were up 10 percent from the previous week and 1 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were lower with cash prices losing 0.50 cents to close at 68.00 cents per pound and October futures losing 0.52 cents to close at 69.08 cents per pound. Net sales totaled 194,200 running bales (RB) for 2017-2018, and were down 12 percent from the previous week, but up 23 percent from the prior four-week average. Increases were reported for Turkey, Indonesia and China. Exports totaled 131,900 RB and were down 25 percent from the previous week and 13 percent from the prior four-week average. Exports were reported primarily to Vietnam, Bangladesh and Mexico.

Corn prices were higher with cash prices gaining 3 cents to close at $3.58 per bushel and December futures gaining 2 cents to close at $3.55 per bushel. Net sales totaled 320,200 MT and were reported for Mexico, Peru and Colombia. Exports totaled 727,500 MT and were primarily to Mexico, Colombia and Peru. Grain Sorghum cash prices were 5 cents higher, closing at $5.51 per cwt. Net sales totaled 62,000 MT which resulted as increases for China and Japan. Exports totaled 162,000 MT and were reported to China, Japan and Mexico.

Wheat prices were lower with cash prices losing 11 cents to close at $3.80 per bushel and December futures losing 10 cents to close at $4.43 per bushel. Net sales totaled 435,600 MT and were up 42 percent from the previous week and 14 percent from the prior four-week average. Increases were primarily for the Philippines, the Dominican Republic and Japan.

Milk prices were lower with October Class III milk losing 5 cents to close at $16.24 per cwt.

Stock markets were higher today, as the Dow Jones logged its eighth consecutive quarter of gains, behind solid earnings reports and strong economic data released over the summer. November Crude oil futures were 11 cents higher, to close at $51.67 per barrel. Crude oil prices moved between gains and losses today as investors weighed the potential ramifications from the independence vote in Kurdish Region of Iraq against the increasing shale production from the United States.

Daily Market News Summary Data 09/29/17

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