Texas Daily Ag Market News Summary 10/02/17

Posted 7 years 56 days ago by

Feeder cattle auctions higher; Futures lower.

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

Cotton prices lower.

Grains and soybeans lower.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $8 higher. October Feeder cattle futures were $1.87 lower, closing at $150.35 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were $1.28 lower, closing at $107.82 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining 60 cents to close at $197.22 per cwt and Select grade losing 22 cents to close at $188.28 per cwt. Estimated cattle harvest for the week totaled 110,000 down 8,000 from last week’s total and 3,000 from last year’s total. Year-to-date harvest is down 2.7%.

Cotton prices were lower with cash prices losing 0.25 cents to close at 67.75 cents per pound and October futures losing 0.88 cents to close at 68.20 cents per pound.

Corn prices were lower with cash prices losing 4 cents to close at $3.54 per bushel and December futures losing 3 cents to close at $3.52 per bushel. Grain Sorghum cash prices were 5 cents lower, closing at $5.46 per cwt.

Wheat prices were lower with cash prices losing 6 cents to close at $3.74 per bushel and December futures losing 4 cents to close at $4.39 per bushel.

Milk prices were higher with October Class III milk gaining 9 cents to close at $16.33 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 10/02/17

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From Weekly Recap:

AUSTIN – (Oct. 2, 2017) For the week ending Sept. 29, 2017, Texas feeder cattle auctions were mixed, reporting prices steady to $6 lower with instances of steady to $5 higher. Texas Weekly Direct reported prices “unevenly steady.” Wholesale Beef values were uneven at the end of the week, with Choice Grade gaining $2.66 to end at $196.62 per hundredweight (cwt) and Select Grade losing $2.39 to end at $188.50 per cwt. For the time period of Sept. 18-24, the USDA NASS Field Office reported that supplemental feeding of livestock continued in areas of the Cross Timbers, Lower Valley and South Texas. Cattle and livestock condition remained good to fair across the state. Pasture conditions declined in those areas that did not receive rainfall last week. Army worm issues were reported in South Central Texas. Feral hog activity was causing problems to producers in Northeast Texas. For the time period of Sept. 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 at the close of last week, with cash prices losing 0.75 cents to end at 68.00 cents per pound and October futures losing 1.01 cents to end at 69.08 cents per bushel. The USDA NASS Field Office reported that cotton fields in areas of the Southern High Plains and Low Plains were damaged by hail. Producers in the Upper Coast were still trying to salvage any remaining cotton not destroyed by Hurricane Harvey. Net sales totaled 194,200 running bales (RB) for 2017-2018, which 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.

Wheat prices were lower at the close of last week, with cash prices and December futures both losing 11 cents to close at $3.90 per bushel and $4.43 per bushel, respectively. The USDA NASS Field Office reported that Winter Wheat seeding had been completed in some areas of the state. Meanwhile producers in other areas delayed seeding operations waiting on better moisture conditions. 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, Dominican Republic and Japan.

Corn prices were higher at the close of last week, with cash prices gaining 2 cents to end at $3.58 per bushel and December corn futures gaining a penny to close at $3.55 per bushel. The USDA NASS Field Office reported that corn harvest in the Blacklands was slowed due to lack of elevator space. 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 higher at the close of last week, gaining 4 cents to end at $5.51 per bushel. The USDA NASS Field Office reported that sugarcane aphids continued to be an issue for sorghum producers in the Southern High Plains. Net sales totaled 62,000 MT, which resulted in increases for China and Japan. Exports totaled 162,000 MT and were reported to China, Japan and Mexico.

Milk prices were lower at the close of last week, with October Class III milk futures losing 9 cents to end the week at $16.24 per cwt.

This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with 70.54 percent of Texas still in some stage of drought intensity, down 8.73 percentage points from last week. On the national level, drought conditions worsened slightly, with 36.93 percent of the U.S. experiencing abnormal dryness or some degree of drought.