Texas Daily Ag Market News Summary 10/06/17

Posted 7 years 52 days ago by

Feeder cattle auctions uneven; Futures lower.

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

Cotton prices higher.

Grains and soybeans lower.

Milk futures higher.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $2 higher. Texas Weekly Direct reported prices steady to $4 lower. October Feeder cattle futures were 38 cents higher, closing at $153.95 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were 87 cents higher, closing at $111.02 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 3 cents to close at $197.22 per cwt and Select grade losing $1.55 to close at $187.23 per cwt. Estimated cattle harvest for the week totaled 570,000 down 16,000 from last week’s total and up 13,000 from last year’s total. Year-to-date harvest is up 2.4%. For the time period of September 22-28 U.S. exporters reported net sales of beef totaling 20,800 metric tons (MT), reported for 2017 and were up 30 percent from the previous week and 70 percent from the prior four-week average. Increases were reported primarily for Japan, Hong Kong and South Korea. Exports totaled 15,900 MT and were down 6 percent from the previous week, but up 2 percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 68.50 cents per pound and October futures gaining 0.57 cents to close at 69.47 cents per pound. Net sales totaled 161,000 running bales (RB) for 2017-2018, and were down 17 percent from the previous week, but up 8 percent from the prior four-week average. Increases were reported primarily for Vietnam, Turkey and China. Exports totaled 114,900 RB and were down 13 percent from the previous week and 21 percent from the prior four-week average. Exports were reported primarily to Vietnam, China and Mexico.

Corn prices were mostly steady with cash prices gaining a penny to close at $3.52 per bushel and December futures remaining at $3.50 per bushel. Net sales totaled 814,100 MT for 2017-2018 and were reported primarily for Mexico, South Korea and Colombia. Exports totaled 966,000 MT and were primarily to Mexico, Japan and Colombia.

Grain Sorghum cash prices were higher gaining 2 cents to close at $5.43 per cwt. Net sales totaled 116,000 MT for 2017-2018 were reported for unknown destinations and China. Exports totaled 300 MT and were reported to Mexico.

Wheat prices were higher with cash prices and December futures both gaining 2 cents to close at $3.72 per bushel and $4.37 per bushel, respectively. Net sales totaled 492,300 MT and were up 13 percent from the previous week and 37 percent from the prior four-week average. Increases were reported primarily for the Philippines, China and Japan. Exports totaled 715,500 MT and were up 68 percent from the previous week and 88 percent from the prior four-week average. The primary destinations were the Philippines, China and Mexico.

Milk prices were higher with October Class III milk gaining 5 cents to close at $16.80 per cwt.

Stock markets were lower today, retreating from recent gains after an unexpected drop in the month jobs report. November Crude oil futures were $1.50 lower, to close at $49.29 per barrel.

Daily Market News Summary Data 10/06/17

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