Texas Daily Ag Market News Summary 10/20/17

Posted 7 years 38 days ago by

Feeder cattle auctions mixed; Futures higher.

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

Cotton prices lower.

Grains and soybeans lower.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions were uneven reporting prices steady to $4 lower, with instances of up to $2 higher. Texas Weekly Direct reported prices unevenly steady, with prices ranging from $3 lower all the way to $3 higher. November Feeder cattle futures were 30 cents higher, closing at $153.07 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $111.00 per cwt. December Fed cattle futures were 45 cents higher, closing at $116.60 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining 29 cents to close at $199.86 per cwt and Select grade gaining 38 cents to close at $191.14 per cwt. Estimated cattle harvest for the week totaled 574,000 on par with last week’s total and up 18,000 from last year’s total. Year-to-date harvest is up 3.3%. For the time period of October 6 – 12 exporters reported that net sales of beef totaled 13,600 metric tons (MT) and were up 5 percent from the previous week, but down 13 percent from the prior 4-week average. Increases were reported for Japan, Hong Kong and South Korea. Exports totaled 15,900 MT and were unchanged from the previous week, but down 1 percent from the prior 4-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were lower with cash prices losing 0.25 cents to close at 66.00 cents per pound and December cotton futures losing 0.43 cents to close at 66.88 cents per pound. Net sales totaled 253,200 running bales (RB) and were up 64 percent from the previous week and 39 percent from the prior 4-week average. Increases were reported primarily for Vietnam, Bangladesh and Turkey. Exports totaled 86,100 RB--a marketing low—and were down 27 percent from the previous week and 36 percent from the prior 4-week average. Exports were reported primarily to Mexico, Vietnam and China.

Corn prices were lower with cash prices losing 3 cents to close at $3.47 per bushel and December corn futures losing 4 cents to close at $3.45 per bushel. Net sales totaled 1,254,900 MT and were down 21 percent from the previous week, but up 58 percent from the prior 4-week average. Increases were reported primarily for Mexico, Japan and Honduras. Exports totaled 339,300 MT and were primarily to Mexico, Colombia and Peru. Grain Sorghum cash prices were 8 cents lower to close at $5.34 per cwt. Net sales totaled 120,000 MT and resulted as increases for unknown destinations and Mexico. Exports totaled 52,300 MT and were reported to China and Mexico.

Wheat prices were lower with cash prices losing 7 cents to close at $3.57 per bushel and December futures losing 6 cents to close at $4.23 per bushel. Net sales totaled 615,400 MT and were up noticeably from the previous week and 75 percent from the prior 4-week average. Increases were reported primarily for Mexico, China and Japan. Exports totaled 315,000 MT and were down 3 percent from the previous week and 34 percent from the prior 4-week average. The primary destinations were Indonesia, Colombia and Israel.

Milk prices were higher with November Class III milk losing 37 cents to close at $15.72 per cwt.

Stock markets were higher today, reaching yet another record after surpassing 23,000 for the first time on Wednesday, marking the most record high closings for Major U.S. indexes in a calendar month. November Crude oil futures were 18 cents higher, to close at $51.47 per barrel. Crude oil prices reversed recent declines as the geopolitical tensions that were plaguing the market have begun to ease.

Daily Market News Summary Data 10/20/17

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