Texas Daily Ag Market News Summary 10/27/17

Posted 7 years 31 days ago by

Feeder cattle auctions uneven; Futures lower.

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

Cotton prices higher.

Grains and soybeans lower.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions were uneven reporting prices steady to $4 higher, with instances of steady to $4 lower. Texas Weekly Direct reported uneven prices as well, with instances of steady to $2 lower and $1 to $2 higher. November Feeder cattle futures were 70 cents lower, closing at $156.47 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were 12 cents higher, closing at $120.82 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining 93 cents to close at $203.30 per cwt and Select grade gaining 57 cents to close at $192.48 per cwt. Estimated cattle harvest for the week totaled 567,000 down 7,000 last week’s total and up 1,000 from last year’s total. Year-to-date harvest is up 0.2%. For the time period of October 13 – 19 U.S. exporters reported that net sales of beef totaled 6,900 metric tons (MT) reported for 2017, and were up 25 percent from the previous week and 7 percent from the prior four-week average. Increases were reported primarily for South Korea, Hong Kong and Mexico. Exports totaled 14,200 MT and were down 11 percent from the previous week and 12 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 0.50 cents to close at 68.00 cents per pound and December cotton futures gaining 0.01 cents to close at 68.20 cents per pound. Net sales totaled 289,100 running bales (RB) for 2017-2018--a marketing-year high—and were up 14 percent from the previous week and 52 percent from the prior four-week average. Increases were reported for Turkey, Vietnam and Indonesia. Exports totaled 94,700 RB and were up 10 percent from the previous week, but down 16 percent from the prior four-week average. Exports were reported primarily to Vietnam, Mexico and Taiwan.

Corn prices were lower with cash prices losing 2 cents to close at $3.51 per bushel and December futures losing 4 cents to close at $3.47 per bushel. Net sales totaled 1,288,300 MT and were up 3 percent from the previous week and 32 percent from the prior four-week average. Increases were reported for Japan, Mexico and South Korea. Exports totaled 604,400 MT and were primarily to Mexico, Peru and Japan. Grain Sorghum cash prices were 3 cents lower to close at $5.41 per cwt. Net sales totaled 3,400 MT and resulted as increases primarily for China. Exports totaled 72,000 MT and were reported to China and Mexico.

Wheat prices were lower with cash prices and December futures both losing 3 cents to close at $3.60 per bushel and $4.25 per bushel, respectively. Net sales totaled 360,600 MT and were down 41 percent from the previous week and 16 percent from the prior four-week average. Increases were for Japan, the Philippines and Vietnam. Exports totaled 119,700 MT and were down 62 percent from the previous week and 73 percent from the prior four-week average. The primary destinations were the Philippines, Panama and Brazil.

Milk prices were higher with November Class III milk gaining 13 cents to close at $16.42 per cwt.

Stock markets closed higher today closing the week in positive territory behind gains in technology shares and positive corporate earnings report. November Crude oil futures were $1.26 higher, to close at $53.90 per barrel. Crude oil prices rose to their highest level in over two years as hope continues to grow that OPEC will continue to push their production cutting measures.

Daily Market News Summary Data 10/27/17

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