Texas Daily Ag Market News Summary

Posted 7 years 13 days ago by

Feeder cattle auctions steady to higher; futures up.

Formula trades lower; Beef prices mixed.

Cotton prices up.

Grains and soybeans mixed.

Milk futures down.

Crude oil up; Natural gas down.

Stock markets up.

Cattle:

Texas feeder cattle auctions were mostly steady to higher, with instances of steady and $1 to $5 higher. Texas Weekly Direct reported mostly steady to $5 lower. January Feeder cattle futures were up $1.50, closing at $147.75 per hundredweight (cwt). The Texas fed cattle cash trade was not active today. December Fed cattle futures were higher, gaining $2.63 to close at $118.90 per cwt. Wholesale boxed beef values were mixed, with Choice grade gaining 83 cents to close at $201.87 per cwt and Select grade losing 44 cents to close at $183.25 per cwt. Estimated cattle harvest for the week totaled 630,000, down 6,000 from last week’s total and up 24,000 from last year’s total. Year-to-date harvest is up 3.96%.

Cotton:

Cotton prices were up, closing at 73.75 cents per pound and March cotton futures gaining 0.59 cents to close at 75.92 cents per pound.

Corn and Grain Sorghum:

Corn prices were up a penny, closing at $3.57 per bushel. December corn futures were up, gaining 12 cents to close at $3.48 per bushel. Grain sorghum was down, losing 2 cents to close at $5.62 per cwt.

Wheat:

Wheat was up, gaining a penny to close at $3.60 per bushel. March wheat futures were steady, closing at $4.18 per bushel.

Milk:

Milk prices were down, with December Class III milk losing a penny to close at $15.50 per cwt.

Stock Markets and Crude Oil:

Stock markets were up, with all three major indexes showing gains. January Crude oil futures were up 26 cents to close at $57.30 per barrel.

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From Agri-pulse:

USTR declares success for agriculture at WTO meeting

The World Trade Organization is heading down a new and more trade-friendly path and that will benefit the U.S. ag sector, U.S. Trade Representative Robert Lighthizer declared at the end of the group’s 11th ministerial meeting - MC11 for short - this week in Buenos Aires, Argentina.

“MC11 will be remembered as the moment when the impasse at the WTO was broken. Many members recognized that the WTO must pursue a fresh start in key areas so that like-minded WTO members and their constituents are not held back by the few members that are not ready to act,” Lighthizer said, alluding to countries like China and India. “In this regard, the United States is pleased to work with willing members on e-commerce, scientific standards for agricultural products, and the challenges of unfair trade practices that distort world markets.”

The National Cotton Council was quick to approve Lighthizer's remarks.

“We appreciate Ambassador Lighthizer and his team of negotiators from USTR and USDA for their efforts and their insistence that the WTO remain focused on the long-term goal of a balanced outcome that will expand trade,” said NCC Chairman Ronnie Lee. “This was especially important for cotton, as some WTO members continue to call for concessions above and beyond the reforms we have already made, without anything in return.”

The U.S. took a firm stance this week to rebuff an effort to weaken WTO restrictions on price supports for crops as we. It also led an effort to reduce the impact of pesticide residue restrictions on international agricultural trade.

Government price supports are often used by developing nations to build up massive stockpiles of corn and other farm commodities. If those stockpiles are eventually allowed to flood the international market, they push down global prices and harm U.S. exporters.

As to the U.S. proposal on maximum residue levels for pesticides, Lighthizer said, “The United States is pleased to work with WTO members to solve important trade problems affecting American farmers."

The U.S. Wheat Associates, U.S. Grains Council, U.S. Soybean Export Council, USA Rice, National Corn Growers Association, National Sorghum Producers and National Barley Growers Association together published a statement lauding the USTR's work in Buenos Aires.

“The development and application of sound SPS measures is needed to support farmers' choice in tools that can expand agricultural production and facilitate access to food and agricultural products, and also to safeguard human, animal and plant health,” the ag groups wrote.