Texas Daily Ag Market News Summary

Feeder cattle auctions steady to higher; futures mixed.

Formula trades higher; Beef prices down.

Cotton prices mixed.

Grains and soybeans up.

Milk futures down.

Crude oil up; Natural gas down.

Stock markets down.

Cattle:

Texas feeder cattle auctions were mostly steady to higher, with instances of steady to $10 higher and steady to $2 to $6 lower. January Feeder cattle futures were down $2.45, closing at $145.20 per hundredweight (cwt). The Texas fed cattle cash trade was not active today. December Fed cattle futures were higher, gaining 3 cents to close at $120.00 per cwt. Wholesale boxed beef values were down, with Choice grade losing $1.39 to close at $201.76 per cwt and Select grade losing 69 cents to close at $184.32 per cwt. Estimated cattle harvest for the week totaled 237,000, up 1,000 from last week’s total and up 9,000 from last year’s total. Year-to-date harvest is up 3.95%. 

Cotton:

Cotton prices were mixed, closing steady at 73.25 cents per pound and March cotton futures losing 0.17 cents to close at 75.03 cents per pound. 

Corn and Grain Sorghum:

Corn prices were up a penny, closing at $3.57 per bushel. March corn futures were up, gaining a penny to close at $3.48 per bushel. Grain sorghum was up a penny to close at $5.62 per cwt.

Wheat:

Wheat was up, gaining a penny to close at $3.62 per bushel. March wheat futures were up a penny, closing at $4.20 per bushel.

Milk:

Milk prices were down, with December Class III milk closing at $15.44 per cwt.

Stock Markets and Crude Oil:

Stock markets were down, with all three major indexes showing losses. January Crude oil futures were up 30 cents to close at $57.46 per barrel.

Daily Market News Summary Data

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From weekly recap:

AUSTIN – (Dec. 18, 2017) For the week ending Dec. 16, 2017, Texas feeder cattle auctions were uneven, reporting prices mostly steady to higher, with instances of steady to $2 lower and steady to $5 higher per hundredweight (cwt). Texas Weekly Direct reported trade activity and demand as slow to moderate with prices from steady to $5 lower. Fed cattle cash prices were higher, gaining $2.71 to close at $119.72 per cwt. Wholesale Beef values were lower at the end of the week, with Choice Grade losing $3.72 to close at $201.87 per cwt and Select Grade losing $2.72 to end at $183.25 per cwt. For the time period of Dec. 1-7 exporters reported net sales of 6,100 metric tons (MT) for 2017, which were up noticeably from the previous week, but down 30 percent from the prior 4-week average. Increases were reported for Mexico, South Korea, Japan and Canada. Exports of 16,300 MT were down 1 percent from the previous week, but up 2 percent from the prior 4-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were up at the close of last week, with cash prices gaining 2 cents to close at 73.75 cents per pound and December futures gaining 2.2 cents to end at 75.92 cents per bushel. Net sales of 259,700 running bales (RB) were reported for 2017/2018, up 39 percent from the previous week, but down 22 percent from the prior 4-week average. Increases were reported for Turkey, Vietnam and Pakistan.  Exports of 13,700 RB were down 42 percent from the previous week and 3 percent from the prior 4-week average.  The primary destinations were China, Pakistan and India.

Wheat prices were steady at the close of last week, with cash prices remaining steady to close at $3.60 per bushel and March futures holding steady to close at $4.18 per bushel. Net sales totaled 588,800 MT for delivery in marketing year 2017/2018, which were up 83 percent from the previous week and 97 percent from the prior 4-week average.  Increases were for Thailand, Morocco and Mexico. Exports of 300,800 MT were down 24 percent from the previous week and 2 percent from the prior 4-week average.  The primary destinations were the Philippines, Mexico and Nigeria.

Corn prices were mixed at the close of last week, with cash prices losing 3 cents to close at $3.57 per bushel and December futures gaining 8 cents to close at $3.48 per bushel. Net sales of 866,900 MT for 2017/2018 were down 1 percent from the previous week and from the prior 4-week average.  Increases were reported for Japan, Colombia and the Dominican Republic. Exports of 690,800 MT were up 17 percent from the previous week and from the prior 4-week average. The destinations were primarily to Mexico, Japan and Colombia.

Grain sorghum cash prices were low at the close of last week, losing 7 cents to close at $5.62 per cwt. Net sales of 317,400 MT for 2017/2018 were down 22 percent from the previous week, but up 7 percent from the prior 4-week average. Increases were reported for China. Exports of 101,400 MT were down 61 percent from the previous week and 39 percent from the prior 4-week average. The destinations were China and Mexico.

Milk prices were lower at the close of last week, with December Class III milk futures losing 10 cents to end the week at $15.50 per cwt.

This week’s U.S. Drought Monitor for Texas showed slightly moderate drought conditions for the state, with 71.44 percent of Texas still in some stage of drought intensity, down 0.96 percentage points from last week. On the national level, drought conditions worsened, with 54.91 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 7.29 percentage points from last week.