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Oct
02
2015
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Posted 5 years 282 days ago ago by Texas Department of Agriculture
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Feeder cattle auction
quoted prices $4 to $20 lower; futures higher.
Fed cattle cash trade was
active; formula trades lower; futures higher; Beef prices lower.
Cotton cash steady; futures
lower.
Grains and soybeans mixed.
Crude oil higher; natural
gas higher.
Stock markets higher.
Texas feeder cattle auctions quoted prices $4
to $20 lower. Feeder cattle futures were $2.10 higher,
closing at $179.50 per hundredweight (cwt). The Texas fed
cattle cash trade was active yesterday, closing at 118.00 per cwt. Whole sale boxed beef values were lower; with choice grade losing $2.85 settling at $205.77 per cwt, and select grade losing $2.84 settling at $201.36 per cwt.
Estimated cattle harvest for the
week totaled 557,000 head, down 3,000 from last week’s total and down 8,000
from a year ago. Year-to-date
harvest is down 1.4%. Fed cattle futures were $1.67
lower, closing at $123.07 per cwt. Net
sales of 8,800 MT for 2015 were down 47 percent from the previous week and
32 percent from the prior 4-week average. Increases were reported for South
Korea, Mexico, and Hong Kong. Exports of
11,000 MT were down 10 percent from the previous week, but up 7 percent from
the prior 4-week average. The primary destinations were Hong Kong, Japan, and
South Korea.
Cotton cash prices
were steady staying at 58.87 cents per pound. Futures prices were lower, losing
0.45 cents, to settle at 59.20 cents per pound. Net upland sales totaling 117,300 RB for 2015/2016 were up 29
percent from the previous week and 39 percent from the prior 4-week
average. Increases were reported for
Turkey, Vietnam, and Bangladesh. Exports
of 70,500 RB were down 36 percent from the previous week and 39 percent from
the prior 4-week average. The primary
destinations were Mexico, Turkey, and South Korea.
Corn and grain sorghum prices were mostly higher,
with corn cash prices staying steady and corn futures prices gaining $0.02
settling at $3.99 and $3.89 per bushel, respectively. Net sales of
748,200 MT for 2015/2016 were up 76 percent from the previous week. Increases
reported for Mexico, Egypt, and Colombia. Grain
sorghum prices gained a penny to settle at $6.15 per cwt. Net sales of 163,600 MT for 2015/2016. Exports of 42,200 MT, down 55 percent
from the previous week and 60 percent from the prior 4-week average, were
reported to Haiti, Japan, and Mexico.
Wheat prices were lower with cash and futures prices losing $0.07 settling
at $4.19 and $5.01 per bushel, respectively. Net sales of 77,100 metric tons for delivery in marketing year
2015/2016--a marketing-year low--were down 73 percent from the previous week
and 75 percent from the prior 4-week average. Increases were reported for
Indonesia, Brazil, and Colombia. Exports of
564,400 MT were down 8 percent from the previous week, but up 3 percent from
the prior-4 week average. The primary destinations were China, South Korea, and
Nigeria.
Stock markets closed higher yesterday, boosted by energy
shares as the price of crude increased. Crude oil prices closed $0.80 higher
yesterday, settling at $45.54 per barrel.
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From Agri-Pulse
WASHINGTON,
Oct. 2, 2015 - Key lawmakers involved in transportation issues are working to
come up with a compromise that would push back the current end-of-year deadline
for implementation of a rail safety system - avoiding a threatened disruption
of grain and fertilizer deliveries.
In
the Rail Safety Improvement Act of 2008, Congress directed rail providers to
install Positive Train Control (PTC) on rail lines that carry passengers or
hazardous materials. Despite the seven-year warning and the allocation of what
the Association of American Railroads calls “enormous human and financial
resources.” Railroads say they won't be able to have the technology fully
implemented by Dec. 31. With that in mind, House and Senate leaders are working on a
possible compromise that would extend the PTC implementation deadline until the
end of 2018.
“I
hope what's going to happen in the next few days is our staffs sit down and
figure out if we can find the common ground and find something that we can move
over here,” Sen. John Thune, R-S.D., told reporters Oct. 1. “If we get in a
situation where we're ping-ponging this thing back and forth, that's not going
to be a good outcome.”
The
Senate passed language in July that included an extension of the PTC deadline,
and earlier this week, House Transportation and Infrastructure Committee
leadership introduced the Positive Train Control Enforcement and Implementation
Act (H.R. 3651), which would push back the deadline three years. In a
statement, committee Chairman Bill Shuster, R-Pa., said extending the PTC
deadline “is essential to preventing significant disruptions of both passenger
and freight rail service across the country.”
Ag
groups think so too. Rail service providers have publicly stated that they plan
to stop service on certain lines to avoid breaking federal law if the deadline
is not extended. That could put grain and fertilizer delivery at risk starting
at the beginning of November, according to a coalition of more than 40 national
and state commodity and agriculture-related groups. “Failure
to secure an extension by October 31, 2015, will have severe and far-reaching
consequences,” the groups said in a letter this week. The groups call on
Congress to pass an extension “no later than October 31st,” saying that
logistical decisions such as facility closures and removal of tank cars from
the system are made “well before December.”
Thune,
who sits on the Senate agriculture committee and chairs the Senate committee
dealing with transportation, said there are differences between the two
chambers' approaches to extending the deadline but called those differences
“reconcilable.” He said he sensed “a lot of momentum building behind fixing
this” in both chambers and in both parties, saying an “aspirational deadline”
is for a resolution by the middle of October.
There's
no indication if the parties involved will be pushing a standalone bill or
including the measure in a highway funding bill currently being
negotiated. Thune said an agreement
could be attached to the highway bill “if the highway bill moves.” Current
highway legislation is set to expire at the end of the month.
PTC is a safety system designed
to automatically stop a train to help avoid collisions and other accidents.
Some have compared the huge undertaking required to install PTC to the
industry's switch from steam to diesel power, saying it is a huge shift and
massive undertaking for the industry.