May 26 2017

Texas Daily Ag Market News Summary 05/26/17 Posted 6 years 330 days ago by

Feeder cattle auction reported higher prices; Futures lower.

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

Cotton futures lower.

Grains and soybeans uneven.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets slightly higher.     

                      

 

Texas feeder cattle auctions reported prices steady to $5 higher. Texas Weekly Direct reported prices $2 to $5 higher with instances of up to $7 higher. August Feeder cattle futures were $4.17 lower, to close at $146.95 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $132.00 per cwt. June Fed cattle futures were $1.22 lower, closing at $122.70 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 51 cents to close at $245.60 per cwt and Select grade losing 53 cents to close at $218.45 per cwt. Estimated cattle harvest for the week totaled 575,000 up 14,000 from last week’s total and 17,000 from a year ago. Year-to-date harvest is up 3.1%. For the time period of May 12-18 exporters reported net sales of 7,100 metric tons (MT) and were down 6 percent from the previous week and 49 percent from the prior four-week average. Increases were reported for Mexico, Canada and Japan. Exports totaled 13,600 MT and were down 3 percent from the previous week, but up 2 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

 

Cotton prices were uneven with cash prices remaining at 75.25 cents per pound and July futures losing 0.09 cents to close at 77.09 cents per pound. Net upland sales of 16,200 running bales (RB)--a marketing-year low—and were down 87 percent from the previous week and 88 percent from the prior four-week average. Increases were reported primarily for Turkey, Brazil and Vietnam. Exports totaled 332,800 RB and were down 14 percent from the previous week and 9 percent from the prior four-week average. The primary destinations were Turkey, Vietnam and India.

 

Corn prices were higher with July futures gaining a nickel to close at $3.74 per bushel. Net sales totaled 457,200 MT and were down 35 percent from the previous week and 33 percent from the prior four-week average. Increases were reported primarily for Japan, Mexico and Taiwan. Exports totaled 1,052,400 MT and were down 32 percent from the previous week and 14 percent from the prior four-week average. The primary destinations were Japan, Mexico and Taiwan.

 

Wheat prices were higher with July futures gaining 7 cents to close at $4.38 per bushel. Net sales totaled 201,900 MT and were down 19 percent from the previous week, but up 49 percent from the prior four-week average. Increases were reported for Mexico, Venezuela and Japan. Exports totaled 733,600 MT and were up 9 percent from the previous week and 17 percent and from the prior four-week average. The destinations were primarily Algeria, Mexico and Japan.

 

Milk prices were lower with June Class III milk futures losing 9 cents to close at $16.51 per cwt.

 

Stock markets were higher today, lifted again by increases in consumer-discretionary spending and upbeat U.S. economic data. July Crude oil futures were 90 cents higher, closing at $49.80 per barrel. Crude oil prices rose again today, despite an increase in the number of active U.S. oil rigs.

 

Daily Market News Summary Data 05/26/17

 

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