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Jul
12
2017
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Posted 1 years 97 days ago ago by Texas Department of Agriculture
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Feeder cattle auctions steady;
Futures higher.
Fed cattle cash trade active;
Formula trades lower; Futures higher; Beef prices lower.
Cotton prices lower.
Grains and soybeans lower.
Milk futures lower.
Crude oil higher; Natural gas lower.
Stock markets higher.
Texas feeder cattle
auctions reported steady prices. August Feeder
cattle futures were $4.50 higher, closing at $151.75 per hundredweight
(cwt). The Texas fed cattle cash
trade was active today, closing at $119.60 per cwt. August Fed cattle futures were $3.00 higher, closing at $117.87 per cwt. Wholesale boxed beef values were lower,
with Choice grade losing $2.55 to close at $212.89 per cwt and Select grade losing
$1.78 to close at $198.73 per cwt. Estimated
cattle harvest for the week totaled 357,000 up 128,000 from last week’s
total and 16,000 from a year ago. Year-to-date harvest is up 4.7%.
Cotton prices were lower
with cash prices losing 0.50 cents to close at 66.50 cents per pound and October
futures losing 0.02 cents to close at 68.13 cents per pound.
Corn prices were lower
with cash prices losing 17 cents to close at $3.80 per bushel and July futures losing
16 cents to close at $3.76 per bushel. Grain Sorghum cash prices were 22 cents lower, remaining at $5.78 per
cwt.
Wheat prices were lower
with cash prices losing 14 cents to close at $4.75 per bushel and July futures
losing 13 cents to close at $5.28 per bushel.
Milk prices were lower
with July Class III losing 2 cents to close at $15.63 per cwt.
Stock markets
were higher today, pushing the Dow Jones Industrial Average to a new record
high, after comments from the Federal Reserve Chairwoman suggested that the
U.S. economy is doing very well and is ready to continue gradually raising
interest rates. August Crude oil
futures were 45 cents higher, closing at $45.49 per barrel. Crude oil prices
continue to rise as more data released showed U.S. crude oil inventories are continuing
to fall.
Daily Market News Summary Data 07/12/17
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From
Agri-Pulse:
WASHINGTON,
July 9, 2017 – House Republicans return from their Fourth of July recess
looking to move a fiscal 2018 budget blueprint that could pave the way for tax
reform while likely requiring some reduction in spending on food stamps.
House
Budget Chairman Diane Black, R-Tenn., say she hopes to bring out a budget
resolution this week that would call for cutting mandatory spending programs by
1 percent.
House
Agriculture Chairman Mike Conaway, R-Texas, said prior to the week-long recess
that he had reached agreement with her on a cut for the Supplemental Nutrition
Assistance Program but declined to reveal the number. Black hasn’t disclosed
the number either.
Conaway
indicated he was satisfied with the number, suggesting it wouldn’t be large
enough to make it politically impossible for him to move a new farm bill.
However, it still isn’t clear that Black can finalize an overall agreement on
the budget blueprint that can satisfy the most conservative and moderate
members of the GOP caucus.
Congressional
Republicans must pass a budget resolution before they can move forward with
using the budget reconciliation process to enact tax reform. Reconciliation
bills can pass the Senate with a simple majority vote, not the 60-vote majority
required for other legislation.
Black
had been pushing for at least $200 billion in total cuts to mandatory spending
programs, excluding Medicare and Social Security. Last week, she called for a 1
percent cut in mandatory programs. “Guys, it’s one penny on the dollar. If we
can’t find a way to cut one penny on the dollar then shame on us,” she said.
Total
mandatory spending programs are expected to cost $37 trillion over the next
decade, with $23 trillion of that going to Social Security and Medicare,
according to the Congressional Budget Office. SNAP is projected to cost $679
billion over the next decade, or less than 2 percent of total mandatory
spending. Other farm bill programs will account for $143 billion.
Meanwhile,
congressional appropriators are going forward with writing their fiscal 2018
spending bills prior to passage of the budget resolution, which sets spending
limits for non-mandatory programs, those whose spending levels are set annually
by Congress.
The
House Appropriations Committee on Wednesday will
debate its fiscal 2018 agriculture spending bill, which funds the
Agriculture Department, Food and Drug Administration and the Commodity Futures
Trading Commission.
The
bill rejects most of President Trump’s proposed cuts in USDA, including
proposals to eliminate or gut spending for rural development and international
food aid, but the measure would still cut total discretionary spending for
the three agencies by $876 million to $20 billion.
But
Democrats say the
bill underfunds FDA’s food safety responsibilities. The policy provisions
in the bill include one that would bar USDA from purchasing Chinese processed
chicken for school lunches.
Later
on Wednesday, the House Interior-Environment subcommittee will bring out its
spending bill for the Environmental Protection Agency, the Forest Service and
the Interior Department.
Also
on Wednesday, Agriculture Secretary Sonny Perdue will go to Atlanta to address
the School Nutrition Association. The group, which represents school nutrition
directors, had a rough relationship with Perdue’s predecessor, Tom Vilsack,
over their resistance to some of the new nutrition standards implemented under
the Healthy, Hunger-Free Kids Act.
In
one of his first acts as secretary, Perdue
put on hold regulations that would reduce sodium and increase whole grains in
schools, and he lifted restrictions to allow schools to serve flavored, 1
percent milk instead of the non-fat that is now required.
Also
this week, the House and Senate Agriculture committees will put a focus on
fruit and vegetable growers and on organic agriculture as the panels continue
to prepare for the new farm bill. The House Agriculture Committee will hold a
hearing on technology and innovation in specialty crops on Wednesday.
"Specialty
crop production is a pivotal and growing sector of our agriculture industry,”
said Conaway. “As we look at the farm bill through the lens of the current farm
economy, innovation and technology will remain essential for farmers and
ranchers to continue producing more food and fiber with fewer resources.”
The
Senate Agriculture Committee has a hearing Thursday on opportunities in global
as well local markets for specialty crops and organic products.
Here’s
a list of agriculture- or rural-related events scheduled for this week in
Washington and elsewhere:
Monday,
July 10
4
p.m. - USDA releases weekly Crop
Progress report.
Tuesday,
July 11
All
day - 20th Annual Congressional
Renewable Energy and Energy Efficiency EXPO and Forum, 2103 Rayburn.
Wednesday,
July 12
9
a.m. - Information Technology and Innovation forum,
“Genetic Engineering: The Future of Agriculture and Public Health,” National
Press Club.
10
a.m. - House Agriculture Committee hearing,
“The Next Farm Bill: Technology & Innovation in Specialty Crops,” 1300
Longworth.
10:30
a.m. - House Appropriations Committee markup of
the fiscal 2018 Agriculture spending bill, 2359 Rayburn.
Noon
- USDA releases the monthly Crop
Production report and World Agricultural Supply and
Demand Estimates.
3
p.m. - House Interior-Environment Appropriations Subcommittee markup of
fiscal 2018 spending bill, 2007 Rayburn.
Thursday,
July 13
8:30
a.m. - USDA releases Weekly
Export Sales report.
10
a.m. - House Agriculture subcommittee hearing,
“The Future of Farming: Technological Innovations, Opportunities, and
Challenges for Producers,” 1300 Longworth.
10 a.m. - Senate Agriculture Committee hearing,
“Opportunities in Global and Local Markets, Specialty Crops, and Organics:
Perspectives for the 2018 Farm Bill,” 328A Russell.