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Aug
18
2017

Texas Daily Ag Market News Summary 08/18/17

Posted 1 years 57 days ago ago by Texas Department of Agriculture

Feeder cattle auctions lower; Futures lower.

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

Cotton prices higher.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets lower.

                      

 

Texas feeder cattle auctions were lower, reporting prices steady to $5 lower. Texas Weekly Direct reported prices $5 to $7 lower. September Feeder cattle futures were 70 cents lower, closing at $140.02 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were 32 cents lower, closing at $105.90 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $1.55 to close at $194.08 per cwt and Select grade losing $1.70 to close at $192.50 per cwt. Estimated cattle harvest for the week totaled 582,000 down 1,000 from last week’s total and up 16,000 from last year’s total. Year-to-date harvest is up 2.9%. For the time period of August 4-10 exporters reported that net sales of beef totaled 12,800 metric tons (MT) and were down 22 percent from the previous week and six percent from the prior four-week average. Increases were reported primarily for Japan, South Korea and Mexico. Exports totaled 15,600 MT--a marketing-year high—and were up seven percent from the previous week and four percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

 

Cotton futures were higher with cash prices gaining 0.25 cents to close at 68.00 cents per pound and October futures gaining 0.34 cents to close at 67.79 cents per pound. Net sales totaled 186,700 running bales (RB) for 2017-2018 and were reported primarily for Vietnam, Indonesia and Thailand. Exports totaled 200,400 RB and were primarily reported to China, Vietnam and Turkey.

 

Corn prices were higher with cash prices and September futures both gaining a penny, closing at $3.51 per bushel and $3.52 per bushel, respectively. Net sales totaled 671,800 MT, for 2017-2018, and were reported primarily for Mexico, unknown destinations and Japan. Exports totaled 698,500 MT and were down 28 percent from the previous week and 30 percent from the prior four-week average. The primary destinations were Mexico, South Korea and China.

 

Grain Sorghum cash prices were 2 cents higher, closing at $5.24 per bushel. Net sales totaled 17,500 MT, for 2016-2017, and resulted as increases for China and Japan. Exports totaled 69,300 MT and were down 32 percent from the previous week and 28 percent from the prior four-week average. The destinations were China, Mexico and South Korea.

 

Wheat prices were higher with cash prices and September futures both gaining a penny to close at $3.55 per bushel and $4.15 per bushel, respectively. Net sales totaled 633,600 MT, for delivery in the 2017-2018 marketing year, and were up 37 percent from the previous week and 43 percent from the prior four-week average. Increases were primarily for Thailand, Indonesia and Mexico. Exports totaled 545,900 MT and were down four percent from the previous week, but unchanged from the prior four-week average. The primary destinations were Japan, the Philippines and Mexico.

 

Milk prices were higher with September Class III gaining 4 cents to close at $17.19 per cwt.

 

Stock markets were lower today and pushed major U.S. indexes into the red, after a sting of terror attacks, disappointing earnings reports and rising political tensions have plagued the global market place. September Crude oil futures were $1.42 cents higher, closing at $48.51 per barrel. Crude oil prices surged higher today after reports of a refinery outage sparked a rally that combined with momentum from a weakened dollar and a decrease in the number of rigs drilling in the U.S.

 

Daily Market News Summary Data 08/18/17

 

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