Texas Daily Ag Market News Summary 11/17/17

Posted 126 days ago ago by Doug Van Pelt

Feeder cattle auctions steady to lower; Futures down.
Formula trades lower; Futures down; Beef prices lower.
Cotton prices mixed.
Grains and soybeans lower.
Milk futures lower.
Crude oil higher; Natural gas higher.
Stock markets lower.

Texas feeder cattle auctions were steady to lower, with instances as low as $7 lower. January Feeder cattle futures were $2.18 lower, closing at $151.72 per hundredweight (cwt). The Texas fed cattle reported cash trade closing at $119.00 per cwt. December Fed cattle futures were lower, closing at $118.85 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $2.89 to close at $207.24 per cwt and Select grade losing $2.76 to close at $187.85 per cwt. Estimated cattle harvest for the week totaled 639,000, up 16,000 from last week’s total and up 10,000 from last year’s total. Year-to-date harvest is up 1.8%.

Cotton prices were lower, closing at 69.12 cents per pound and December cotton futures rising to close at 69.78 cents per pound.

Corn prices were up with cash prices gaining a penny, closing at $3.42 per bushel and December futures were up 6 cents to close at $3.43 per bushel. Grain Sorghum cash prices were down, losing 3 cents to close at $5.40 per cwt.

Wheat prices were mixed with cash prices remaining steady to close at $3.58 per bushel and December futures gaining a nickel to close at $4.22 per bushel.

Milk prices were lower with November Class III milk losing a penny to close at $16.79 per cwt.

Stock markets closed lower today, with all the three major U.S. indexes showing losses. December Crude oil futures were up $1.41 to close at $56.55 per barrel.

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From Agri-Pulse:

US ag exports up sharply this year.

U.S. agricultural exports were up nearly 8 percent for the fiscal year that ended Sept. 30.

The U.S. exported $140.5 billion of agricultural products in the 2017 fiscal year, a nearly $11 billion increase from 2016, according to USDA.

The dollar value for all ag exports in FY 2017 reached $140.5 billion, the third highest ever. More significantly, the volume increase for bulk shipments of commodities like soybeans, corn and wheat reached a new record high this year of 159 million metric tons, up 11 percent from FY 2016.

Soybean exports reached a record 60 million metric tons, valued at $24 billion, USDA said.

He said it. “That would make my life on the farm bill dramatically less difficult.” - House Agriculture Chairman Mike Conaway, R-Texas, on the dairy and cotton provisions in a pending Senate appropriations bill. Enacting the provisions is dependent on getting the House-Senate budget deal.