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Mar
13
2017

Texas Daily Ag Market News Summary 03/13/2017

Posted 16 days ago ago by Texas Department of Agriculture

Feeder cattle auction reported steady prices; Futures higher.

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

Cotton futures lower.

Grains and soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets higher.

                      

 

Texas feeder cattle auctions reported steady prices. March Feeder cattle futures were $1.13 higher, closing at $128.60 per hundredweight (cwt). The Texas fed cattle cash was inactive today. April Fed cattle futures were 15 cents higher, closing at $117.75 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining 72 cents to close at $220.55 per cwt and Select grade gaining $1.34 to close at $212.33 per cwt. Estimated cattle harvest for the week totaled 116,000 up 2,000 from last week’s total and 5,000 from a year ago. Year-to-date harvest is up 4.5%.

 

Cotton prices were mixed with cash prices remaining at 75.50 cents per pound and May futures losing 0.42 cents to close at 76.87 cents per pound.

 

Corn prices were lower with cash prices losing 4 cents to close at $3.54 per bushel and March futures losing 3 cents to close at $3.55 per bushel. Grain Sorghum cash prices closed a nickel lower, finishing at $5.33 per cwt.

 

Wheat prices were lower with cash and March futures both losing 12 cents to close at $3.53 per bushel and $4.33 per bushel, respectively.

 

Milk prices were lower with April Class III losing 6 cents to close at $15.68 per cwt.

 

Stock markets closed slightly today, but for the most part were relatively unchanged, as investors await cues from the Federal Reserve regarding interest rates later this week. April Crude oil futures were 9 cents lower, closing at $48.40 per barrel, as investors continue to weigh the growing U.S. crude oil inventories against OPEC’s agreed upon production cutting plan in attempts to raise prices globally.  



Daily Market News Summary Data 03/13/17

 

From Weekly Recap:

AUSTIN – (March 13, 2017) For the week ending March 10, 2017, Texas feeder cattle auctions reported prices steady to $10 higher with instances of steady to $2 lower. Texas Weekly Direct reported steady prices. Wholesale beef values were higher, with Choice grade gaining $10.23 to close at $219.83 per hundredweight (cwt) and Select grade gaining $7.03 to close at $210.99 per cwt. For the time period of February 27- March 5 the USDA NASS Field Office reported that most producers reported their cattle in good to fair condition. Some producers provided supplemental protein to cattle. Pasture conditions were rated mostly good to fair across the state. For the time period of February 24 – March 2 exporters reported net sales of 16,900 metric tons (MT), for delivery in the 2016-2017 marketing year, and were up 10 percent from the previous week and 23 percent from the prior four-week average. Increases were reported primarily for Japan, Hong Kong and Mexico. Exports totaled 13,900 MT and were up 7 percent from the previous week and 2 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

 

Cotton prices were mixed at the end of last week, with cash prices gaining 0.25 cents to close at 75.50 cents per pound and May futures losing 1.10 cents to close at 77.29 cents per pound. The USDA NASS Field Office reported that cotton producers in the Northern High Plains were planning on waiting until May to start planting. Cotton planting continued in the Lower Valley. Net upland sales totaled 248,900 round bales (RB) and were down 48 percent from the previous week and 22 percent from the prior four-week average. Increases were reported for Indonesia, China and Turkey. Exports totaled 529,000 RB--a marketing-year high—and were up 66 percent from the previous week and 45 percent from the prior four-week average. The primary destinations were China, Vietnam and Turkey.

 

Wheat prices were lower at the end of last week, with cash and March futures both losing 19 cents to close at $3.65 per bushel and $4.45 per bushel, respectively. The USDA NASS Field Office reported that winter wheat was rated mostly fair to good. Wheat continued to progress across most of the state, but was in need of moisture in some areas of the state. Some wheat producers in dry areas of South Texas used irrigation during the past week. Net sales totaled 391,600 MT and were up 21 percent from the previous week, but down 14 percent from the prior four-week average. Increases were reported primarily for Japan, Bangladesh and Yemen. Exports totaled 450,500 MT and were down 12 percent from the previous week and 14 percent and from the prior four-week average. The destinations were primarily Mexico, China and Bangladesh.

 

Corn prices were lower at the end of last week with cash prices losing 14 cents to close at $3.58 per bushel and March futures losing 15 cents to close at $3.58 per bushel. The USDA NASS Field Office reported that corn was being planted across areas of the southern part of the state. Corn was beginning to germinate in the Lower Valley. Producers in the Blacklands were beginning to plant sorghum while corn planting continued as well. Net sales totaled 741,100 MT and were up 7 percent from the previous week, but down 7 percent from the prior four-week average. Increases were reported primarily for Japan, South Korea and Mexico. Exports totaled 1,453,700 MT and were down 3 percent from the previous week, but up 15 percent from the prior four-week average. The primary destinations were Japan, Mexico and South Korea.

 

Grain Sorghum cash prices were lower at the end of last week, losing 27 cents to close at $5.38 per cwt. The USDA NASS Field Office reported that corn and sorghum were beginning to germinate in the Lower Valley. Producers in the Blacklands were beginning to plant sorghum. Net sales totaled 110,100 MT and were up noticeably from the previous week and up 79 percent from the prior four-week average. Increases were reported for Mexico, Japan and China. Exports totaled 52,700 MT and were down 49 percent from the previous week and 57 percent from the prior four-week average. The primary destinations were China, Mexico and Nigeria. 

 

Milk prices were lower at the end of last week, with April Class III milk futures losing 15 cents to close at $15.74 per cwt.

 

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 29.08 percent of Texas still in some stage of drought intensity, up 4.58 percentage points from last week. Additionally, 0.93 percent of the state remains in severe, extreme, or exceptional drought, down 0.08 percentage points from three months ago. On the national level, drought conditions improved slightly, with 32.78 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.94 percentage points from last week.

 

 

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