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Apr
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2017

Texas Daily Ag Market News Summary 04/24/2017

Posted 2 years 144 days ago ago by Texas Department of Agriculture

Feeder cattle auction reported higher prices; Futures lower.

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

Cotton prices uneven.

Grains and soybeans uneven.

Milk futures steady.

Crude oil lower; Natural gas lower.

Stock markets higher.

                      

 

Texas feeder cattle auctions reported prices steady to $10 higher. April Feeder cattle futures were 30 cents lower to close at $138.25 per hundredweight (cwt). The Texas fed cattle cash was lower today, losing $4.86 to end at 127.14 per cwt. April Fed cattle futures were 80 cents lower, closing at $129.00 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.51 to close at $218.67 per cwt and Select grade gaining 40 cents to close at $204.29 per cwt. Estimated cattle harvest for the week totaled 115,000 up 7,000 from last week’s total and 4,000 from a year ago. Year-to-date harvest is up 3.6%.

 

Cotton prices were uneven with cash prices losing 0.50 cents to close at 76.75 cents per pound and May futures gaining 1.10 cents to close at 80.09 cents per pound.

 

Corn prices were higher with cash prices gaining 3 cents to close at $3.54 per bushel and May futures gaining 2 cents to close at $3.59 per bushel. Grain Sorghum cash prices were 3 cents higher to close at $5.29 per cwt.

 

Wheat prices were lower with cash prices losing 4 cents to close at $3.21 per bushel and May futures losing 3 cents to close at $4.02 per bushel.

 

Milk prices were steady with April Class III milk futures remaining at $15.20 per cwt.

 

Stock markets closed higher for the day, as a centrist won the first round of France’s Presidential election. This stabilized some of the uncertainty surrounding global markets today, because the other front runner for the presidency has campaigned to remove France from the EU. June Crude oil futures were 39 cents lower, closing at $49.23 per barrel. Crude oil prices extended their recent declines and even reached a four-week low as growing U.S production combined with a global oversupply, continue to defeat the idea of stabilizing oil prices behind OPEC’s production cutting agreement.

 

Daily Market News Summary Data 04/24/17

 

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From Weekly Recap:

AUSTIN – (April 24, 2017) For the week ending April 21, 2017, Texas feeder cattle auctions reported prices $1 to $5 higher. Texas Weekly Direct reported prices $1 to $9 higher. Wholesale Beef values were higher, with Choice grade gaining $3.03 to end at $217.16 per hundredweight (cwt) and Select grade gaining $3.11 to end at $203.89 per cwt. For the time period of April 10-16 the USDA NASS Field Office reported that fly pressure increased in the Black Lands. Cattle vaccinations were underway in North East Texas. Pasture and range condition were rated at 76 percent good to fair. Recent rains helped to keep the pastures in good conditions. Wild Hogs in South East Texas were active in pasture, yards and areas they had not been spotted before. Tornado damage was reported in Falls County (Blacklands) and several more tornadoes touched down in the Panhandle. Net sales totaled 19,700 metric tons (MT) reported for 2017 and were up 26 percent from the previous week and 30 percent from the prior four-week average. Increases were reported for South Korea, Japan and Hong Kong. Exports totaled 13,700 MT and were down 2 percent from the previous week, but up 1 percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

 

Cotton prices were higher at the end of last week, with cash prices gaining 1.25 cents to end the week at 77.25 cents per pound and May futures gaining 1.96 cents to end at 78.99 cents per pound. The USDA NASS Field Office reported that cotton field preparations continued in the Southern Plains and the Edwards Plateau. Some producers were planting cotton in the Edwards Plateau, South Central Texas, South Texas and the Blacklands, but some of the planting was slowed down due to the rainfall. Net upland sales totaled 226,300 running bales (RB) for 2016-2017 and were down 26 percent from the previous week and 30 percent from the prior four-week average. Increases were reported for China, India and Turkey. Exports totaled 358,700 RB and were down 18 percent from the previous week and 14 percent from the prior four-week average. The primary destinations were Vietnam, China and Turkey.

 

Wheat prices were lower with cash and May futures both losing 11 cents to close at $3.25 per bushel and $4.05 per bushel, respectively. The USDA NASS Field Office reported that winter wheat condition was rated at 78 percent fair to good. Cases of wheat streak mosaic virus were noted in Northern High Plains. Also leaf rust was found in fields of the High plains and the Blacklands. Producers were weighing the economic feasibility of treating disease and pests due to low wheat prices. Net sales totaled 414,000 MT and were down 2 percent from the previous week and 12 percent from the prior four-week average. Increases were reported for Indonesia, Japan and Mexico. Exports totaled 740,800 MT and were up 17 percent from the previous week and 26 percent and from the prior four-week average. The destinations were primarily Mexico, Nigeria and Indonesia.

 

Corn prices were lower at the end of last week with cash prices losing 9 cents to close at $3.51 per bushel and May futures losing 10 cents to close at $3.57 per bushel. The USDA NASS Field Office reported that corn emerged was estimated at 56, up 14 points from the 5-year average. Side-dressing of corn was in full swing in South Central Texas. Some of the early planted corn in the Coastal Bend was beginning to tassel. Sorghum planting continued in South Texas and the Edwards Plateau. Net sales totaled 756,400 MT and were up 3 percent from the previous week, but down 23 percent from the prior four-week average. Increases were reported for Japan, South Korea and Peru. Exports totaled 1,408,300 MT and were up 31 percent from the previous week and 3 percent from the prior four-week average. The primary destinations were Japan, Mexico and Peru

 

Grain Sorghum cash prices were lower and the end of last week, losing 16 cents to end at $5.26 per cwt. The USDA NASS Field Office reported some sorghum fields were emerging in the Southern High Plains and the Blacklands. Net sales totaled 46,900 MT and resulted as increases for China, Japan and Mexico. Exports totaled 136,000 MT and were up 39 percent from the previous week and 40 percent from the prior four-week average. The destinations were China, Mexico and Japan.

 

Milk prices were higher at the end of last week, with April Class III milk futures losing 4 cents to end at $15.20 per cwt.

 

This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with 9.70 percent of Texas still in some stage of drought intensity, down 5.56 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved very slightly, with 26.96 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.03 percentage points from last week.