Texas Daily Ag Market News Summary 3/13/15

Posted 9 years 260 days ago by

· Feeder cattle steady to $5 higher; futures higher.
· Fed cattle cash trade inactive; formula trades higher; futures higher; beef prices mixed.
· Cotton higher.
· Grains and soybeans mixed.
· Crude oil lower; natural gas lower.
· Stock markets mostly higher.

Texas feeder cattle auctions quoted prices mostly steady to $5 higher. Feeder cattle futures were higher despite morning losses. The Texas fed cattle cash trade was inactive. Wholesale boxed beef values were mixed. Estimated cattle harvest for the week totaled 425,000 head, down 7K from the previous week’s total and 31K from a year ago. Year-to-date harvest is down 6.8%. Fed cattle futures were higher, feeling pressure from reports of slowing exports. Net export sales for February 27-March 5 totaled 17,300 metric tons (MT), a marketing-year high, were up 47% from the prior four- week average, with increases reported for Hong Kong, Japan, and South Korea. Export shipments of 12,600 MT, a marketing-year high, were up 7% from the previous week. Shipments went primarily to Japan, Hong Kong, and South Korea.

Cotton cash and futures prices were higher on Thursday, the first rebound after 10 straight losing sessions. Export cotton sales were 36,000 bales. Sales were up noticeably from the previous week and from the prior 4-week average with increased purchases for Taiwan, China, and Thailand. Shipments of 307,800 bales were down 15% from the previous week, but up 9% from the average. The primary destinations were China, Vietnam, and Turkey.

Corn and grain sorghum prices were lower, due in part to lower-than-expected export sales. Corn export sales were 418,000 MT for the week, down 50% from last week and 52% from the 4-week average. South Korea, Mexico, and Colombia had increased purchases. Export shipments of 1,165,300 MT went mainly to South Korea, Japan, and Mexico. This week’s shipments were 16% lower than the previous week, but 31% higher than the average.

Wheat prices were higher as renewed demand supported gains. Net export sales for wheat were 445,200 MT, down 5% from last week, but up 21% from the prior 4-week average. Increased sales were reported for China, Mexico, and the Philippines. Shipments were 430,500 MT, 11% lower than the previous week and 1% lower than the weekly average. The top destinations were Japan, Mexico, and the Philippines.

Stock markets were mostly higher at close yesterday, rebounding from the previous two-days’ declines. Crude oil prices were lower, closing with a loss of $1.12 per barrel and contributing to the energy-sector’s day of loss.

Daily Market Summary Data for 3/13/2015

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