Mar 20 2015

Texas Daily Ag Market News Summary 3/20/15 Posted 9 years 46 days ago by

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

 

Texas feeder cattle auctions were mostly steady to $5 higher per hundredweight (cwt). Feeder cattle futures were lower for March contracts, but gains were seen for April and May. The Texas fed cattle cash trade was inactive. Wholesale boxed beef values were mixed, with Choice grade falling $0.19 to settle at $246.61, and Select grade rising $0.32 to close at $244.79. Estimated cattle harvest through Thursday totaled 430,000 head, up 5,000 from the previous week, but down 34,000 from a year ago. Year-to-date harvest is down 7.3%. Fed cattle futures were higher as prices were supported by a weakening dollar. Net export sales for March 6-12 totaled 11,600 metric tons (MT), down 33% from last week and 8% from the weekly average, with South Korea, Hong Kong, and Japan as the top buyers. Export shipments of 12,200 MT were down 4% from last week, but up 3% from the prior four-week average. Shipments went primarily to South Korea, Japan, and Hong Kong.

Cotton cash and futures prices were higher on Thursday, with futures posting their first two-consecutive-session gains for this month. Prices were supported by strong export sales. Net export cotton sales were up noticeably from last week and from the previous four-week average. Increased purchases were reported for China, South Korea, and Turkey. Shipments of 15,300 bales were up 24% from the previous week and 79% from the average. The primary destinations were Peru, Germany, and China.

Corn, grain sorghum, and soybeans prices were lower as investors await the yearly perspective planting report and receive indicators of large U.S. soybean acreage next year. Corn export sales were 502,300 MT for the week, up 20% from last week, but down 31% from the 4-week average. Japan, Colombia, and Mexico had increased purchases. Export shipments of 692,700 MT went mainly to Japan, Mexico, and South Korea. This week’s shipments were 41% lower than last week’s and 33% lower than the average.

Wheat prices were slightly lower despite gains in export sales. Net export sales for wheat were 391,900 MT, down 12% from last week, but up 4% from the prior 4-week average. Increased sales were reported for Panama, Taiwan, and the Dominican Republic. Shipments were 488,900 MT, 14% higher than the previous week, and 9% higher than the weekly average. The top destinations were the Indonesia, Nigeria, and Yemen.

Stock markets were mostly lower after Federal Reserve Chairwoman Janet Yellen announced on Wednesday the possibility of rate increases this year. Crude oil prices fell $0.700 to settle at $43.96. For the week ending March 13, the U.S. Energy Information Administration announced that U.S. crude oil refineries took in 136,000 more barrels per day than the previous week’s average. Crude imports were up by 703,000 barrels per day last week, averaging 7.5 million barrels per day.

Daily Market Summary Data for 3/20/2015


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