Texas Daily Ag Market News Summary 4/10/15

Posted 9 years 232 days ago by

· Feeder cattle steady to $4 higher; futures higher.

· Fed cattle cash trade reporting after several days of inactivity; formula trades unchanged; futures higher; beef prices mixed.

· Cotton lower.

· Grains and soybeans lower.

· Crude oil higher; natural gas lower.

· Stock markets higher.

Texas feeder cattle auctions quoted prices steady to $4 higher. Feeder cattle futures were higher as grain prices remained weak. The Texas fed cattle cash trade reported gains from the last reported numbers from Monday. Wholesale boxed beef values were mixed. Estimated cattle harvest for the week totaled 408,000 head, down 13,000 from the previous week’s total and 54,000 from a year ago. Year-to-date harvest is down 11.7%. Fed cattle futures were higher despite USDA’s increased cattle production forecasts. Net export sales for March 27-April 2 totaled 11,500 metric tons (MT), up noticeably from last week, with Japan, South Korea, and Canada as the top buyers. Export shipments of 11,900 MT, up two percent from last week, went primarily to Japan, Hong Kong, and South Korea.

Cotton cash and futures prices were 0.50 and 0.51 cents lower, respectively. Export cotton sales were 45,700 bales, 25% lower than last week with increased purchases for China, Turkey, and Pakistan. Shipments of 433,800 bales, a marketing-year-high, were up 33 percent from last week and 42 percent from the prior four-week average. The primary destinations were China, Vietnam, and Turkey.

Corn and grain sorghum prices were lower, with domestic and global corn supplies reportedly increased from previous levels. Corn export sales were 435,000 MT for the week, down 13% from last week and 29% from the previous 4-week average. Taiwan, Mexico, and Japan had increased purchases. Export shipments of 1,065,900 MT went mainly to Japan, Taiwan, and Mexico. This week’s shipments were 54% higher than last week’s and four percent higher than the average. Soybean futures prices were $0.18 lower. Soybean export sales were 502,400 MT. China, Mexico, and unknown destinations had increased purchases. Export Shipments were down 6% from the previous week and 5 percent from the prior four-week average. The primary destinations were China, the Netherlands, and Indonesia.

Wheat cash and futures prices followed other grains lower, closing about $0.10 lower, each. Net export sales for wheat were 319,900 MT, up 97% from last week and 16% from the prior 4-week average. Increased sales were reported for China, Nigeria, and Malaysia. Shipments were 375,700 MT, 11% higher than the previous week and 16% higher than the weekly average. The top destinations were Mexico, Thailand, and Egypt.

Stock markets were higher at close yesterday with trade slow throughout the day. Crude oil prices were higher, posting a $0.370 gain. The U.S. crude stockpile rose last week to set a new 80-year record high.

Daily Market Summary Data for 4/10/2015

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