Texas Daily Ag Market News Summary 5/08/15

Posted 9 years 204 days ago by

Feeder cattle mostly steady with instances of prices $2 lower to $5 higher; futures higher.
Fed cattle cash trade inactive; formula trades higher; futures lower; beef prices higher.
Cotton lower.
Grains and soybeans mostly lower.
Crude oil lower; natural gas lower.
Stock markets higher.

Texas feeder cattle auctions quoted prices mostly steady with instances of $2 lower to $5 higher. Feeder cattle futures were $0.40 higher, closing at $214.90 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were higher, with Choice grade gaining $1.43 and Select grade $1.57. Estimated cattle harvest for the week totaled 444,000 head, down 6,000 from the previous week’s total and 35,000 from a year ago. Year-to-date harvest is down 7.3%. Fed cattle futures were $0.85 lower, closing at $149.38 per cwt. Net export sales for April 24-30 totaling 14,700 metric tons (MT) were up 19 percent from the previous week, with Japan, South Korea, and Canada as the top buyers. Export shipments of 12,000 MT, up 11 percent from the previous week, went primarily to Japan, Mexico, and South Korea.

Cotton cash and futures prices were 0.25 and 0.77 cents lower, respectively. Export cotton sales were 19,800 bales, down 84 percent from the previous week, with increased purchases for Turkey, Thailand, and South Korea. Shipments of 412,500 bales were up 45 percent from the previous week and 33 percent from the prior four-week average. The primary destinations were China, Vietnam, and Turkey.

Corn and grain sorghum prices were lower, with corn cash and futures closing $0.06 and $0.09 lower, respectively, than the previous day. Corn export sales were 841,800 MT for the week, up one percent from the previous week and 15 percent from the previous 4-week average. Japan, Taiwan, and South Korea had increased purchases. Export shipments of 1,135,200 MT went mainly to Japan, Mexico, and Colombia. The week’s shipments were 11 percent lower than the previous week’s, but four percent higher than the average. Soybean futures prices were $0.09 lower. Soybean export sales were 338,900 MT, down 22 percent from the previous week, but up noticeably from the prior four-week average. Mexico, unknown destinations, and Indonesia had increased purchases. Export Shipments of 186,700 MT were down 29 percent from the previous week and 51 percent from the prior four-week average. The primary destinations were Mexico, Indonesia, and Japan.

Wheat prices were mixed, with cash prices settling $0.05 lower at $4.55 per bushel and futures prices closing $$0.23 higher at $4.99 per bushel. Net export sales for wheat were 446,800 MT, up 67 percent from the previous week, but down noticeably from the prior 4-week average. Increased sales were reported for Italy, Japan, and Liberia. Shipments were 286,200 MT, 53 percent lower than the previous week and 41 percent lower than the weekly average. The top destinations were Nigeria, Mexico, and Japan.

Stock markets were higher at close yesterday, with expectations ratcheted up about today’s release of the U.S. jobs report. Crude oil prices were lower, posting a $1.990 loss to close at $58.94 per barrel.

Daily Market Summary Data for 5/08/2015

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