Texas Daily Ag Market News Summary 5/22/15

Posted 9 years 190 days ago by

Feeder cattle mostly steady with instances of prices $2 to $4 higher; futures higher.
Fed cattle cash trade inactive; formula trades lower; futures higher; beef prices lower.
Cotton lower.
Grains and soybeans mixed.
Crude oil higher; natural gas higher.
Stock markets higher.

Texas feeder cattle auctions quoted prices mostly steady with instances of prices $2 to $4 higher. Feeder cattle futures were $0.37 higher, closing at $220.10 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were lower, with Choice grade falling $2.76 and Select grade falling $1.74. Estimated cattle harvest for the week totaled 453,000 head, on par with the previous week’s total and 19,000 from a year ago. Year-to-date harvest is down 4%. Fed cattle futures were $1.03 higher, closing at $152.38 per cwt. Net export sales for May 8-14 totaling 18,800 metric tons (MT) were up noticeably from the previous week, with Japan, South Korea, and Hong Kong reporting increased purchases. Export shipments of 11,800 MT, down one percent from the previous week, went primarily to Japan, Mexico, and South Korea.

Cotton cash and futures prices were 0.50 cents and 0.42 cents lower, respectively. Export cotton sales were 59,300 bales, up 22 percent from the previous week, with increased purchases for Turkey, Thailand, and Vietnam. Shipments of 343,300 bales were up 47 percent from the previous week and nine percent from the prior four-week average. The primary destinations were China, Vietnam, and Turkey.

Corn and grain sorghum prices were higher, with corn cash and futures each closing $0.05 lower than the previous day. Corn export sales were 812,600 MT for the week, up noticeably from the previous week and 12 percent from the previous 4-week average. Japan, Colombia, and South Korea had increased purchases. Export shipments of 1,079,500 MT went mainly to Japan, Mexico, and Colombia. The week’s shipments were three percent lower than the previous week’s and five percent lower than the average. Soybean futures prices were $0.02 lower. Soybean export sales were 165,500 MT, up 21 percent from the previous week, but down 35 percent from the prior four-week average. The Netherlands, Mexico, and South Korea had increased purchases. Export Shipments of 270,700 MT were up eight percent from the previous week and 26 percent from the prior four-week average. The primary destinations were Mexico, the Netherlands, and Japan.

Wheat prices were higher, with cash prices settling $0.13 higher at $5.13 per bushel and futures prices closing $$0.13 higher at $5.58 per bushel. Net export sales for wheat were 74,400 MT, down 36 percent from the previous week and down noticeably from the prior 4-week average. Increased sales were reported for Peru, Japan, and Singapore. Shipments were 370,000 MT, 24 percent higher than the previous week, but 15 percent lower than the average. The top destinations were Peru, Mexico, and the Philippines.

Stock markets were higher at close yesterday, with the S&P 500 reaching a new record high. Crude oil prices were higher, posting a $0.740 gain to close at $60.72 per barrel. Gasoline futures reached a 2015 high.

Daily Market Summary Data for 5/22/2015

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