Texas Daily Ag Market News Summary 5/29/15

Posted 9 years 183 days ago by

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

Texas feeder cattle auctions quoted prices steady to $4 higher. Feeder cattle futures were $3.52 higher, closing at $224.95 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were lower, with Choice grade falling 1.86 and Select grade falling $3.14. Estimated cattle harvest for the week totaled 350,000 head, down 103,000 from last week’s total and 14,000 from a year ago. Year-to-date harvest is down 3.8%. Fed cattle futures were $1.02 higher, closing at $152.48 per cwt. Net export sales for May 15-21 totaling 20,800 metric tons (MT), a marketing-year high, were up 11 percent from the previous week, with Mexico, South Korea, and Hong Kong reporting increased purchases. Export shipments of 11,400 MT, down three percent from the previous week, went primarily to Japan, Mexico, and South Korea.

Cotton cash and futures prices were 1.25 cents and 1.28 cents higher, respectively. Export cotton sales were 117,500 bales, up 98 percent from the previous week, with increased purchases for Turkey, Hong Kong, and Vietnam. Shipments of 16,100 bales were down 14 percent from the previous week, but up 33 percent from the prior four-week average. The primary destinations were China, India, and Bangladesh.

Corn and grain sorghum prices were higher, with corn cash and futures each closing $0.04 higher than the previous day. Corn export sales were 654,600 MT for the week, down 19 percent from the previous week and eight percent from the previous 4-week average. Japan, Saudi Arabia, and Mexico had increased purchases. Export shipments of 1,070,800 MT went mainly to Japan, Mexico, and Colombia. The week’s shipments were one percent lower than the previous week’s and seven percent lower than the average. Soybean futures prices were $0.01 lower. Soybean export sales were 349,700 MT, up noticeably from the previous week and 28 percent from the prior four-week average. The Netherlands, China, and Germany had increased purchases. Export Shipments of 349,700 MT were up 71 percent from the previous week and 55 percent from the prior four-week average. The primary destinations were Mexico, the Netherlands, and Germany.

Wheat prices were lower, with cash and futures prices each settling $0.02 lower at $4.65 per bushel and $5.10 per bushel, respectively. Net export sales for wheat were 42,500 MT, down 43 percent from the previous week and down noticeably from the prior 4-week average. Increased sales were reported for Guatemala, the Philippines, and El Salvador. Shipments were 494,100 MT, 34 percent higher than the previous week and 27 percent lower than the average. The top destinations were Thailand, China, and the Philippines.

Stock markets were lower at close yesterday, with investors posturing before today’s release of first-quarter economic data and next week’s May jobs report. Crude oil prices were higher as U.S. crude inventories fell by more than 2.5 times the expected decrease of 1.1 million barrels.

Daily Market Summary Data for 5/29/2015

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