Texas Daily Ag Market News Summary 6/30/15

Posted 9 years 151 days ago by

Feeder cattle steady with instances of $3 to $5 lower; futures higher.
Fed cattle cash trade lower; formula trades lower; futures higher; beef prices higher.
Cotton mixed.
Grains mixed; soybeans slightly higher.
Crude oil lower; natural gas higher.
Stock markets mostly lower.

Texas feeder cattle auctions quoted prices steady with instances of $3 to $5 lower. Feeder cattle futures settled $1.83 higher to close at $219.08 per hundredweight (cwt). The Texas fed cattle cash market reported a decrease of $0.26, settling at $147.74 per cwt. Wholesale boxed beef values were higher, with Choice Grade settling at $253.22 per cwt and Select Grade at $248.64 per cwt. Estimated cattle harvest for the week totaled 113,000 head, up 5,000 from last week’s total and down 5,000 from last year. Year-to-date harvest is down 4.2%. Fed cattle futures were $1.28 higher, closing at $149.68 per cwt.

Cotton prices were mixed, with cash up 0.25 cents and futures down 0.36 cents, settling at 63.63 cents per pound and 66.80 cents per pound, respectively. For the reporting period of June 22-28, the USDA NASS Texas field office indicated that row crops across the state continued to progress. Ninety-seven percent of cotton acreage has been planted, up six percentage points from the previous week, but down two percentage points from last year.

Corn and grain sorghum prices were lower, with corn cash prices losing $0.01 and futures prices losing $0.02, settling at $4.13 per bushel and $3.83 per bushel, respectively. Grain sorghum cash prices lost $0.02 to close at $7.19 per cwt. Soybean futures prices were $0.01 higher, closing at $10.03 per bushel. Of the 100 percent of corn acreage that has been planted, 99 percent has emerged, one percentage point below the same time last year.

Wheat cash prices gained $0.14 and futures prices gained $0.13, to close at $5.26 per bushel and $5.72 per bushel, respectively. Seventy percent of the Texas wheat crop has been harvested, up six percentage points from last week.

Stock markets closed lower yesterday, amid fears that the debt crisis in Greece could potentially lead to its exit from the Eurozone. Crude oil prices dropped $1.30 to close at $58.33 per barrel.

From the Weekly Recap:

AUSTIN – (June 29, 2015) For the week ending June 27, 2015, Texas auctions quoted feeder cattle prices mostly steady, with instances of sales ranging from $6 lower to $5 higher per hundredweight (cwt). Texas weekly direct feeder cattle sales were steady, with some weakness noted later in the week. Wholesale beef values were higher, with Choice Grade gaining $1.80 to close at $253.12 per cwt and Select Grade gaining $1.92 to close at $248.15 per cwt. Net export sales for June 12-18 were up 40 percent from the previous week. Export shipments were down three percent from the previous week, and shipments primarily went to Japan, Canada and South Korea.

Cotton cash prices were 1.50 cents higher than the previous week and closed at 63.38 cents per pound. July futures prices settled at 67.16 cents per pound, 3.84 cents higher than last week. For the reporting period of June 15-21, the USDA NASS Texas field office indicated that row crops across the state continued to progress as planting continued. Ninety-one percent of cotton acreage has been planted, up three percentage points from the previous week but down five percentage points from last year. Net export cotton sales were up 15 percent from the previous week’s sales. Shipments were down 10 percent from the previous week and 35 percent from the average.

Wheat cash prices gained $0.54 to settle at $5.12 per bushel. Futures prices gained $0.56 to settle at $5.59 per bushel. The USDA NASS Texas field office reported that 64 percent of the Texas wheat crop has been harvested, with 47 percent of the acreage in good-to-excellent condition. Eighty percent of the Texas Winter Wheat crop remains in fair-to-excellent condition. Net export sales for wheat were 434,300 metric tons (MT). The primary destinations were Japan, Mexico and Taiwan.Texas corn prices were steady to higher, with cash prices up to $4.14 per bushel and futures prices up to $3.85 per bushel. The USDA NASS Texas field office reported 95 percent of the planted Texas corn crop has emerged, which is five percentage points below this same point last year. Ninety-nine percent of Texas corn acreage has been planted, which is up one percentage point from last week but down one percent from the same period last year. Corn export sales were down 21 percent from the previous week and 11 percent from the four-week average. Export shipments were eight percent higher than the previous week and 16 percent higher than the average.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with only 4.63 percent of Texas still in some stage of drought intensity, down 2.17 percentage points from last week. Additionally, none of the state remains in severe, extreme or exceptional drought, down nearly 25 percent from three months ago. On the national level, drought conditions worsened slightly, with approximately 40 percent of the U.S. experiencing abnormal dryness or some degree of drought.

Daily Market Summary Data for 6/30/2015

If you are interested in receiving this daily report, please subscribe here.