Texas Daily Ag Market News Summary 7/10/15

Posted 9 years 141 days ago by

Feeder cattle $2 to $9 lower, with instances of $2 to $3 higher; futures lower.
Fed cattle cash trade unchanged; formula trades higher; futures lower; beef prices lower.
Cotton higher; futures higher.
Grains and soybeans mostly higher.
Crude oil higher; natural gas higher.
Stock markets higher.

Texas feeder cattle auctions quoted prices $2 to $9 lower, with instances of $2 to $3 higher. Feeder cattle futures were $1.88 lower, closing at $211.75 per hundredweight (cwt). The Texas fed cattle cash trade remained unchanged yesterday, at $150.00 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $2.31 and Select grade losing $2.66. Estimated cattle harvest for the week totaled 434,000 head, down 17,000 from last week’s total and 22,000 from a year ago. Year-to-date harvest is down 4.8%. Fed cattle futures were $0.52 lower, closing at $148.48 per cwt. Net export sales for June 26 – July 2 totaling 18,100 metric tons (MT) were up noticeably from the previous week and 70 percent from the previous 4-week average, with Japan, South Korea, and Hong Kong reporting increased purchases. Export shipments of 11,300 MT were up four percent from the previous week and went primarily to Japan, South Korea, and Canada.

Cotton cash and futures prices were up 0.25 cents and 0.24 cents, respectively. Export cotton sales were 30,400 bales, down 62 percent from the previous week, with increased purchases reported for China, Vietnam, and Turkey. Shipments of 211,100 bales were down 8 percent from the previous week, and 10 percent from the prior four-week average. The primary destinations were Vietnam, Turkey, and China.

Corn and grain sorghum prices were higher, with corn cash prices gaining $0.04 and corn futures prices gaining $0.05, settling at $4.50 per bushel and $4.21 per bushel, respectively. Grain sorghum prices gained $0.06 to settle at $7.83 per cwt. Corn export sales were 535,200 MT for the week, down 10 percent from the previous week and three percent from the previous 4-week average. Japan, South Korea, and Saudi Arabia had increased purchases. Export shipments of 966,200 MT went mainly to Japan, Mexico, and Peru. The week’s shipments were six percent lower than the previous week’s and four percent lower than the average. Soybean futures prices were $0.32 higher. Soybean export sales were 41,400 MT, up noticeably from the previous week, but down 59 percent from the prior four-week average. The Netherlands, Indonesia, and Costa Rica had increased purchases. Export Shipments of 202,200 MT were down 30 percent from the previous week and 22 percent from the prior four-week average. The primary destinations were the Netherlands, Japan, and Mexico.

Wheat prices were lower, with cash prices losing $0.04 and futures prices losing $0.03, settling at $5.25 per bushel and $5.65 per bushel, respectively. Net export sales for wheat were 345,900 MT, with increases reported for Indonesia, Mexico, and Sri Lanka.

Stock markets closed higher yesterday, reflecting the continuing volatility in Chinese markets. Crude oil prices gained $1.13 yesterday to close at $52.78 per barrel, in response to the continued stalling in talks concerning a potential Iranian nuclear deal.

Daily Market Summary Data for 7/10/2015

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