Texas Daily Ag Market News Summary 7/17/15

Posted 9 years 134 days ago by

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

Texas feeder cattle auctions quoted prices steady to $3 lower. Feeder cattle futures were $0.85 lower, closing at $214.48 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were lower, with Choice grade losing $0.99 and Select grade losing $2.89. Estimated cattle harvest for the week totaled 433,000 head, down 1,000 from last week’s total and 33,000 from a year ago. Year-to-date harvest is down 7.1%. Fed cattle futures were $0.53 lower, closing at $146.50 per cwt. Net export sales for July 3 – July 9 totaling 11,500 metric tons (MT) were down 37 percentage from the previous week, but up three percent from the previous 4-week average, with Japan, Canada, and Mexico reporting increased purchases. Export shipments of 11,800 MT were up four percent from the previous week and went primarily to Japan, South Korea, and Canada.

Cotton cash prices remained at 60.63 cents per pound and futures prices dropped 0.02 cents to settle at 65.30 cents per pound. Export cotton sales were 51,200 bales, up 69 percent from the previous week, with increased purchases reported for China, Vietnam, and Turkey. Shipments of 136,200 bales were down 36 percent from the previous week and 35 percent from the prior four-week average. The primary destinations were Vietnam, Turkey, and Mexico.

Corn and grain sorghum prices remained relatively unchanged yesterday, with corn cash prices remaining at $4.55 per bushel and corn futures prices remaining at $4.30 per bushel. Grain sorghum prices gained $0.01 to settle at $7.86 per cwt. Corn export sales were 331,100 MT for the week, down 38 percent from the previous week and 41 percent from the previous 4-week average. Japan, South Korea, and Saudi Arabia had increased purchases. Export shipments of 1,131,700 MT went mainly to Japan, Mexico, and South Korea. The week’s shipments were 17 percent higher than the previous week’s and nine percent higher than the average. Soybean futures prices were $0.06 lower. Soybean export sales were 45,500 MT, up 10 percent from the previous week, but down 36 percent from the prior four-week average. Japan, Panama, and Taiwan had increased purchases. Export Shipments of 168,600 MT were down 17 percent from the previous week and 32 percent from the prior four-week average. The primary destinations were Colombia, Japan, and Mexico.

Wheat prices were lower, with cash prices losing $0.05 and futures prices losing $0.06, settling at $4.99 per bushel and $5.53 per bushel, respectively. Net export sales for wheat were 291,500 MT, with increases reported for the Philippines, Japan, and Jamaica.

Stock markets closed higher yesterday, with the NASDAQ Composite Index gaining 65 points to reach a record high. Crude oil prices lost $0.50 yesterday to close at $50.91 per barrel, after inventory data revealed that crude inventory has reached a record high in the United States.

Daily Market Summary Data for 7/17/2015

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