Texas Daily Ag Market News Summary 7/24/15

Posted 9 years 127 days ago by

Feeder cattle steady to $7 lower; futures lower.
Fed cattle cash trade reporting after inactivity; formula trades lower; futures lower; beef prices lower.
Cotton higher.
Grains and soybeans mixed.
Crude oil lower; natural gas lower.
Stock markets lower.

Texas feeder cattle auctions quoted prices steady to $7 lower. Feeder cattle futures were $2.62 lower, closing at $209.78 per hundredweight (cwt). The Texas fed cattle cash trade dropped $0.55 to settle at $145.45 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $0.33 and Select grade losing $0.39. Estimated cattle harvest for the week totaled 436,000 head, up 3,000 from last week’s total, but down 21,000 from a year ago. Year-to-date harvest is down 4.6%. Fed cattle futures were $1.15 lower, closing at $143.35 per cwt. Net export sales for July 10 – July 16 totaling 10,100 metric tons (MT) were down 12 percentage from the previous week and 15 percent from the previous 4-week average, with Japan, South Korea, and Mexico reporting increased purchases. Export shipments of 12,800 MT were up nine percent from the previous week and went primarily to Japan, South Korea, and Mexico.

Cotton cash prices gained 0.25 cents to settle at 61.38 cents per pound and futures prices gained 0.28 cents to settle at 65.92 cents per pound. Export cotton sales were 91,500 bales, up 79 percent from the previous week, with increased purchases reported for South Korea, Vietnam, and Turkey. Shipments of 173,400 bales were up 27 percent from the previous week, but down nine percent from the prior four-week average. The primary destinations were Vietnam, Turkey, and China.

Corn and grain sorghum prices remained relatively unchanged yesterday, with corn cash prices remaining at $4.28 per bushel and corn futures prices remaining at $4.03 per bushel. Grain sorghum prices gained $0.01 to settle at $7.38 per cwt. Corn export sales were 223,400 MT for the week, down 33 percent from the previous week and 54 percent from the previous 4-week average. Columbia, Japan, and Portugal had increased purchases. Export shipments of 1,156,800 MT went mainly to Japan, Mexico, and South Korea. The week’s shipments were two percent higher than the previous week’s and nine percent higher than the average. Soybean futures prices were $0.11 lower. Soybean export sales were 80,800 MT, up 78 percent from the previous week and 65 percent from the prior four-week average. The Netherlands, Mexico, and Indonesia had increased purchases. Export Shipments of 315,900 MT were up 87 percent from the previous week and 56 percent from the prior four-week average. The primary destinations were the Netherlands, Mexico, and Bangladesh.

Wheat prices were higher, with cash prices gaining $0.06 and futures prices gaining $0.05, settling at $4.63 per bushel and $5.17 per bushel, respectively. Net export sales for wheat were 502,800 MT, with increases reported for Chile, China, and the Philippines.

Stock markets closed lower yesterday, in response to several discouraging earnings reports posted by various companies. Crude oil prices lost $0.74 yesterday to close at $48.45 per barrel, amid continuing concerns about the unwavering global glut of crude.

Daily Market Summary Data for 7/24/2015

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