Texas Daily Ag Market News Summary 8/07/15

Posted 9 years 113 days ago by

Feeder cattle steady to $7 higher with instances of $3 to $5 lower; futures higher.
Fed cattle cash trade inactive; formula trades higher; futures higher; beef prices lower.
Cotton lower.
Grains and soybeans lower.
Crude oil lower; natural gas higher.
Stock markets lower.

Texas feeder cattle auctions quoted prices steady to $7 higher with instances of $3 to $5 lower. Feeder cattle futures were $0.83 higher, closing at $214.96 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were lower, with Choice grade losing $0.02 and Select grade losing $0.46. Estimated cattle harvest for the week totaled 427,000 head, on par with last week’s total and down 26,000 from a year ago. Year-to-date harvest is down 5.7%. Fed cattle futures were $1.05 higher, closing at $149.73 per cwt. Net export sales for July 24 – July 30 totaling 5,900 metric tons (MT) were down six percentage points from the previous week and 49 percent from the previous four-week average, with Japan, Canada, and Mexico reporting increased purchases. Export shipments of 10,500 MT were down 11 percent from the previous week and went primarily to Japan, South Korea, and Mexico.

Cotton cash and futures prices both lost 1.25 cents to settle at 58.63 cents per pound and 63.50 cents per pound, respectively. Export cotton sales were 14,200 bales, down noticeably from the previous week, with increased purchases reported for Indonesia, El Salvador, and Mexico. Shipments of 186,600 bales were up 11 percent from the previous week and eight percent from the prior four-week average. The primary destinations were Vietnam, Turkey, and South Korea.

Corn and grain sorghum prices were lower yesterday, as corn cash and futures prices both lost $0.03 to settle at $3.95 per bushel and $3.70 per bushel, respectively. Grain sorghum prices lost $0.05 to settle at $6.74 per cwt. Corn export sales were down noticeably from the previous week and from the previous four-week average. Mexico, South Korea, and Venezuela had increased purchases. Export shipments of 1,005,000 MT went mainly to Japan, Mexico, and South Korea. The week’s shipments were down six percent from the previous week and seven percent from previous four-week average. Soybean futures prices were $0.06 lower. Soybean export sales were 447,300 MT, down noticeably from the previous week and from the prior four-week average. Japan, Nigeria, and Colombia had increased purchases. Export Shipments of 210,700 MT were up 64 percent from the previous week and three percent from the prior four-week average. The primary destinations were Japan, Mexico, and Colombia.

Wheat prices were unchanged yesterday, with cash prices remaining at $4.33 and futures prices remaining at $4.90. Net export sales for wheat were 838,500 MT, with increases reported for the Dominican Republic, Japan, and the Philippines.

Stock markets closed lower yesterday, responding to disappointing earnings reports from various media companies. Crude oil prices lost $0.49 yesterday to close at $44.66 per barrel, amid continuing concerns about a global oversupply of crude oil.

Daily Market Summary Data for 8/07/2015

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