Texas Daily Ag Market News Summary 8/21/15

Posted 9 years 100 days ago by

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

Texas feeder cattle auctions quoted prices steady to $5 lower with instances of $3 higher. Feeder cattle futures were $0.60 lower, closing at $213.20 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were lower, with Choice grade losing $0.32 and Select grade losing $0.86, to settle at $246.46 per cwt and 235.58, respectively. Estimated cattle harvest for the week totaled 429,000 head, on par with last week’s total and down 27,000 from a year ago. Year-to-date harvest is down 5.9%. Fed cattle futures were $1.23 higher, closing at $146.48 per cwt. Net export sales for August 7 – August 13 totaling 8,300 metric tons (MT) were down 32 percent from the previous week and 4 percent from the previous four-week average, with Japan, Hong Kong, and South Korea reporting increased purchases. Export shipments of 9,900 MT were down four percent from the previous week and 13 percent from the prior 4-week average and went primarily to Japan, South Korea, and Mexico.

Cotton cash prices gained 0.25 cents to settle at 61.88 cents per pound, futures prices gained 0.30 cents to settle at 67.66 cents per pound. Export cotton sales beginning August 7 totaled 96,900 bales, with increased purchases reported for Vietnam, Turkey, and Taiwan. Export Shipments for August 7 – 13 totaled 110,600 bales. The primary destinations were Vietnam, Mexico, and Turkey.

Corn and grain sorghum prices were higher yesterday, as corn cash and futures prices both gained $0.04 to settle at $3.96 per bushel, and $3.71 per bushel, respectively. Grain sorghum prices gained $0.08 to settle at $6.55 per cwt. Corn export sales were 282,700 were up noticeably from the previous week and 84 percent from the previous four-week average. Japan, Mexico, and Peru had increased purchases. Export shipments of 918,100 MT went mainly to Mexico, Japan, and Venezuela. The week’s shipments were up 9 percent from the previous week, but down 10 percent from previous four-week average. Soybean futures prices were $0.17 higher closing out at $9.21 per bushel. Soybean export sales were 46,400 MT, down 52 percent from the previous week and, but up 27 percent from the prior four-week average. Netherlands, Thailand, and Mexico had increased purchases. Export Shipments of 401,100 MT were up noticeably from the previous week and 93 percent from the prior four-week average. The primary destinations were Mexico, Netherlands, and Pakistan.

Wheat cash prices gained $0.06 to settle at $4.23 per bushel, futures prices lost $0.15 to settle at $4.81 per bushel. Net export sales for wheat were 314,400 MT, down 25 percent from previous week and 49 percent from prior 4-week average. Increases reported for the Japan, Yemen, and Nigeria.

Stock markets closed lower yesterday based on two factors, the impending increase in interest rates and uncertainty over world-wide economic expansion. Crude oil prices rose $0.34 yesterday to close at $41.14 per barrel, experts say this small rise in prices is not to going to last and prices will continue to fall once again due to the increasing global glut of crude.

Daily Market Summary Data for 8/21/2015

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