Daily Market News Summary 9/08/15

Texas feeder cattle auctions quoted prices $2 to $4 higher with instances of $3 to $10 lower. Feeder cattle futures settled $2.95 higher to close at $204.30 per hundredweight (cwt). The Texas fed cattle cash market was active closing at $143.00. Wholesale boxed beef values were mixed, with Choice Grade settling $0.91 lower at $239.16 per cwt and Select Grade settling $0.26 higher at $228.65 per cwt. Estimated cattle harvest for the week totaled 116,000 head, down 103,000 from last year. Year-to-date harvest is down 49%. Fed cattle futures were $2.73 higher, closing at $143.48 per cwt.

Cotton prices were higher yesterday, with cash prices gaining 0.25 cents to close at 59.63 cents per pound and futures prices gaining 0.22 cents settling at 63.29 cents per pound. 

Corn and grain sorghum prices were higher, with corn cash prices gaining $0.03 and futures prices gaining $0.05, settling at $3.81 per bushel and $3.55 per bushel, respectively. Grain sorghum cash prices were unchanged closing at $5.90 per cwt. Soybean futures prices were up $0.14, closing at $8.91 per bushel. 

Wheat prices were higher with cash gaining $0.02 and futures gaining $0.03 to settle at $3.81 and $4.52 per bushel, respectively.

Stock markets closed higher yesterday, the gains came after China posted a rebound in shares, investors remain cautious about the volatile state of the markets. Crude oil prices lost $0.11 to close at $45.94 per barrel.

Daily Market Summary Data 09/08/2015

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From Recap:

AUSTIN – (Sept. 8, 2015) For the week ending Sept. 5, 2015, Texas auctions were mixed in their reports on feeder cattle prices, with some noting prices $2 to $10 higher and others reporting instances of $5 to $10 lower per hundredweight (cwt). Wholesale beef values were lower, with Choice Grade losing $3.15 to close at $240.07 per cwt and Select Grade losing $4.56 to close at $228.39 per cwt. Net export sales totaled 13,100 metric tons (MT) for Aug. 21 – 27 and were up three percent from the previous week and 34 percent from the previous four-week average. Export shipments of 10,800 MT were up four percent from the previous week but down five percent from the prior four-week average. Shipments primarily went to Japan, South Korea and Hong Kong.

Cotton cash prices were 0.50 cents lower than the previous week and closed at 59.38 cents per pound. October futures prices settled at 63.07 cents per pound, 0.67 cents lower than last week. For the reporting period of Aug. 24 – 30, the USDA NASS Texas field office indicated that 99 percent of cotton acreage is in the squaring stage, which is up two percentage points from the previous week but down one percentage point from last year. Net export cotton sales totaled 66,500 bales. The primary destinations were Vietnam, Mexico and South Korea. Export shipments of 153,100 bales were up 49 percent from the previous week and went primarily too Vietnam, Turkey and Mexico.

Wheat cash and futures markets were closed last Friday due to the Labor Day holiday. The USDA NASS Texas field office reported that producers continued with field preparations for small grains such as plowing and fertilizer applications. Net exports for wheat were 530,400 MT, with increased purchases reported for Japan, the Philippines and Italy.

Texas corn markets were closed on Friday due to the Labor Day holiday. The USDA NASS Texas field office reported corn and sorghum harvest — aided by warm, dry weather — continued in many areas of the state. Some sorghum producers in areas of the Northern High Plains continued with pesticide applications to mitigate the threat of sugarcane aphids. Hot weather conditions and lack of moisture have impacted soybeans in areas of the Blacklands; however, harvest progressed in areas of the Blacklands and South Texas. Corn export sales were 328,300 MT. Export shipments of 1,077,200 MT were up 31 percent from the previous week and 20 percent from the previous four-week average. Primary destinations were Japan, Mexico and South Korea.

This week’s Drought Monitor for Texas showed worsening drought conditions for the state, with 41.94  percent of Texas still in some stage of drought intensity. On the national level, drought conditions also worsened, with 45.79 percent of the U.S. experiencing abnormal dryness or some degree of drought.

Additional information on agricultural weather, crop progress and agricultural markets can be found on the TDA Market News page.