Texas Daily Ag Market News Summary 9/11/15

Posted 9 years 79 days ago by

Feeder cattle prices $2 to $15 higher with instances of $2 to $3 lower; futures lower.
Fed cattle cash trade inactive; formula trades lower; futures lower; beef prices lower.
Cotton higher.
Grains and soybeans higher.
Crude oil lower; natural gas higher.
Stock markets higher.

Texas feeder cattle auctions quoted prices $2 to $15 higher with instances of $2 to $3 lower. Feeder cattle futures were $3.25 lower, closing at $200.70 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were lower, with Choice grade losing $2.97 and Select grade losing $1.37, setting at $236.09 and $226.73 per cwt, respectively. Estimated cattle harvest for the week totaled 458,000 head, down 89,000 from last week’s total and down 114,000 from a year ago. Year-to-date harvest is down 20%. Fed cattle futures were $2.35 lower, closing at $140.60 per cwt. Net export sales for Aug. 28 – Sept. 3 totaling 10,500 metric tons (MT) were down 20 percent from the previous week and 10 percent from the previous four-week average, with Hong Kong , Japan, and South Korea reporting increased purchases. Export shipments of 9,300 MT were down 14 percent from the previous week and 10 percent from the prior 4-week average and went primarily to Japan, Mexico, and Honk Kong.

Cotton cash prices gained 0.50 cents to settle at 60.88 cents per pound, futures prices gained 0.61 cents to settle at 64.09 cents per pound. Export cotton sales totaled 83,400 bales, with increased purchases reported for Mexico, South Korea, and Turkey. Shipments totaled 137,100; The primary destinations were Vietnam, Turkey, and Mexico.

Corn and grain sorghum prices were higher yesterday, as corn cash and futures prices gaining $0.12 and $0.13 to settle at $3.99 per bushel, and $3.75 per bushel, respectively. Grain sorghum prices gained $0.24 to settle at $6.16 per cwt. Corn export sales totaled 411,200 MT with increased purchases for Columbia, Mexico, and South Korea. Export shipments of 640,900 MT went mainly to Japan, Columbia, and Mexico. Soybean futures prices were $0.42 higher. Soybean export sales were 1,790,200 MT, with increased purchases reported for China, Mexico, and Taiwan. Export Shipments of 187,500 MT with primary destinations of Pakistan, China, and Malaysia.

Wheat cash and futures prices gained $0.04 and $0.05 to settle at $4.01 per bushel and $4.59 per bushel, respectively. Net export sales for wheat were 290,400 MT up 5 percent from the previous week, but down 25 percent from the prior 4-week average, with increases reported for Vietnam, Mexico, and Columbia. Exports of 500,400 MT were down 6 percent from the previous week, but up 6 percent from the prior 4-week average. The primary destinations were Vietnam, Guatemala, and Indonesia.

Stock markets closed higher yesterday, marking their biggest gain in about 6 months, this came as expectations of the increased interest rates have begun to subside. Crude oil prices lost $1.29 yesterday to close at $44.63 per barrel, as the market was reminded of the high volume of U.S. inventory and oversupply of crude.

Daily Market News Summary 9/11/15

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