Texas Daily Ag Market Summary 9/18/15

Posted 9 years 71 days ago by

Feeder cattle auction prices $2 to $11 lower; futures lower.
Fed cattle cash trade inactive; formula trades lower; futures lower; beef prices lower.
Cotton lower.
Grains and soybeans mixed.
Crude oil lower; natural gas lower.
Stock markets lower.

Texas feeder cattle auctions quoted prices $2 to $11 lower. Feeder cattle futures were $0.40 lower, closing at $192.80 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were lower, with Choice grade losing $4.20 and Select grade losing $2.44 settling at $226.30 and $219.26 per cwt, respectively. Estimated cattle harvest for the week totaled 560,000 head, up 102,000 from last week’s total and down 4,000 from a year ago. Year-to-date harvest is down 0.7%. Fed cattle futures were $0.85 lower, closing at $136.00 per cwt. Net export sales for September 4-10 totaled 12,100 metric tons (MT) and were up 15 percent from the previous week, and 8 percent from the previous 4-week average. Increased purchases were reported for Japan, Hong Kong, and South Korea. Export shipments of 8,800 MT, were down 6 percent from the previous week and 14 percent from the prior 4-week average, and went primarily to Japan, South Korea, and Mexico.

Cotton prices were lower with cash losing 1.00 cents and futures prices losing 1.53 cents settling at 58.37 and 59.85 cents per pound, respectively. Export cotton sales of 96,600 bales were up 16 percent from the previous week and 46 percent from the prior 4-week average, with increased purchases reported for Vietnam, Mexico, and Turkey. Exports of 59,400 bales were up 57 percent from the previous week and 53 percent from the prior 4-week average. The primary destinations were Mexico, South Korea, and Thailand.

Corn and grain sorghum prices were mixed, with corn cash prices gaining $0.05 and corn futures prices losing $0.03 settling at $3.96 and $3.77 per bushel, respectively. Grain sorghum prices lost $0.03 to settle at $5.95 per cwt. Corn export sales were 533,000 MT for the week with Japan, Peru, and Taiwan seeing increased purchases. Export shipments of 542,600 MT, were up 8 percent from the previous week and 9 percent from the prior 4-week average, and primarily went to Brazil, the Philippines, and Nigeria. Soybean futures prices were $0.18 higher. Soybean export sales were 912,000 MT, went primarily to China, the Netherlands, and Japan. Export Shipments of 371,400 MT were primarily sent to Mexico, the Netherlands, and Japan.

Wheat cash prices were higher gaining $0.03 to settle at $4.01 per bushel, futures prices were steady settling at $4.82 per bushel. Net export sales for wheat were 377,500 MT up 30 percent from the previous week and 7 percent from the prior 4-week average. The top destinations were the Philippines, Taiwan, and Canada.

Stock markets closed lower yesterday, dropping to their biggest one day percentage loss in two weeks, this was spurred by concerns about global growth. Crude oil prices closed $2.22 lower yesterday settling at $44.68 per barrel.

Daily Market Summary Data 9/18/15

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