Texas Daily Ag Market News Summary 10/6/15

Posted 9 years 54 days ago by

Feeder cattle auction quoted prices $4 to $10 lower; futures higher.

Fed cattle cash trade inactive; formula trades lower; futures higher; beef prices mixed.

Cotton cash steady; futures higher.

Grains and soybeans higher.

Crude oil higher; natural gas higher.

Stock markets lower.

Texas feeder cattle auctions quoted prices $4 to $10 lower. Feeder cattle futures were $4.40 higher, closing at $182.52 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were mixed, with Choice grade gaining $0.20 and Select grade losing $0.18 settling at $204.17 and $198.87 per cwt, respectively. Estimated cattle harvest for the week totaled 220,000 head, down 2,000 from last week’s total and down 10,000 from a year ago. Year-to-date harvest is down 4.3%. Fed cattle futures were $3.00 higher, closing at $125.12 per cwt.

Cotton prices were mixed with cash prices staying steady and futures prices gaining 0.21 cents to settle at 59.62 cents per pound and 61.14 cents per pound, respectively.

Corn and grain sorghum prices were higher, with corn cash prices gaining $0.05 and corn futures prices gaining $0.04 settling at $4.08 and $3.98 per bushel, respectively. Grain sorghum prices gained $0.09 to settle at $6.31 per cwt.

Wheat prices were higher with cash and futures prices both gaining $0.14 settling at $4.34 and $5.16 per bushel, respectively.

Stock markets closed lower yesterday, after a selloff in health-care shares overshadowed yesterday’s rally. Crude oil prices closed $0.72 higher yesterday, settling at $46.26 per barrel.

Daily Market Summary Data 10/6/15

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

From Weekly Recap:

AUSTIN – (Oct. 5, 2015) For the week ending Oct. 3, 2015, Texas auctions quoted feeder cattle prices $4 to $20 lower. Wholesale beef values were lower, with Choice Grade losing $5.17 to close at $205.77 per cwt and Select Grade losing $8.06 to close at $201.36 per cwt. Net sales of 8,800 metric tons (MT) for 2015 were down 47 percent from the previous week and 32 percent from the prior four-week average. Increases were reported for South Korea, Mexico and Hong Kong. Exports of 11,000 MT were down 10 percent from the previous week but up seven percent from the prior four-week average. The primary destinations were Hong Kong, Japan and South Korea.

Cotton cash prices were higher at the end of the week, gaining 0.25 cents and closing at 58.87 cents per pound. October futures prices settled at 59.20 cents per pound, losing 0.60 cents for the week. Net upland sales totaling 117,300 round bales (RB) for 2015-2016 were up 29 percent from the previous week and 39 percent from the prior four-week average. Increases were reported for Turkey, Vietnam and Bangladesh. Exports of 70,500 RB were down 36 percent from the previous week and 39 percent from the prior four-week average. The primary destinations were Mexico, Turkey and South Korea.

Wheat prices were higher at the close of last week with cash and futures prices both gaining $0.03 to settle at $4.19 and $5.01 per bushel, respectively. Net sales of 77,100 MT for delivery in the 2015-2016 marketing year were down 73 percent from the previous week and 75 percent from the prior four-week average. This is a marketing year low. Increases were reported for Indonesia, Brazil and Colombia. Exports of 564,400 MT were down eight percent from the previous week but up three percent from the prior four-week average. The primary destinations were China, South Korea and Nigeria.

Corn cash and futures prices were higher at the close of last week. Cash prices gained $0.03 to close at $3.99 per bushel, and futures prices gained $0.02 to close at $3.89 per bushel. Net sales of 748,200 MT for 2015-2016 were up 76 percent from the previous week. Increases reported for Mexico, Egypt and Colombia.

This week’s Drought Monitor for Texas showed worsening drought conditions for the state, with 65 percent of Texas still in some stage of drought intensity. On the national level, drought conditions also worsened, with 55 percent of the U.S. experiencing abnormal dryness or some degree of drought.