Texas Daily Ag News Market Summary 10/9/15

Posted 9 years 51 days ago by

Feeder cattle auction quoted prices of $2 to $9 higher; futures higher.

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

Cotton cash lower; futures steady.

Grains and soybeans lower.

Crude oil higher; natural gas higher.

Stock markets higher.

Texas feeder cattle auctions quoted prices of $2 to $9 higher. Feeder cattle futures were $1.10 higher, closing at $188.97 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were mixed, with Choice grade losing $0.61 and Select grade gaining $0.43 settling at $203.00 and $197.89 per cwt, respectively. Estimated cattle harvest for the week totaled 544,000 head, down 13,000 from last week’s total and down 9,000 from a year ago. Year-to-date harvest is down 1.6%. Fed cattle futures were $0.40 lower, closing at $130.77 per cwt. Net sales of 8,300 MT for 2015 were down 6 percent from the previous week and 31 percent from the prior 4-week average. Increases were reported for Japan, Mexico and South Korea. Exports of 11,600 MT were up 5 percent from the previous week and 12 percent from the prior 4-week average. The primary destinations were Hong Kong, Japan and South Korea.

Cotton prices were mixed with cash prices lost 0.25 cents, closing at 59.62 cents per pound. Futures prices were steady settling 61.61 cents per pound. Net upland sales totaling 206,900 RB for 2015/2016 were up 76 percent from the previous week and up noticeably from the prior 4-week average. Increases were reported for Mexico, Vietnam and Turkey. Exports of 126,600 RB were up 80 percent from the previous week and 35 percent from the prior 4-week average. The primary destinations were Indonesia, Mexico and Turkey

Corn and grain sorghum prices were lower, with corn cash prices losing $0.09 and futures prices losing $0.08 settling at $3.92 and $3.83 per bushel, respectively. Grain sorghum cash prices lost $0.16 to settle at $6.03 per cwt. Net sales of 519,700 MT for 2015/2016 were down 31 percent from the previous week. Increases reported for Mexico, Panama and Bangladesh. Exports of 489,900 MT were down 40 percent from the previous week. The primary destinations were Mexico, Japan and Bangladesh.

Wheat prices were lower with cash and futures prices both losing $0.04 settling at $4.18 per bushel and $5.00 per bushel, respectively. Net sales of 288,200 metric tons for delivery in marketing year 2015/2016 were up noticeably from the previous week and 12 percent from the prior 4-week average. Increases were reported for Thailand, South Korea and the Philippines. Exports of 567,500 MT were unchanged from the previous week, but up 2 percent from the prior-4 week average. The primary destinations were Thailand, Japan and the Philippines.

Stock markets closed higher yesterday, as signs continuing to show that interest rates will not be raised this year. Crude oil prices closed $0.20 higher yesterday, settling at $49.63 per barrel.

Daily Market News Summary Data 10/9/15

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