Texas Daily Ag News Market Summary 10/13/15

Posted 9 years 47 days ago by

Feeder cattle auction quoted prices $2 to $6 higher; futures higher.

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

Cotton higher.

Grains and soybeans higher.

Crude oil lower; natural gas lower.

Stock markets lower.

Texas feeder cattle auctions quoted prices $2 to $6 higher. Feeder cattle futures were $0.33 higher, closing at $189.70 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were higher, with Choice grade gaining $3.16 and Select grade gaining $4.22 settling at $208.46 and $203.34 per cwt, respectively. Estimated cattle harvest for the week totaled 224,000 head, up 4,000 from last week’s total and down 2,000 from a year ago. Year-to-date harvest is down 0.88%. Fed cattle futures were $0.50 higher, closing at $132.42 per cwt.

Cotton prices were higher with cash prices gaining 2.38 cents to settle at 62.00 cents per pound and futures prices gaining 2.17 cents settling 63.86 cents per pound.

Corn and grain sorghum prices were higher, with corn cash prices gaining $0.03 and futures prices gaining $0.04 settling at $3.95 and $3.85 per bushel, respectively. Grain sorghum prices gained $0.03 to settle at $6.06 per cwt.

Wheat prices were higher with cash prices gaining $0.12 settling at $4.30 per bushel, and futures prices gaining $0.13 settling at $5.11 per bushel.

Stock markets closed lower yesterday, marking the end of a seven-session long winning streak for the Dow Jones. Crude oil prices closed $0.44 lower yesterday, settling at $46.66 per barrel.

DailyMarket News Summary Data 10/13/15

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From Weekly Recap:

AUSTIN – (Oct. 5, 2015) For the week ending Oct. 3, 2015, Texas auctions quoted feeder cattle prices $4 to $15 lower with instances of $2 to $15 higher. Wholesale beef values were lower, with Choice Grade losing $0.97 to close at $203.00 per cwt and Select Grade losing $1.16 to close at $197.89 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 cash prices were unchanged at the end of the week, closing at 59.62 cents per pound. October futures prices settled at 61.61 cents per pound, gaining 0.68 cents for the week. 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.

Wheat prices were lower at the close of last week with cash and futures prices both losing $0.02 to settle at $4.18 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.

Corn cash and futures prices were lower at the close of last week. Cash and futures prices both lost $0.11 to close at $3.92 per bushel and $3.83 per bushel, respectively. 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. .

This week’s U.S. Drought Monitor for Texas showed a worsening drought conditions for the state, with 70.30% of Texas still in some stage of drought intensity, up 4.81 percentage points from last week. Additionally, 24.66% of the state remains in severe, extreme, or exceptional drought, up 24.66 percentage points from three months ago. On the national level, drought conditions improved slightly with 51.01% of the U.S. experiencing abnormal dryness or some degree of drought, down 4.08 percentage points from last week.

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