Texas Daily Ag Market News Summary 10/23/15

Posted 9 years 37 days ago by

Feeder cattle auction quoted prices $1 to $6 higher; futures higher.

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

Cotton higher.

Grains and soybeans slightly higher.

Crude oil lower; natural gas lower.

Stock markets lower.

Texas feeder cattle auctions quoted prices $1 to $6 higher. Feeder cattle futures were $4.50 higher, closing at $195.05 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were mixed, with Choice grade dropping $0.30 and Select grade gaining $1.03 settling at $217.17 and $210.90 per cwt, respectively. Estimated cattle harvest for the week totaled 548,000 head, down 5,000 from last week’s total, and 9,000 from a year ago. Year-to-date harvest is down 2%. Fed cattle futures were $0.77 higher, closing at $141.02 per cwt. Net sales of 9,300 MT for 2015 were down 33 percent from the previous week and 22 percent from the prior 4-week average. Increases were reported for Japan, Mexico and South Korea. Exports of 12,300 MT were up 5 percent from the previous week and 6 percent from the prior 4-week average. The primary destinations were Hong Kong, Japan and South Korea.

Cotton prices were higher with cash prices gaining 0.01 cents to settle at 60.38 cents per pound and futures prices gaining 0.24 cents settling 62.76 cents per pound. Net upland sales totaling 96,900 RB for 2015/2016 were up 44 percent from the previous week, but down 20 percent from the prior 4-week average. Increases were reported for Mexico, Pakistan and Turkey. Exports of 4,300 RB were down 42 percent from the previous week and 26 percent from the prior 4-week average. The primary destinations were India, Peru and Bangladesh.

Corn and grain sorghum prices were higher, with corn cash and futures prices both gaining $0.02 settling at $3.90 and $3.80 per bushel, respectively. Net sales of 248,000 MT for 2015/2016 were down 59 percent from the previous week and 57 percent from the prior 4-week average. Increases reported for Japan, Colombia and Mexico. Exports of 409,800 MT were down 33 percent from the previous week and 39 percent from the prior 4-week average. The primary destinations were Mexico, Colombia and Japan. Grain sorghum prices gained $0.03 to settle at $5.98 per cwt. Net sales reductions of 9,800 MT for 2015/2016 resulted as increases for China and Haiti. Exports of 259,700 MT were up 1 percent from the previous week, but down 2 percent from prior 4-week average. The primary destinations were China and Mexico.

Wheat cash prices were higher with cash prices gaining $0.01, settling at $3.95. Futures prices remained unchanged at $4.76 per bushel. Net sales of 357,500 metric tons for delivery in marketing year 2015/2016 were down 22 percent from the previous week, but up 29 percent from the prior 4-week average. Increases were reported for the Philippines, South Korea and Mexico. Exports of 211,900 MT were down 43 percent from the previous week and 60 percent from the prior 4-week average. The primary destinations were the Philippines, Taiwan and Nigeria.

Stock markets closed higher today, due to a couple factors, a rally in technology shares pushed the S&P 500 back into positive territory for the year. Loosening monetary policy in China combined with the prospect of increased stimulus from the European Central Bank also propelled stocks higher today. Crude oil prices closed $0.78 lower yesterday, settling at $44.60 per barrel.

Daily Market News Summary Data 10/23/15

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