Texas Daily Ag Market News Summary 11/10/15

Posted 9 years 18 days ago by

Feeder cattle prices $5 to $20 lower; futures lower.

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

Cotton futures higher.

Grains and soybeans lower.

Crude oil higher; natural gas higher.

Stock markets slightly higher.

Texas feeder cattle auctions reported prices $5 to $20 lower per hundredweight. Feeder cattle futures were lower today, closing at $171.55 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Wholesale boxed beef values were higher, with Choice grade gaining $0.12 to settle at $216.57 per cwt and Select grade gaining $0.25 to settle at $206.94 per cwt. Estimated cattle harvest to date this week totaled 223,000 head, up 1,000 from last weeks total and 9,000 from a year ago. Fed cattle futures settled $3.60 lower at $128.32 per cwt.

Cotton cash prices were steady closing at 60.38 cents per pound, futures prices gained 0.03 cents to settle at 61.93 cents per pound.

Corn and grain sorghum prices were lower, with corn cash and futures prices both losing $0.08 to settle at $3.69 and $3.59 per bushel, respectively. Grain sorghum cash prices closed $0.13 lower at $5.62 per cwt.

Soybean futures prices were $0.09 lower, closing at $8.65 per bushel. Soybean Meal futures were $2.80 lower, closing at $292.20 per ton

Wheat prices were lower, with cash and futures prices both losing $0.13 to settle at $3.80 per bushel and $4.61 per bushel.

Stock markets closed slightly higher today, but bigger gains were canceled out by declines in technology shares. Crude oil prices gained $0.34 to close at $44.21 per barrel.

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Daily Market Summary Data 11/10/15

From Weekly Recap:

AUSTIN – (Nov. 9, 2015) For the week ending Nov. 7, 2015, Texas auctions quoted feeder cattle prices $3 to $20 higher, with incidents of $2 to $5 lower. Wholesale beef values were lower, with Choice Grade losing $3.95 to close at $215.66 per hundredweight (cwt) and Select Grade losing $5.27 to close at $207.25 per cwt. Net sales of 3,200 metric tons (MT) for 2015 were up noticeably from the previous week but down 60 percent from the prior four-week average. Increases were reported for Japan, Taiwan and Mexico. Exports of 12,100 MT were down two percent from the previous week but up one percent from the prior four-week average. The primary destinations were South Korea, Japan and Hong Kong.

Cotton cash prices were lower at the end of the week, losing 1.49 cents and closing at 60.38 cents per pound. October futures prices were lower as well, losing 1.63 cents to settle at 61.66 cents per pound. Net upland sales totaled 147,200 round bales (RB) for 2015-2016 and were up 94 percent from the previous week and 32 percent from the prior four-week average. Increases were reported for Turkey, Egypt and Vietnam. Exports of 2,500 RB — a marketing-year low — were down 65 percent from the previous week and 57 percent from the prior four-week average. The primary destinations were Egypt, Vietnam and Bangladesh. For the time period Oct. 26- Nov. 1, the USDA NASS Field Office reported that the cotton harvest made good progress early in the week in areas of the Southern Low Plains, Cross Timbers and Edwards Plateau. However, rain later in the week delayed activities in most areas. Cotton harvest is currently at 40 percent, which is nine points ahead of the previous year and three points behind normal.

Wheat prices were higher at the close of last week, with cash prices gaining $0.17 and futures prices gaining $0.07 to settle at $4.18 and $4.90 per bushel, respectively. Net sales of 84,600 MT for delivery in the 2015-2016 marketing year were down 85 percent from the previous week and 80 percent from the prior four-week average. Increases were reported for South Korea and Honduras. Exports of 176,900 MT were down 45 percent from the previous week and 52 percent from the prior four-week average. The primary destinations were Taiwan, Japan and Mexico. The USDA NASS Field Office reported that decent precipitation helped with winter wheat and oat development as seeding continued. Some delays were experienced in areas of Cross Timbers and Blacklands due to recent rains.

Corn prices were mixed at the close of last week. Corn cash prices gained $0.02 and futures prices lost $0.05 to close at $3.88 per bushel and $3.73 per bushel, respectively. Net sales of 556,000 MT for 2015-2016 were down 22 percent from the previous week but up seven percent from the prior four-week average. Increases were reported for Japan, Mexico and Peru. Exports of 492,700 MT were up 14 percent from the previous week and two percent from the prior four-week average. The primary destinations were Mexico, Colombia and Japan. The USDA NASS Field Office reported that the corn and sorghum harvest continued to progress, but delays were experienced with the rain event late in the week. Corn harvest is currently at 84 percent, one point behind previous year and 10 points behind normal.

This week’s U.S. Drought Monitor for Texas showed an improvement in drought conditions for the state, with approximately 22 percent of Texas still in some stage of drought intensity. This is down 22 percentage points from last week. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions improved as well, with nearly 48 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 5.6 percentage points from last week.