Texas Daily Ag Market News Summary 11/24/15

Posted 9 years 5 days ago by

Feeder cattle auction quoted steady prices; futures lower.

Fed cattle cash trade was inactive; futures lower; Beef prices higher.

Cotton futures higher.

Grains and soybeans lower.

Crude oil higher; natural gas lower.

Stock markets higher.

Texas feeder cattle auctions quoted steady prices. Feeder cattle futures were $0.73 lower, closing at $164.67 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $1.02 closing at $203.82 per cwt; select grade gained $1.19 closing at $192.24 per cwt. Fed cattle futures were $1.92 lower, closing at $130.25 per cwt. Estimated cattle harvest for the week totaled 219,000 head, up 6,000 from last week and down 12,000 from last year. Year-to-date harvest is down 5%.

Cotton cash prices were steady remaining at 60.63 cents per pound; December futures gained 0.44 cents closing at 60.60 cents per pound.

Corn and grain sorghum prices were lower, with corn cash and futures prices both losing $0.03 to closing at $3.74 and $3.64 per bushel, respectively. Grain sorghum cash prices were lower, losing $0.06 closing at $5.70 per cwt.

Wheat prices were lower with cash and futures prices both losing $0.07 closing at $3.78 and $4.58 per bushel, respectively.

Stock markets were higher today, brought up by gains in energy shares. Crude oil prices were higher, gaining $1.12 closing at $42.87 per barrel.

Daily Market Summary Data 11/24/15

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From Weekly Recap:

AUSTIN – (Nov. 23, 2015) For the week ending Nov. 21, 2015, Texas auctions quoted feeder cattle prices $3 to $15 lower, with one instance of $5 to $7 higher. Wholesale beef values were lower, with Choice Grade losing $5.90 to close at $203.14 per cwt and Select Grade losing $5.04 to close at $190.95 per cwt. For the period of Nov. 6-12, 2015, net sales of beef totaled 11,700 metric tons (MT) and were up 45 percent from the previous week and up noticeably from the prior four-week average. Increases were reported for Japan, South Korea and Mexico. Exports totaled 12,300 MT and were down eight percent from the previous week and two 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 0.49 cents and closing at 61.12 cents per pound. December futures prices were lower, losing 1.74 cents to settle at 60.04 cents per pound. Net upland sales totaled 194,400 round bales (RB) for 2015-2016 and were up 52 percent from the previous week and 74 percent from the prior four-week average. Increases were reported for Turkey, Thailand and Vietnam. Exports totaled 53,800 RB — a marketing-year low — and were down 24 percent from the previous week and 41 percent from the prior four-week average. The primary destinations were Mexico, Indonesia and South Korea. For the period of Nov. 9-15, the USDA NASS Field Office reported that the cotton harvest continued in areas of the Plains, Trans-Pecos and Cross Timbers. High winds experienced in areas of the Southern High Plains caused minor delays. Cotton harvest is currently at 56 percent, which is 11 points above previous year and nine points behind normal.

Wheat prices were lower at the close of last week, with cash prices losing $0.09 to settle at $3.76 per bushel. Futures prices lost $0.11 to settle at $4.57 per bushel. Net sales totaled 721,900 MT for delivery in the 2015-2016 marketing year. This is up noticeably from the previous week and prior four-week average. Increases were reported for Thailand, Nigeria and Taiwan. Exports totaled 347,000 MT and were up 45 percent from the previous week and 46 percent from the prior four-week average. The primary destinations were the Philippines, Nigeria and Japan. The USDA NASS Field Office reported that the winter wheat and oat seeding continued in many areas of the state. Areas of the Northern Low Plains experienced delays due to wet field conditions. Armyworms caused damage in some areas of South Central Texas.

Corn prices were higher at the close of last week. Corn cash prices gained $0.05 to close at $3.73 per bushel, and futures prices gained $0.03 to settle at $3.63 per bushel. Net sales of totaled 779,800 MT for 2015-2016 — a marketing-year high — and were up 26 percent from the previous week and 46 percent from the prior four-week average. Increases were reported for Mexico, Japan and South Korea. Exports totaled 389,000 MT, which is up 44 percent from the previous week but down three percent from the prior four-week average. The primary destinations were Mexico, Japan and Peru. The USDA NASS Field Office reported that the corn and sorghum harvest has progressed in the areas of the High Plains. Corn harvest is currently at 92 percent, four points behind previous year and six points behind normal.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with less than 10 percent of Texas still in some stage of drought intensity, down .26 percentage points from last week. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions worsened slightly, with 56 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 1.49 percentage points from last week.