Texas Daily Ag Market News Summary 12/15/15

Posted 8 years 348 days ago by

Feeder cattle auctions reported prices steady to $5 lower; futures higher.

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

Cotton lower.

Grains and soybeans lower.

Crude oil higher; natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $5 lower. Feeder cattle futures were $0.37 higher, closing at $148.52 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were mixed with choice grade losing $1.57 to close at $197.21 per cwt; select grade gained $0.08 to close at $186.81 per cwt. Fed cattle futures were $0.78 higher, closing at $120.30 per cwt. Estimated cattle harvest for the week totaled 226,000 head, up 2,000 from last week and 2,000 from last year’s total.

Cotton prices were lower with cash prices losing 0.04 cents to close at 61.83 cents per pound; March futures prices were down 0.07 cents to close at 63.31 cents per pound.

Corn prices were lower with cash prices losing $0.02 to close at $3.81 per bushel; March corn futures prices were down $0.01 to close at $3.77 per bushel. Grain Sorghum cash prices were down $0.03 to close at $5.84 per cwt.

Wheat prices were higher with cash and futures prices both gaining $0.05 to close at $4.02 and $4.92 per bushel, respectively.

Stock markets were higher today, continuing to follow the trend in oil prices. Crude oil prices were higher, gaining $1.04 closing at $37.35 per barrel.

Daily Market Summary Data 12/15/15

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From Recap:

AUSTIN – (Dec. 14, 2015) For the week ending Dec. 12, 2015, Texas auctions quoted feeder cattle prices $1 to $20 lower. Wholesale beef values were lower, with Choice Grade losing $0.37 to close at $202.50 per cwt and Select Grade losing $3.93 to close at $186.43 per cwt. Estimated cattle harvest for the week totaled 560,000 head, which was up 18,000 from last week and 6,000 from last year. Net beef sales totaled 7,500 metric tons (MT) for 2015 and were up 40 percent from the previous week but down 15 percent from the prior four-week average. Increases were reported for Japan, South Korea and Hong Kong. Exports totaled 12,900 MT and were up 15 percent from the previous week and five percent from the prior four-week average. The primary destinations were Japan, Hong Kong and South Korea.

Cotton cash prices were lower at the end of the week, losing 0.75 cents to close at 62.12 cents per pound. December futures prices were higher, gaining 1.31cents to close at 63.71 cents per pound. Net upland sales totaled 78,700 round bales (RB) for 2015-2016, which was down 73 percent from the previous week and 64 percent from the prior four-week average. Increases were reported for Turkey, South Korea and China. Exports of 111,800 RB were up 39 percent from the previous week and 51 percent from the prior four-week average. The primary destinations were Mexico, Vietnam and Turkey.

Wheat prices were higher at the close of last week, with cash prices gaining $0.08 to close at $3.93 per bushel. December futures prices gained $0.06 to close at $4.68 per bushel. Net sales totaled 225,100 MT for delivery in the 2015-2016 marketing year. Sales were down 43 percent from the previous week and 45 percent from the prior four-week average. Increases were reported for Japan, Nigeria and Taiwan. Exports totaled 215,000 MT and were down 46 percent from the previous week and 31 percent from the prior four-week average. The primary destinations were Taiwan, Mexico and Ecuador.

Corn prices were higher at the close of last week. Corn cash prices gained $0.02 to close at $3.79 per bushel, and December futures prices gained $0.04 to close at $3.73 per bushel. Net sales totaled 1,095,300 (MT) for 2015-2016, which was up noticeably from the previous week and 11 percent from the prior four-week average. Increases were reported for Mexico, Colombia and South Korea. Exports totaled 549,800 MT, which was up 47 percent from the previous week and 41 percent from the prior four-week average. The primary destinations were Mexico, Japan and Colombia.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with only 2.83 percent of Texas still in some stage of drought intensity. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions improved slightly, with 35 percent of the U.S. experiencing abnormal dryness or some degree of drought.