Texas Daily Ag Market News Summary 01/05/16

Posted 8 years 328 days ago by

Feeder cattle auctions prices $5 to $20 higher; Futures higher.

Fed cattle cash trade inactive; Futures higher; Beef prices higher.

Cotton futures lower.

Grains and soybeans higher.

Crude oil lower; Natural gas lower.

Stock markets steady.

Texas feeder cattle auctions reported priced $5 to $20 higher per cwt. Feeder cattle futures were $0.15 higher, closing at $167.77 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $4.25 to close at $222.31 per cwt; select grade gained $5.60 to close at $216.61 per cwt. Fed cattle futures were $0.35 higher, closing at $136.77 per cwt. Estimated cattle harvest for the week totaled 208,000 head, up 10,000 from last week and down 8,000 from last year’s total. Year-to-date harvest is down 3%.

Cotton prices were mixed with cash prices losing 0.25 cents to close at 61.12 cents per pound; March futures prices were higher, gaining 0.07 cents, to close at 62.68 cents per pound.

Corn prices were higher with cash prices gaining $0.02 to close at $3.57 per bushel; March corn futures were higher, gaining $0.01 to close at $3.53 per bushel.

Wheat prices were higher with cash and futures prices both gaining $0.06, to close at $3.70 and $4.60 per bushel, respectively.

Stock markets were steady today, reflecting investor caution after the steep selloff to start the year yesterday. Crude oil prices were lower, losing $0.79 to close at $35.97 per barrel.

Daily Market Summary Data 01/05/16

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

From Weekly Recap:

AUSTIN – (Jan. 4, 2015) For the two-week holiday ending Jan. 2, 2016, Texas feeder cattle auction prices were not available, as reporting locations remained closed through the New Year. Wholesale Beef values were higher, with Choice Grade gaining $17.14 to close at $208.67 per cwt and Select Grade gaining $17.86 to close at $201.51 per cwt. For the time period December 18-24, net sales of beef totaled 4,000 metric tons (MT) and were up noticeably from the previous week but down 18 percent from the prior four-week average. Increases were reported for South Korea, Mexico and Canada. Exports totaled 12,400 MT, which were down 21 percent from the previous week but up one percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were higher at the end of the holidays, with cash prices gaining 0.75 cents to close at 61.87 cents per pound. March futures prices were higher, gaining 0.81 cents to close at 63.97 cents per pound. Net upland sales totaled 106,700 round bales (RB) for 2015-2016 and were down ten percent from the previous week and 27 percent from the prior four-week average. Increases were reported for Vietnam, Mexico and Indonesia. Exports totaled 7,900 RB and were down 21 percent from the previous week and 19 percent from the prior four-week average. The primary destinations were Thailand, Indonesia and Turkey.

Wheat prices were lower at the end of the holidays, with cash prices losing $0.06 to close at $3.75 per bushel, and March futures prices losing $0.05 to close at $4.66 per bushel. Net sales totaled 363,500 MT for delivery in the 2015-2016 marketing year, which were down two percent from the previous week but up 11 percent from the prior four-week average. Increases were reported for Indonesia, Italy and Mexico. Exports totaled 253,800 MT and were down 38 percent from the previous week and 25 percent from the prior four-week average. The primary destinations were Italy, Mexico and Japan.

Corn prices were lower at the end of the holidays, with corn cash prices losing $0.08 to close at $3.62 per bushel, and March futures prices lost $0.07 to close at $3.59 per bushel. Net sales totaled 705,200 MT for 2015-2016 and were down 12 percent from the previous week and three percent from the prior four-week average. Increases were reported for Mexico, Japan and Peru.

This week’s U.S. Drought Monitor for Texas showed a slight worsening in drought conditions for the state, with 4.52 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 33 percent of the U.S. experiencing abnormal dryness or some degree of drought.