Texas Daily Ag Market News Summary 01/12/16

Posted 8 years 320 days ago by

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

Fed cattle cash trade inactive; Formula trades higher; Futures lower; Beef prices lower.

Cotton higher.

Grains and soybeans higher.

Crude oil lower; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported priced steady to $5 lower per cwt. Feeder cattle futures were $0.77 higher, closing at $160.22 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $0.14 to close at $235.18 per cwt; select grade losing $1.46 to close at $227.61 per cwt. Fed cattle futures were $0.62 lower, closing at $131.60 per cwt. Estimated cattle harvest for the week totaled 221,000 head, up 13,000 from last week and down 1,000 from last year’s total.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 60.37 cents per pound; March futures prices were higher, gaining 0.09 cents, to close at 61.59 cents per pound.

Corn prices were higher with cash and futures prices both gaining $0.05 to close at $3.60 and $3.57 per bushel, respectively. Grain sorghum cash prices were higher, gaining $0.07 to close at $5.47 per cwt.

Wheat prices were higher with cash prices gaining $0.18 to close at $3.90 per bushel; March futures prices gained $0.19, to close at $4.81 per bushel.

Stock markets were higher today, as investors bought consumer, technology and health-care shares. Crude oil prices were lower, losing $0.97 to close at $30.44 per barrel.

Daily Market Summary Data 01/12/16

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From Weekly Recap:

AUSTIN – (Jan. 11, 2015) For the week ending Jan. 8, 2016, Texas feeder cattle auction reported prices $2 to $25 higher per cwt. Wholesale Beef values were higher, with Choice Grade gaining $14.14 to close at $232.20 per cwt and Select Grade gaining $15.97 to close at $226.98 per cwt. For the time period of December 25-31, net sales totaled 6,100 metric tons (MT) for 2016, and increases were reported for South Korea, Japan and Mexico. Exports totaled 9,200 MT and went primarily to Japan, South Korea and Hong Kong.

Cotton prices were lower at the end of last week, with cash prices losing 1.50 cents to close at 59.87 cents per pound. March futures prices were lower as well, losing 1.21 cents to close at 61.40 cents per pound. Net upland sales totaled 82,800 round bales (RB) for 2015-2016 and were down 22 percent from the previous week and 18 percent from the prior four-week average. Increases were reported for China, Pakistan and Turkey. Exports totaled 10,500 RB and were up 33 percent from the previous week and 16 percent from the prior four-week average. The primary destinations were China, Turkey and India.

Wheat prices were higher at the end of last week, with cash prices gaining $0.19 to close at $3.83 per bushel. March futures prices also gained $0.19 to close at $4.73 per bushel. Net sales totaled 76,500 MT — a marketing-year low — for delivery in the 2015-2016 marketing year. Sales were reported for Japan, China and the Philippines. Exports totaled 274,500 MT and were up eight percent from the previous week but down nine percent from the prior four-week average. The primary destinations were Japan, the Philippines and Nigeria.

Corn prices were higher at the end of last week, with corn cash prices gaining $0.06 to close at $3.61 per bushel. March futures prices gained $0.05 to close at $3.57 per bushel. Net sales totaled 252,900 MT for 2015-2016 and were down 64 percent from the previous week and 68 percent from the prior four-week average. Increases were reported for Mexico, Colombia and Peru. Exports totaled 357,800 MT and were down 36 percent from the previous week and 39 percent from the prior four-week average. The primary destinations were Mexico, Colombia and Peru.

This week’s U.S. Drought Monitor for Texas showed an improvement in drought conditions for the state, with only 1.69 percent of Texas still in some stage of drought intensity, down 2.83 percentage points from last week. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions improved slightly as well, with 31.43 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 1.58 percentage points from last week.