Texas Daily Ag Market News Summary 01/19/16

Posted 8 years 313 days ago by

Feeder cattle auctions prices $7 to $12 lower; Futures higher.

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

Cotton higher.

Grains and soybeans higher.

Crude oil lower; Natural gas lower.

Stock markets steady.

Texas feeder cattle auctions reported prices $7 to $12 lower. Feeder cattle futures were $2.25 higher, closing at $156.55 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $2.54 to close at $229.93 per cwt; select grade lost $3.43 to close at $223.70 per cwt. Fed cattle futures were $1.75 higher, closing at $129.30 per cwt. Estimated cattle harvest for the week totaled 219,000 head, down 2,000 from last week and down 3,000 from last year’s total.

Cotton cash prices were higher, gaining 1.00 cent to close at 61.25 cents per pound; March futures were higher gaining 1.06 cents to close at 62.47 cents per pound.

Corn prices were higher with cash price gaining $0.04 to close at $3.71 per bushel; March futures prices were higher gaining $0.05 closing at $3.68 per bushel.

Wheat prices were lower with cash price losing $0.02 to close at $3.82 per bushel; March futures prices losing $0.01 to close at $4.73 per bushel.

Stock markets were steady today, as a sharp drop in oil prices affected the market. Crude oil prices were lower losing, $0.96 to close at $28.46 per barrel.

Daily Market Summary Data 01/19/16

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

From Weekly Recap:

TDA Market Recap, Jan. 19, 2016

Contact: Lucy Nashed | (512) 463-7664 | (800) TELL-TDA

AUSTIN – (Jan. 19, 2015) For the week ending Jan. 15, 2016, Texas feeder cattle auction reported prices $2 to $10 lower with a few instances of $4 to $10 higher per hundredweight (cwt). Wholesale beef values were lower, with Choice Grade losing $2.85 to close at $232.47 per cwt and Select Grade losing $1.94 to close at $227.13 per cwt. For the time period of Jan. 1-7, 2016, exporters reported net sales of 9,000 metric tons (MT) for 2016, and increases were reported for South Korea, Japan and Mexico. Exports totaled 9,200 MT and were primarily sent to Japan, South Korea and Hong Kong.

Cotton prices were mixed at the end of last week, with cash prices gaining 0.13 cents to close at 60.25 cents per pound. March futures prices were lower, losing 0.09 cents to close at 61.41 cents per pound. Net upland sales totaled 171,000 round bales (RB) for 2015-2016 and were up noticeably from the previous week and 68 percent from the prior four-week average. Increases were reported for Vietnam, Turkey and Indonesia. Exports totaled 5,300 RB and were down 49 percent from the previous week and 51 percent from the prior four-week average. The primary destinations were India, Japan and Peru.

Wheat prices were higher at the end of last week, with cash and futures prices both gaining $0.12 to close at $3.84 per bushel and $4.74 per bushel, respectively. Net sales totaled 76,500 MT — a marketing-year low — for delivery in 2015-2016 and 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 $0.12 to close at $3.67 per bushel. March futures prices gained $0.11 to close at $3.63 per bushel. Net sales totaled 669,200 MT for 2015-2016 and were up noticeably from the previous week and 14 percent from the prior four-week average. Increases were reported for Japan, Mexico and Colombia. Grain sorghum cash prices were higher, gaining $0.19 to close at $5.59 per cwt.

This week’s U.S. Drought Monitor for Texas showed no change in drought conditions for the state, with only 1.69 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 29.54 percent of the U.S. experiencing abnormal dryness or some degree of drought.