Texas Daily Ag Market News Summary 1/22/16

Posted 8 years 101 days ago by

Feeder cattle auctions prices were steady to $8 lower; Futures higher.
Fed cattle cash trade inactive; Formula trades lower; Futures higher; Beef prices lower.
Cotton higher.
Grains and soybeans lower.
Crude oil higher; Natural gas higher.
Stock markets higher.

Texas feeder cattle auctions reported prices steady to $8 lower. Feeder cattle futures were $0.75 higher, closing at $159.42 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $2.84 to close at $224.83 per cwt; select grade lost $2.40 to close at $220.68 per cwt. Fed cattle futures were $1.82 higher, closing at $132.07 per cwt. Estimated cattle harvest for the week totaled 546,000 head, same from last week and up 2,000 from last year’s total. For the period January 8-14, 2016 exporters reported net sales of 8,300 metric tons (MT) for 2016, and increases were reported for South Korea, Canada, Taiwan, United Arab Emirates and Mexico. Exports totaled 9,800 MT and were primarily sent to Japan, South Korea and Hong Kong, Mexico, and Canada

Cotton cash prices were higher .25 cent, closing at 61 cents per pound; March futures were higher gaining 0.36 cent to close at 62.45 cents per pound. Net upland sales totaled 194,000 round bales (RB) for 2015/2016 and were up noticeably from the previous and 63 percent from the prior four-week average. Increases were reported for South Korea , Turkey, Pakistan, and Japan. Exports totaled 8,700 RB and were up 62 percent from the previous week and 51 percent from the prior four-week average. The primary destinations were China, Pakistan, India, Indonesia, and Egypt.

Corn prices were lower with cash price losing $0.08 to close at $3.76 per bushel; March futures prices were higher gaining $0.03 closing at $3.70 per bushel. Net sales totaled 1,157,700 MT for 2015/2016 and were up noticeably from the previous week and up 91 percent from the prior four-week average. Increases were reported for Japan, Mexico, Columbia, and Saudi Arabia. Grain sorghum prices were higher, gaining $0.11 to close at $5.72 per cwt. Net sales of 210,700 MT for 2015/2016 were reported for China and Mexico. Exports of 105,700 MT were down 61 percent from the previous week and 46 percent from prior 4-week average. The destinations were China and Mexico.

Wheat prices were lower with cash price losing $0.25 to close at $3.86 per bushel; March futures prices lost $0.01 to close at $4.71 per bushel. Net sales of 362,000 metric tons for delivery in marketing year 2015/2016 were up 32 percent from the previous week and 33 percent from the prior 4-week average. Increases were reported for Mexico, Japan, the Philippines, Guatemala, Taiwan, South Korea, and Honduras. Net sales of 75,200 MT for 2016/2017 were reported for Italy, South Korea, and the Philippines . Exports of 257,700 MT were down 53 percent from the previous week and 31 percent from the prior 4-week average. The primary destinations were Japan, Guatemala, Mexico, South Korea, and the Dominican Republic.

Stock markets were higher today and reach their first week of gains in a month, driven by a rally in some of the hardest-hit sectors of the year. Oil prices also rebounded from depressed levels, helping boost shares of energy companies. Crude oil prices were higher, gaining $2.66 to close at $32.19 per barrel.

Daily Market Summary Data 01/22/16

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