Texas Daily Ag Market News Summary 01/29/16

Posted 8 years 303 days ago by

Feeder cattle auctions prices steady to $4 higher; Futures lower.

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

Cotton lower.

Grains and soybeans higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $4 higher per cwt. Texas Weekly Direct reported prices $1 to $5 higher per cwt. Feeder cattle futures were $4.05 lower, closing at $157.25 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were mixed with choice grade losing $1.36 to close at $218.76 per cwt; select grade gained $1.70 to close at $217.13 per cwt. Fed cattle futures were $0.12 lower, closing at $135.30 per cwt. Estimated cattle harvest for the week totaled 549,000 head, up 3,000 from last week and down 7,000 from last year’s total. Year-to-date harvest is down 1%. For the period January 15-21, 2016 Exporters reported Net sales totaled 19,600 metric tons (MT) for 2016 and were reported for Japan, Hong Kong and South Korea.

Cotton prices were lower with cash prices losing 0.25 cents to close at 59.87 cents per pound; March futures dropped 0.23 cents to close at 61.13 cents per pound. Net upland sales totaled 128,300 round bales (RB) for 2015/2016 and were down 34 percent from the previous and eight percent from the prior four-week average. Increases were reported for Turkey, Vietnam and Indonesia. Exports totaled 157,100 RB and were up 16 percent from the previous week and 17 percent from the prior four-week average. The primary destinations were Turkey, Vietnam and Mexico.

Corn prices were higher with cash prices gaining $0.07 to close at $3.77 per bushel; March futures prices were higher, gaining $0.06 to close at $3.72 per bushel. Net sales totaled 817,000 MT for 2015/2016 and were down 29 percent from the previous week, but up 17 percent from the prior four-week average. Increases were reported for Mexico, Japan and Saudi Arabia. Exports totaled 648,700 MT and were up 14 percent from the previous week and 22 percent from the prior four-week average. The primary destinations were Japan, Mexico and Peru. Grain Sorghum cash prices were higher gaining $0.12 to close at $5.72 per cwt.

Wheat prices were higher with cash prices gaining $0.07 to close at $3.86 per bushel; March futures prices gained $0.07 to close at $4.72 per bushel. Net sales totaled 294,200 MT for delivery in marketing year 2015/2016 and were down 19 percent from the previous week, but up nine percent from the prior four-week average. Increases were reported for Japan, Indonesia and South Korea. Exports totaled 311,400 MT and were up 21 percent from the previous week, but down seven percent from the prior four-week average. The primary destinations were Japan, Colombia and Mexico.

Stock markets were higher today, as the Japanese government decided to cut interests rates. Crude oil prices were higher gaining, $0.40 to close at $33.62 per barrel.

Daily Market Summary Data 01/29/16

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