Texas Daily Ag Market News Summary 02/02/16

Posted 8 years 299 days ago by

Feeder cattle auctions reported steady prices; Futures higher.

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

Cotton futures higher.

Grains and soybeans higher.

Milk futures steady.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported steady prices. Feeder cattle futures were $0.08 higher, closing at $157.85 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $1.95 to close at $222.47 per cwt; select grade gained $1.97 to close at $217.63 per cwt. Fed cattle futures were $0.05 higher, closing at $135.72 per cwt. Estimated cattle harvest for the week totaled 191,000 head down 33,000 from last week and 29,000 from last year. Year-to-date harvest is down 13%. For the time period of January 25-31 the USDA NASS Field Office reported that pastures continued to progress, as livestock producers across the state continued supplemental feeding. Feral hogs were active in areas of the Blacklands and North East Texas. Dry conditions and low humidity levels caused wildfire concerns in areas of the Southern Low Plains

Cotton prices were mixed with cash prices remaining at 60.62 cents per pound; March futures gained 0.51 cents to close at 62.30 cents per pound. For the time period of January 25-31 the USDA NASS Field Office reported statewide cotton harvest was 97 percent complete, 3 points behind normal. Some producers in areas of the Blacklands began applying fertilizer in preparation for corn seeding

Corn prices were higher with cash prices gaining $0.01 to close at $3.77 per bushel; March futures prices gained $0.02, to close at $3.73 per bushel. Grain Sorghum cash prices were higher, gaining $0.03 to close at $5.76 per cwt. For the time period of January 25-31 the USDA NASS Field Office reported that some producers in areas of the Blacklands began applying fertilizer in preparation for corn seeding.

Wheat prices were lower with cash prices losing $0.01 to close at $3.80 per bushel; March futures prices lost $0.02 to close at $4.69 per bushel. For the time period of January 25-31 the USDA NASS Field Office reported that the winter wheat and oats continued to progress, with some producers in areas of South Texas beginning to irrigate wheat and oat fields due to dry conditions. However, overall conditions were rated mostly good to fair.

Milk prices were steady with Class III milk remaining at $13.73 per cwt.

Stock markets were lower today, following the second straight day of falling crude oil prices. Crude oil prices were lower losing $1.74 to close at $29.88 per barrel.

Daily Market Summary Data 02/02/16

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From Weekly Recap:

AUSTIN – (Feb. 1, 2016) For the week ending Jan. 29, 2016, Texas feeder cattle auction reported prices steady to $14 higher with one instance of $2 to $4 lower per cwt. Wholesale Beef values were lower, with Choice Grade losing $5.03 to close at $218.76 per cwt and Select Grade losing $1.81 to close at $217.13 per cwt. For the time period January 15-21, 2016 exporters reported net sales of 19,600 metric tons (MT) for 2016 and were reported for Japan, Hong Kong and South Korea.

Cotton prices were lower at the end of last week, with cash prices losing 0.63 cents to close at 59.87 cents per pound. March futures prices were lower, losing 0.47 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.

Wheat prices were lower at the end of last week, with cash prices losing $0.03 to close at $3.86 per bushel. March futures prices were lower, losing $0.02 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.

Corn prices were higher at the end of last week, with corn cash prices gaining $0.02 to close at $3.77 per bushel; March futures prices also gained $0.02 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.

Milk prices were higher at the close of last week, with January Class III milk futures gaining $0.01 to close at $13.73 per cwt.

This week’s U.S. Drought Monitor for Texas showed a slight worsening in drought conditions for the state, with only 1.95% of Texas still in some stage of drought intensity, up 0.26 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, with 28% of the U.S. experiencing abnormal dryness or some degree of drought, down .75 percentage points from last week.