Texas Daily Ag Market News Summary 02/05/16

Posted 8 years 86 days ago by

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

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

Cotton futures lower.

Grains and soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 higher per cwt. Feeder cattle futures were $2.70 lower, closing at $153.82 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $2.43 to close at $220.60 per cwt; select grade dropped $1.97 to close at $216.51 per cwt. Fed cattle futures were $1.02 lower, closing at $136.05 per cwt. Estimated cattle harvest for the week totaled 499,000 head down 50,000 from last week and 40,000 from last year. Year-to-date harvest is down 7.5%. For the time period January 22-28 Net sales totaled 9,500 metric tons (MT) for 2016 and were reported for South Korea, Japan and Hong Kong. Exports totaled 12,400 MT--a marketing-year high—and were up six percent from the previous week and 24 percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were mixed with cash prices remaining at 58.37 cents per pound; March futures dropped 0.26 cents to close at 59.97 cents per pound. Net upland sales totaled 251,600 round bales (RB) for 2015/2016 and were up 96 percent from the previous week and 75 percent from the prior four-week average. Increases were reported for Turkey, Vietnam and Pakistan. Exports totaled 233,500 RB--a marketing-year high—and were up 49 percent from the previous week and 75 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Mexico.

Corn prices were mixed with cash prices remaining at $3.72 per bushel; March futures prices dropped $0.03, to close at $3.66 per bushel. Net sales totaled 1,129,100 MT for 2015/2016 and were up 38 percent from the previous week and 56 percent from the prior four-week average. Increases were reported for Mexico, Colombia and Japan. Exports totaled 660,700 MT and were up two percent from the previous week and 19 percent from the prior four-week average. The primary destinations were Mexico, Colombia and South Korea. Grain Sorghum cash prices were lower, losing $0.05 to close at $5.64 per cwt.

Wheat prices were lower with cash prices losing $0.05 to close at $3.69 per bushel; March futures prices lost $0.06 to close at $4.54 per bushel. Net sales totaled 66,200 MT--a marketing-year low--for delivery in marketing year 2015/2016 and were down 78 percent from the previous week and 74 percent from the prior four-week average. Increases were reported for Yemen, Mexico and Trinidad. Exports totaled 230,300 MT and were down 26 percent from the previous week and 34 percent from the prior four-week average. The primary destinations were South Korea, the Philippines and Japan.

Milk prices were lower with February Class III milk futures losing $0.10 to close at $13.83 per cwt.

Stock markets were lower today, as the jobs report showed slowing growth and a sharp selloff of in technology shares. Crude oil prices were lower losing $0.83 to close at $30.89 per barrel.

Daily Market Summary Data 02/05/16

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