Texas Daily Ag Market News Summary 02/09/16

Posted 8 years 292 days ago by

Feeder cattle auctions reported prices steady to $6 lower; Futures lower.

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

Cotton lower.

Grains and soybeans lower.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $6 lower per cwt. Feeder cattle futures were $0.32 lower, closing at $149.00 per hundredweight (cwt). The Texas fed cattle cash trade was inactive toda. Whole sale boxed beef values were lower with choice grade losing $0.78 to close at $218.03 per cwt; select grade lost $2.98 to close at $213.60 per cwt. Fed cattle futures were $1.65 lower, closing at $131.40 per cwt. Estimated cattle harvest for the week totaled 218,000 head up 30,000 from last week and down 3,000 from last year. Year-to-date harvest is down 1.4%.

Cotton prices were lower with cash prices losing 1.00 cents to close at 57.12 cents per pound; March futures dropped 0.96 cents to close at 58.64 cents per pound.

Corn prices were lower with cash and futures prices both losing $0.01 to close at $3.66 and $3.61 per bushel, respective. Grain Sorghum cash prices were lower, losing $0.02 to close at $5.55 per cwt.

Wheat prices were mixed with cash prices remaining at $3.60 per bushel; March futures prices lost $0.01 to close at $4.45 per bushel.

Milk prices were higher with February Class III milk futures gaining $0.03 to close at $13.81 per cwt.

Stock markets were lower today, as investors are cautious to buy stocks in favor of safer investments. Crude oil prices were lower losing $1.75 to close at $27.94 per barrel.

Daily Market Summary Data 02/09/16

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From Weekly Recap:

AUSTIN – (Feb. 1, 2016) For the week ending Feb. 5, 2016, Texas feeder cattle auction reported prices steady to $15 higher. Wholesale Beef values were higher, with Choice gaining $0.08 to close at $220.60 per hundredweight (cwt) and Select Grade gaining $0.85 to close at $216.51 per cwt. 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. For the time period of 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. Exports 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 lower at the end of last week, with cash prices losing 2.25 cents to close at 58.37 cents per pound. March futures prices were down, losing 1.82 cents to close at 59.97 cents per pound. The USDA NASS Field Office reported statewide cotton harvest was 97 percent complete, which is three points behind normal. 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. This is up 49 percent from the previous week and 75 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Mexico.

Wheat prices were lower at the end of last week, with cash prices losing $0.12 to close at $3.69 per bushel. March futures prices were down, losing $0.13 to close at $4.54 per bushel. The USDA NASS Field Office reported that the Winter Wheat crop 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. Net sales totaled 66,200 MT — a marketing-year low — for delivery in the 2015-2016 marketing year. Sales 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.

Corn prices were lower at the end of last week, with corn cash prices losing $0.04 to close at $3.72 per bushel. March futures prices lost $0.05 to close at $3.66 per bushel. The USDA NASS Field Office reported that some producers in areas of the Blacklands have begun applying fertilizer in preparation for corn seeding. Net sales totaled 1,129,100 MT for 2015-2016. Sales 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.

Milk prices were higher at the close of last week, with February Class III milk futures gaining $0.10 to close at $13.83 per cwt.

This week’s U.S. Drought Monitor for Texas showed 2.34 percent of Texas is still experiencing some form of drought, which is up just slightly from last week. On the national level, drought conditions worsened slightly, with 28.92 percent of the U.S. experiencing abnormal dryness or some degree of drought.