Texas Daily Ag Market News Summary 02/19/16

Posted 8 years 282 days ago by

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

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

Cotton futures higher.

Grains and soybeans mixed.

Milk futures lower.

Crude oil lower; Natural gas lower.

Stock markets .

Texas feeder cattle auctions reported prices steady to $5 higher, Texas Weekly Direct reported prices steady to $1 higher. Feeder cattle futures were $0.60 lower, closing at $155.87 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $1.73 to close at $211.66 per cwt; select grade dropped $1.12 to close at $208.15 per cwt. Fed cattle futures were $0.22 higher, closing at $135.37 per cwt. Estimated cattle harvest for the week totaled 507,000 head down 28,000 from last week and 12,000 from last year. Year-to-date harvest is down 2.4%. For the time period February 5-11 exporter’s reported net sales totaled 7,600 metric tons (MT) for 2016--a marketing-year low—and were down 28 percent from the previous week and 37 percent from the prior four-week average. Increases were reported for Japan, South Korea and Mexico. Exports totaled 11,500 MT and were up four percent from the previous week and two 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 57.37 cents per pound; March futures gained 0.10 cents to close at 60.01 cents per pound. Net upland sales totaled 308,800 round bales (RB) for 2015/2016--a marketing-year high—and were up 36 percent from the previous week and 54 percent from the prior four-week average. Increases were reported for Vietnam, Turkey and South Korea. Exports totaled 163,800 RB and were down nine percent from the previous week and seven percent from the prior four-week average. The primary destinations were Vietnam, Turkey, Mexico.

Corn prices were steady with cash and futures prices both remaining at $3.69 and $3.66 per bushel, respectively. Net sales totaled 1,050,700 MT for 2015/2016 and were up noticeably from the previous week and 20 percent from the prior four-week average. Increases were reported for Colombia, Mexico and Japan. Exports totaled 728,900 MT and were up 38 percent from the previous week and 21 percent from the prior four-week average. The primary destinations were Mexico, Japan and Peru. Grain Sorghum cash prices were steady, remaining at $5.54 per cwt

Wheat prices were higher with cash and futures prices both gaining $0.04 to close at $3.72 and $4.57 per bushel, respectively. Net sales totaled 253,600 MT for delivery in marketing year 2015/2016 and were down four percent from the previous week, but up three percent from the prior four-week average. Increases were reported for Japan, the Philippines and Israel. Exports totaled 339,300 MT and were down 10 percent from the previous week, but up 15 percent from the prior four-week average. The primary destinations were Indonesia, the Philippines and Yemen.

Milk prices were lower with February Class III Milk futures losing $0.02 to close at $13.82 per cwt.

Stock markets were higher today, as investors began to buy up beaten down stocks. Crude oil prices were lower, dropping $1.12 to close at $29.64 per barrel.

Daily Market Summary Data 02/19/16

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