Texas Daily Ag Market News Summary 02/23/16

Posted 8 years 278 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 mixed.

Grains and soybeans lower.

Milk futures steady.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported steady prices. Feeder cattle futures were $1.85 higher, closing at $157.02 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $1.86 to close at $215.14 per cwt; select grade gained $2.50 to close at $212.30 per cwt. Fed cattle futures were $0.53 higher, closing at $136.95 per cwt. Estimated cattle harvest for the week totaled 212,000 head up 11,000 from last week and 3,000 from last year.

Cotton prices were mixed with cash prices losing 0.75 to close at 55.87 cents per pound; March futures gained 0.43 cents to close at 58.17 cents per pound.

Corn prices were lower with cash and futures prices both losing $0.06 to close at $3.65 and $3.62 per bushel, respectively. Grain Sorghum prices were lower, dropping $0.10 to close at $5.48 per cwt.

Wheat prices were lower with cash prices losing $0.07 to close at $3.61; March futures dropped $0.08 to close at $4.46 per bushel.

Milk prices were steady with February Class III Milk futures remaining at $13.81 per cwt.

Stock markets were lower today, as commodities and bank stocks fell, erasing yesterday’s gains. Crude oil prices were higher, gaining $0.39 to close at $31.87 per barrel.

Daily Market Summary Data 02/23/16

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From Weekly Recap:

AUSTIN – (Feb. 22, 2016) For the week ending Feb. 19, 2016, Texas feeder cattle auctions reported prices steady to $5 higher, with instances of $4 lower. Wholesale Beef values were lower, with Choice Grade losing $2.83 to close at $211.66 per hundredweight (cwt) and Select Grade losing $0.92 to close at $208.15 per cwt. For the time period of Feb. 8-14, the USDA NASS Field Office reported supplemental feeding remained active across much of the state. Pastures continued to progress. In areas of the Southern Low Plains, small wildfires were contained. For Feb. 5-11, net sales totaled 7,600 metric tons (MT) for 2016 — a marketing-year low. Sales 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, which 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 at the end of last week, with cash prices losing one cent to close at 57.37 cents per pound. March futures prices were higher, picking up 0.16 cents to close at 60.01 cents per pound. The USDA NASS Field Office reported that cotton producers began planting in areas of the Lower Valley. The 2015 cotton harvest has reached 100 percent complete. 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, which were down nine percent from the previous week and seven percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Mexico.

Wheat prices were higher at the end of last week, with cash prices gaining $0.07 to close at $3.72 per bushel and March futures prices gaining $0.06 to close at $4.57 per bushel. The USDA NASS Field Office reported producers in areas of the Northern High Plains continued to top dress Winter Wheat. In areas of the Blacklands, some producers began fertilizer applications. Net sales totaled 253,600 MT for delivery in the 2015-2016 marketing year. Sales 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.

Corn prices were higher at the end of last week, with corn cash prices gaining $0.01 to close at $3.69 per bushel and March futures prices gaining $0.03 to close at $3.66 per bushel. Grain sorghum cash prices were higher, picking up $0.03 to close at $5.57 per cwt. The USDA NASS Field Office reported that corn planting was active in areas of the Coastal Bend. Some producers in the Lower Valley began corn and sorghum planting. 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.

Milk prices were lower at the close of last week, with February Class III milk futures losing $0.02 to close at $13.82 per cwt.

This week’s U.S. Drought Monitor for Texas showed significant worsening in drought conditions for the state, with 44.84 percent of Texas now in some stage of drought intensity, up 32.95 percentage points from last week. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions also worsened, with 32.25 percent of the U.S. experiencing abnormal dryness or some degree of drought.