Texas Daily Ag Market News Summary 02/26/16

Posted 8 years 275 days ago by

Feeder cattle auction quoted 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 steady.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions quoted prices steady to $4 higher. Texas Weekly Direct reported prices $1 to $5 higher. Feeder cattle futures were $0.45 lower, closing at $158.65 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Wholesale boxed beef values were lower, with Choice grade losing $1.13 and Select grade losing $1.99 settling at $217.67 and $211.99 per cwt, respectively. Estimated cattle harvest for the week totaled 524,000 head up 17,000 from last week’s total, and on par with a year ago. Fed cattle futures were $0.32 lower, closing at $137.55 per cwt.

Cotton cash prices were steady remaining at 55.37 cents per pound; March Cotton futures were 0.24 cents lower, closing at 57.92 cents per pound. For the period February 12-18, 2016 Net upland sales totaled 110,600 round bales (RB) and were down 64 percent from the previous week and 52 percent from the prior four-week average. Increases were reported for China, Indonesia and Turkey. Exports totaled 171,500 RB and were up five percent from the previous week, but down seven percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Mexico.

Corn prices were lower, with cash and futures prices both losing $0.01 to close at $3.58 and $3.55 per bushel, respectively. Net sales totaled 934,400 metric tons (MT) and were down 11 percent from the previous week, but up 10 percent from the prior four-week average. Increases were reported for Japan, Costa Rica and Colombia. Exports totaled 870,700 MT--a marketing-year high—and were up 19 percent from the previous week and 36 percent from the prior four-week average. The primary destinations were Mexico, Japan and Colombia. Grain sorghum prices were lower, losing $0.01 to close at $5.40 per cwt.

Wheat prices were lower with cash and futures prices both losing $0.03 to close at $3.60 and $4.43 per bushel, respectively. Net sales totaled 387,900 MT and were up 53 percent from the previous week and 77 percent from the prior four-week average. Increases were reported for Japan, China and Mexico. Exports totaled 230,000 MT and were down 32 percent from the previous week and 27 percent from the prior four-week average. The primary destinations were Mexico, Japan and South Korea.

Milk prices were steady with February Class III futures remaining at $13.80 per cwt.

Stock markets closed higher today, marking the second straight week of gains and pushing major indexes into the black for the month of February. Crude oil prices were $0.29 lower, closing at $32.78 per barrel.

Daily Market News Summary Data 02/26/16

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