Texas Daily Ag Market News Summary 03/04/16

Posted 8 years 61 days ago by

Feeder cattle auctions reported prices $2 to $5 higher with instances of $1 to $4 lower; Futures higher.

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

Cotton higher.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices $2 to $5 higher with instances of $1 to $4 lower. Texas Weekly Direct reported prices steady to $4 higher. Feeder cattle futures were $0.90 higher, closing at $158.50 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $1.22 to close at $220.97 per cwt; select grade gaining $0.35 to close at $211.99 per cwt. Fed cattle futures were $0.90 higher, closing at $136.35 per cwt. Estimated cattle harvest for the week totaled 525,000 head up 1,000 from last week and down 7,000 from last year’s total. Year-to-date harvest is down 1.4%. For the time period February 19-25, 2016 exporters reported that net sales totaled10,200 metric tons (MT) for 2016 and were down 18 percent from the previous week, but up two percent from the prior four-week average. Increases were reported for Japan, South Korea and Mexico. Exports totaled 10,500 MT and were up two percent from the previous week, but down seven percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton cash prices were higher, gaining .50 cents to close at 54.87 cents per pound; March futures gained 0.51 cents to close at 58.93 cents per pound. Net upland sales totaled 173,900 round bales RB for 2015/2016 and were up 57 percent from the previous week, but down 23 percent from the prior four-week average. Increases were reported for Turkey, Vietnam and Mexico. Exports totaled 197,100 RB and were up 15 percent from the previous week and five percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Thailand.

Corn prices were mixed with cash prices remaining at $3.59 per bushel; March corn futures were higher, picking up $0.01 to close at $3.55 per bushel. Net sales totaled 1,097,600 MT for 2015/2016 and were up 18 percent from the previous week and 25 percent from the prior four-week average. Increases were reported for Colombia, Mexico and Japan. Exports totaled 789,800 MT and were down nine percent from the previous week, but up 13 percent from the prior four-week average. The primary destinations were South Korea, Mexico and Japan. Grain Sorghum prices were steady remaining at $5.11 per cwt. Net sales totaled 39,000 MT for 2015/2016 and were down 10 percent from the previous week and 75 percent from the prior four-week average. Increases were reported for China and Mexico. Exports totaled 107,000 MT and were down 51 percent from the previous week and 46 percent from prior four-week average. The destinations were China and Mexico.

Wheat prices were mixed with cash prices remaining at $3.90 per bushel; March futures gained $0.08 to close at $4.58 per bushel. Net sales totaled 344,300 MT for delivery in marketing year 2015/2016 and were down 11 percent from the previous week, but up 42 percent from the prior four-week average. Increases were reported for Mexico, South Korea and Ecuador. Exports totaled 388,000 MT and were up 69 percent from the previous week and 32 percent from the prior four-week average. The primary destinations were Mexico, South Korea, the Philippines.

Milk prices were higher with April Class III Milk futures gaining $0.01 to close at $13.78 per cwt.

Stock markets were higher today, pushing up to within 2% of where they started the year at, as Friday’s job report revealed that more jobs were created than originally expected. Crude oil prices were higher, gaining $1.35 to close at $35.92 per barrel.

Daily Market Summary Data 03/04/16

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