Texas Daily Ag Market News Summary 03/24/16

Posted 8 years 248 days ago by

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

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

Cotton lower.

Grains and soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets steady.

Texas feeder cattle auctions reported prices steady to $5 lower. Feeder cattle futures were $0.43 lower, closing at $160.97 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $136.00 per cwt. Whole sale boxed beef values were lower with choice grade losing $1.34 to close at $224.84 per cwt and select grade losing $0.84 to close at $217.31 per cwt. Fed cattle futures were $0.40 higher, closing at $135.85 per cwt. Estimated cattle harvest for the week totaled 437,000 head down 5,000 from last week and up 14,000 from last year’s total. For the period March 11-17, 2016 exporters reported net sales of 3,900 metric tons (MT) for 2016--a marketing-year low—which were down 73 percent from the previous week and 66 percent from the prior four-week average. Increases reported for Canada, Mexico and South Korea. Exports totaled 11,400 MT which were down two percent from the previous week, but up four percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were lower with cash prices losing 0.75 to close at 54.87 cents per pound and May futures losing 0.67 cents to close at 57.72 cents per pound. Net upland sales of 84,400 round bales (RB) for 2015/2016 which were down 63 percent from the previous week and 51 percent from the prior four-week average. Increases were reported for Turkey, Mexico and China. Exports totaled 214,900 RB which were up 22 percent from the previous week and eight percent from the prior four-week average. The primary destinations were Turkey, Vietnam and Mexico.

Corn prices were mixed with corn cash prices remaining at $3.72 per bushel and May corn futures gaining $0.01 to close at $3.70 per bushel. Net sales totaled 803,200 metric tons (MT) for 2015/2016 which were down 35 percent from the previous week and 27 percent from the prior four-week average. Increases were reported for Japan, Colombia and Saudi Arabia. Exports totaled 997,500 MT which were up 14 percent from the previous week and 13 percent from the prior four-week average. The primary destinations were Mexico, Japan and Peru.

Wheat prices were mixed with wheat cash prices losing $0.05 to close at $3.96 per bushel and May wheat futures remaining $4.72 per bushel. Net sales totaled 368,900 MT for delivery in marketing year 2015/2016 which were up 73 percent from the previous week and 16 percent from the prior four-week average. Increases were reported for the Philippines, Thailand and Yemen.

Milk prices were lower with March Class III Milk futures losing $0.05 to close at $13.77 per cwt.

Stock markets were steady today, ending a 5-week gain streak, stocks have been hit hard from recent terror attacks and a reversal of strength of the dollar. Crude oil prices were lower, with May Crude oil futures losing $0.33, to close at $39.46 per barrel.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 14.36% of Texas in some stage of drought intensity, up 2.94 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions worsened slightly, with 34.75% of the U.S. experiencing abnormal dryness or some degree of drought, up 1.25 percentage points from last week.

Daily Market Summary Data 03/24/16

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