Texas Daily Ag Market News Summary 03/29/16

Posted 8 years 243 days ago by

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

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

Cotton lower.

Grains and soybeans higher.

Milk futures steady.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $5 lower. Feeder cattle futures were $4.60 lower, closing at $156.07 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $0.22, to close at $225.06 per cwt and select grade losing $0.79 to close at $216.84 per cwt. Fed cattle futures were $0.25 lower, closing at $134.85 per cwt. Estimated cattle harvest for the week totaled 210,000 head down 11,000 from last week and 9,000 from last year’s total. Year-to-date harvest is down 4.1%.

Cotton prices were lower with cash prices losing 0.50 cents to close at 54.37 cents per pound and May futures losing 0.42 cents to close at 57.38 cents per pound.

Corn prices were higher with cash prices gaining $0.03 to close at $3.75 per bushel and futures prices gaining $0.02 to close at $3.73 per bushel. Grain Sorghum cash prices were higher, gaining $0.05 to close at $5.41 per cwt.

Wheat prices were higher with cash and futures prices both gaining $0.05 to close at $4.06 and $4.77 per bushel, respectively.

Milk prices were steady with March Class III Milk futures remaining at $13.77 per cwt.

Stock markets were higher today as the dollar fell and the head of the Federal Reserve said that due to recent global uncertainty the Federal Reserve will be taking a cautious with the raising of interest rates. Crude oil prices were lower, with May Crude oil futures losing $0.07, to close at $39.39 per barrel.

Daily Market Summary Data 03/29/16

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From Weekly Recap:

AUSTIN – (March 28, 2016) For the week ending March 25, 2016, Texas feeder cattle auctions reported prices steady to $10 lower, with a few instances of steady to $5 higher. Wholesale Beef values were lower, with Choice Grade losing $4.96 to close at $224.84 per hundredweight (cwt) and Select Grade losing $3.36 to close at $217.31 per cwt. For the time period of March 14-20, the USDA NASS Field Office reported that livestock conditions continued to progress as supplemental feeding continued across the state. Warmer temperatures and recent rainfall have helped pasture conditions improve and tank levels stabilize in areas of the Blacklands and Northeast Texas. Feral hog damage continued to be a problem in Northeast Texas. For the period of March 11-17, 2016 exporters reported that net sales totaled 3,900 metric tons (MT), 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 at the end of last week, with cash prices losing 0.50 cents to close at 54.87 cents per pound and March futures prices losing 0.45 cents to close at 57.72 cents per pound. The USDA NASS Field Office reported cotton planting was active in areas of the Upper Coast and Coastal Bend, as some cotton producers in the northern part of the state continued field preparations. Net upland sales totaled 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.

Wheat prices were lower at the end of last week, with cash and futures prices both losing $0.03 to close at $3.96 and $4.72 per bushel, respectively. The USDA NASS Field Office reported that increased moisture from recent rainfall benefited Winter Wheat development in areas of the Cross Timbers, Edwards Plateau, and South Texas. However, Winter Wheat in areas of the Southern High Plains and Coastal Bend showed signs of rust. Net sales totaled 368,900 MT for delivery in 2015-2016 marketing year, 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. Exports totaled 355,900 MT which were down 15 percent from the previous week and two percent from the prior four-week average. The primary destinations were the Philippines, Thailand and Japan.

Corn prices were steady at the end of last week, with cash and futures prices remaining at $3.72 and $3.70 per bushel, respectively. The USDA NASS Field Office reported that corn producers in areas of the Southern Low Plains commenced planting, while corn and sorghum were emerging in areas of the Blacklands and south East Texas. Net sales totaled 803,200 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. Grain sorghum cash prices were higher, gaining $0.01 to close at $5.35 per cwt.

Milk prices were lower at the close of last week, with Class III milk futures losing $0.06 to close at $13.77 per cwt.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 14.36 percent 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 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 1.25 percentage points from last week.