Texas Daily Ag Market News Summary 04/05/16

Posted 8 years 236 days ago by

Feeder cattle auctions reported prices steady to $2 lower; Futures lower.

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

Cotton futures lower.

Grains and soybeans mixed.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $2 lower. Feeder cattle futures were $4.05 lower, closing at $152.62 per hundredweight (cwt). The Texas fed cattle cash trade was active today closing at $132.53 per cwt. Whole sale boxed beef values were higher with choice grade gaining $0.19, to close at $217.70 per cwt and select grade gaining $2.97 to close at $209.20 per cwt. Fed cattle futures were $2.53 lower, closing at $130.67 per cwt. Estimated cattle harvest for the week totaled 223,000 head up 13,000 from last week and 18,000 from last year’s total. For the time period of March 28 – April 3 the USDA NASS Field Office reported that Supplemental feeding continued in the Cross Timbers and Northeast Texas. Livestock conditions were rated fair to good. Warmer weather aided pasture growth throughout the state.

Cotton prices were mixed with cash prices remaining at 55.12 per pound and May futures losing 0.06 cents to close at 58.90 cents per pound. The USDA NASS Field Office reported that producers in areas of the Northern Low Plains and the Upper Coast were finishing preparation for cotton planting, while in South Texas cotton planting was nearing completion.

Corn prices were higher with cash and May futures prices both gaining $0.02 to close at $3.59 and $3.57 per bushel, respectively. Grain Sorghum cash prices were higher gaining $0.04, to close at $5.11 per cwt. The USDA NASS Field Office reported that corn planting continued in areas of the Blacklands and sorghum planting resumed in the Coastal Bend. Corn and sorghum made good progress in the Coastal Bend, the Upper Coast, and South Texas.

Wheat prices were lower cash and futures prices both losing $0.01 to close at $3.99 and $3.57 per bushel, respectively. The USDA NASS Field Office reported that wheat progressed throughout the state, though some issues with rust and lack of moisture were reported in areas of the Northern and Southern Low Plains.

Milk prices were lower with April Class III Milk futures losing $0.03 to close at $13.72 per cwt.

Stock markets were lower for the second straight day, as investors are hesitant about the state of the global economy, instead retreating to safe haven assets. Crude oil prices were higher, with May Crude oil futures gaining $0.19, to close at $35.89 per barrel.

Daily Market Summary Data 04/05/16

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From Weekly Recap:

AUSTIN – (April 4, 2016) For the week ending April 1, 2016, Texas feeder cattle auctions reported prices steady to $5 lower, with one instance of steady to $3 higher. Texas Weekly Direct reported prices $1 to $6 lower. Wholesale Beef values were lower, with Choice Grade losing $6.17 to close at $219.11 per hundredweight (cwt) and Select Grade losing $10.70 to close at $206.93 per cwt. For the time period of March 21-27, the USDA NASS Field Office reported that livestock producers in South Texas reported that supplemental feeding was limited due to more abundant grazing. Pasture conditions improved over the past week and began greening up from recent rainfall in many areas of the state. Pasture and range conditions were rated good to fair. For the period of March 18-24, 2016, exporters reported that net sales totaled 28,400 metric tons (MT), which were up noticeably from the previous week and prior four-week average. Increases were reported for Japan, South Korea and Canada. Exports totaled 9,800 MT, which were down 14 percent from the previous week and 13 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were higher at the end of last week, with cash prices gaining 0.25 cents to close at 55.12 cents per pound and March futures prices gaining 1.40 cents to close at 59.20 cents per pound. The USDA NASS Field Office reported that cotton producers in areas of the Northern Low Plains began field preparations. Net upland sales totaled 86,400 round bales (RB) for 2015-2016, which were up two percent from the previous week but down 48 percent from the prior four-week average. Increases were reported for Turkey, Pakistan and China. Exports totaled 192,300 RB, which were down 11 percent from the previous week and eight percent from the prior four-week average. The primary destinations were Turkey, Vietnam and Indonesia.

Wheat prices were mixed at the end of last week, with cash prices losing $0.05 to close at $4.01 per bushel and May futures gaining $0.01 to close at $4.78 per bushel. The USDA NASS Field Office reported some producers in the Northern High Plains began irrigating wheat. Winter Wheat in areas of the Northern and Southern Low Plains, as well as the Cross Timbers continued to progress. However, most areas could benefit from more rainfall. Net sales totaled 317,200 MT, which were down 14 percent from the previous week but up one percent from the prior four-week average. Increases were reported for the Philippines, Thailand and Mexico. Exports totaled 342,400 MT, which were down four percent from the previous week and 13 percent from the prior four-week average. The primary destinations were Japan, Guatemala and Taiwan.

Corn prices were lower at the end of last week with cash prices losing $0.19 to close at $3.56 per bushel and May futures losing $0.17 to close at $4.78 per bushel. The USDA NASS Field Office reported corn planting continued in areas of the Southern High Plains and Blacklands. In South Texas, sorghum planting continued. Net sales totaled 790,600 MT, which were down two percent from the previous week and 27 percent from the prior four-week average. Increases were reported for Taiwan, South Korea and Japan. Exports totaled 1,136,000 MT, which were up 14 percent from the previous week and 22 percent from the prior four-week average. The primary destinations were Japan, Mexico and Colombia.

Milk prices were higher at the close of last week, with Class III milk futures gaining $0.04 to close at $13.81 per cwt.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with nearly 25 percent of Texas still in some stage of drought intensity, up 10.48 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 38.90 percent of the U.S. experiencing abnormal dryness or some degree of drought.