Texas Daily Ag Market News Summary 04/08/16

Posted 8 years 233 days ago by

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

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

Cotton higher.

Grains and Soybeans higher.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 lower. Texas Weekly Direct reported prices of steady to $3 lower. Feeder cattle futures were $1.75 higher, closing at $155.90 per hundredweight (cwt). The Texas fed cattle cash trade was higher today, gaining $0.34 to close at $133.50 per cwt. Whole sale boxed beef values were mixed with choice grade gaining $0.06, to close at $214.80 per cwt and select grade losing $0.66 to close at $205.25 per cwt. Fed cattle futures were $1.92 higher, closing at $134.37 per cwt. Estimated cattle harvest for the week totaled 436,000 head up 5,000 from last week and 27,000 from last year’s total. For the time period of March 25-31, 2016 exporters reported net sales of 11,300 metric tons (MT) for 2016, which were down 60 percent from the previous week and 17 percent from the prior four-week average. Increases were reported for Japan, South Korea and Mexico. Exports totaled 11,600 MT, which were up 19 percent from the previous week and five percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were higher with cash prices gaining 1.00 cents to close at 55.87 cents per pound and May futures gaining 1.04 cents to close at 60.07 per pound. Net upland sales totaled 210,900 round bales (RB) for 2015-2016, which were up noticeably from the previous week and 45 percent from the prior four-week average. Increases were reported for Vietnam, China and Turkey. Exports totaled 331,400 RB--a marketing-year high, which were up 72 percent from the previous week and 59 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and China.

Corn prices were steady with cash and May futures prices both remaining at $3.64 and $3.62 per bushel, respectively. Net sales totaled 945,200 MT for 2015-2016, which were up 20 percent from the previous week, but down five percent from the prior four-week average. Increases were reported for Mexico, Japan and Taiwan. Exports totaled 1,137,500 MT, which were unchanged from the previous week, but up 12 percent from the prior four-week average. The primary destinations were Mexico, South Korea and Colombia. Grain Sorghum cash prices were higher, gaining $0.03 to close at $5.22 per cwt.

Wheat prices were higher with cash prices gaining $0.05 to close at $3.85 and May wheat futures gaining $0.06 to close at $4.60 per bushel. Net sales reductions of 58,100 MT for delivery in marketing year 2015-2016, which were down noticeably from the previous week and from the prior four-week average. Increases reported for Taiwan, Malaysia and Mexico. Exports totaled 392,700 MT, which were up 15 percent from the previous week and three percent from the prior four-week average. The primary destinations were Indonesia, Nigeria and Mexico.

Milk prices were higher with April Class III Milk futures gaining $0.02 to close at $13.74 per cwt.

Stock Markets were higher today, but still remain in negative territory for the week. Crude oil prices were higher, with May Crude oil futures gaining $2.46 to close at $39.72 per barrel.

Daily Market Summary Data 04/08/16

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