Texas Daily Ag Market News Summary 04/12/16

Posted 8 years 229 days ago by

Feeder cattle auctions reported prices steady to $8 lower; Futures lower.

Fed cattle cash trade inactive; Formula trades higher; Futures lower; 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 steady to $8 lower. Feeder cattle futures were $0.28 lower, closing at $155.27 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $2.86, to close at $219.31 per cwt and select grade gaining $2.59 to close at $209.64 per cwt. Fed cattle futures were $0.55 lower, closing at $133.52 per cwt. Estimated cattle harvest for the week totaled 224,000 head up 1,000 from last week and up 4,000 from last year’s total.

Cotton prices were higher with cash prices gaining 0.50 cents to close at 57.12 cents per pound and May futures gaining 0.80 cents to close at 61.51 per pound.

Corn prices were higher with cash and futures prices both gaining $0.06 to close at $3.65 and $3.63 per bushel, respectively. Grain Sorghum cash prices were higher, gaining $0.11, to close at $5.22 per cwt.

Wheat prices were higher with cash and futures prices both gaining $0.03 to close at $3.72 and $4.47 per bushel, respectively.

Milk prices were higher with April Class III Milk futures gaining $0.02 to close at $13.76 per cwt.

Stock Markets were higher today, pushed up by rising oil prices, as major producers are expected to meet and discuss the possibility of freezing production. Crude oil prices were higher, with May Crude oil futures gaining $1.81 to close at $42.17 per barrel.

Daily Market Summary Data 04/12/16

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From Weekly Recap:

AUSTIN – (April 11, 2016) For the week ending April 8, 2016, Texas feeder cattle auctions reported prices steady to $8 lower, with one instance of $2 to $4 higher. Texas Weekly Direct reported prices steady to $3 lower. Wholesale Beef values were lower, with Choice Grade losing $2.71 to close at $214.80 per hundredweight (cwt) and Select Grade losing $0.98 to close at $205.25 per cwt. 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. For the time period of March 25-31, 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 at the end of last week, with cash prices gaining 0.75 cents to close at 55.87 cents per pound and March futures prices gaining 1.11 cents to close at 60.07 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 planting in South Texas was nearing completion. 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 — and 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.

Wheat prices were mixed at the end of last week, with cash prices losing $0.15 to close at $3.85 per bushel and May futures also losing $0.15 to close at $4.60 per bushel. 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. Net sales reported reductions of 58,100 MT for delivery in the 2015-2016 marketing year. Sales 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.

Corn prices were higher at the end of last week, with cash prices gaining $0.07 to close at $3.64 per bushel and May futures gaining $0.07 to close at $3.62 per bushel. 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. 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 $0.15 to close at $5.22 per cwt.

Milk prices were lower at the close of last week, with Class III milk futures losing $0.01 to close at $13.74 per cwt.

This week’s U.S. Drought Monitor for Texas showed worsening in drought conditions for the state, with 24.84 percent of Texas still in some stage of drought intensity. None of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions improved slightly, with 34.75 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 4.15 percentage points from last week.