Texas Daily Ag Market News Summary 04/19/16

Posted 8 years 222 days ago by

Feeder cattle auctions reported prices $3 to $5 lower; Futures lower.

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

Cotton futures higher.

Grains and Soybeans higher.

Milk futures steady.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices $3 to $5 lower. Feeder cattle futures were $0.40 lower, closing at $150.17 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $2.20, to close at $222.68 per cwt and select grade losing $2.04 to close at $213.94 per cwt. Fed cattle futures were $1.15 lower, closing at $127.32 per cwt. Estimated cattle harvest for the week totaled 223,000 head down 1,000 from last week and up 2,000 from last year’s total.

Cotton prices were mixed with cash prices remaining at 57.12 cents per pound and May futures gaining 0.54 cents to close at 62.69 per pound.

Corn prices were higher with cash and futures prices both gaining $0.04 to close at $3.87 per bushel and $3.85 per bushel, respectively.

Wheat prices were higher with cash and futures prices both gaining $0.12 to close at $4.01 per bushel and $4.77 per bushel, respectively.

Milk prices were steady with April Class III Milk futures remaining at $13.71 per cwt.

Stock Markets were higher today, although weaker than expected earnings reports dragged down technology shares. Crude oil prices were higher, with May Crude oil futures gaining $1.30 to close at $41.08 per barrel.

Daily Market Summary Data 04/19/16

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From Weekly Recap:

AUSTIN – (April 18, 2016) For the week ending April 15, 2016, Texas feeder cattle auctions reported prices steady to $10 lower, with one instance of steady to $3 higher. Texas Weekly Direct reported prices steady to $3 lower. Wholesale Beef values were higher, with Choice Grade gaining $8.68 to close at $225.13 per hundredweight (cwt) and Select Grade gaining $8.68 to close at $215.73 per cwt. For the time period of April 4-10, the USDA NASS Field Office reported that livestock continued to graze wheat pastures in the Northern Low Plains, South Texas, Upper Coast and Edwards Plateau. Livestock remained in mostly good condition. Recent rainfall has improved pasture conditions, resulting in a significant decrease in supplemental feeding. For the time period of April 1-7, 2016, exporters reported net sales of 17,900 metric tons (MT) for 2016, which were up 58 percent from the previous week and 23 percent from the prior four-week average. Increases were reported for Japan, South Korea and Mexico. Exports totaled 11,800 MT, which were up two percent from the previous week and six percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were lower at the end of last week, with cash prices losing 0.50 cents to close at 56.12 cents per pound and March futures prices losing 0.68 cents to close at 60.03 cents per pound. The USDA NASS Field Office reported that cotton and soybean planting were in full swing in the Upper Coast. Cotton planting continued in the Coastal Blend. Net upland sales totaled 84,600 round bales (RB) for 2015-2016, which were down 60 percent from the previous week and 44 percent from the prior four-week average. Increases were reported for Turkey, China and Indonesia. Exports totaled 184,800 RB, which were down 44 percent from the previous week and 19 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Mexico.

Wheat prices were higher at the end of last week, with cash and futures prices both gaining $0.14 to close at $3.83 and $4.58 per bushel, respectively. The USDA NASS Field Office reported that producers in the Northern Low Plains continued to irrigate wheat fields. Windy, dry conditions in the Northern High Plains and the Edwards Plateau continued to stress Winter Wheat. Wheat conditions improved in the Southern Low Plains due to warmer weather. In South and Central Texas, wheat and oats began the heading stage. Net sales totaled 124,700 MT for delivery in the 2015-2016 marketing year, which were up noticeably from the previous week but down 41 percent from the prior four-week average. Increases were reported for the Philippines, Mexico and Brazil. Exports totaled 309,200 MT, which were down 21 percent from the previous week and 18 percent from the prior four-week average. The primary destinations were Indonesia, the Philippines and Mexico.

Corn prices were higher at the end of last week, with cash and futures prices both gaining $0.22 to close at $3.81 and $3.79 per bushel, respectively. The USDA NASS Field Office reported that corn and sorghum planting progressed, and rice planting and flushing were beginning to wind down in South Texas. Net sales totaled 1,135,800 MT for 2015-2016, which were up 20 percent from the previous week and 21 percent from the prior four-week average. Increases were reported for Japan, South Korea and Mexico. Exports totaled 1,008,400 MT, which were down 11 percent from the previous week and three percent from the prior four-week average. The primary destinations were Mexico, Japan and South Korea. Grain sorghum cash prices were higher, gaining $0.40 to close at $5.51 per cwt.

Milk prices were lower at the close of last week, with Class III milk futures losing $0.04 to close at $13.72 per cwt.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with only 25.44 percent of Texas still in some stage of drought intensity. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions improved slightly as well, with 37.86 percent of the U.S. experiencing abnormal dryness or some degree of drought.