Texas Daily Ag Market News Summary 04/26/16

Posted 8 years 215 days ago by

Feeder cattle auctions reported prices $3 to $10 lower; Futures higher.

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

Cotton mixed.

Grains and Soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets steady.

Texas feeder cattle auctions reported prices $3 to $10 lower. Feeder cattle futures were $0.55 higher, closing at $146.57 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were mixed with choice grade losing $1.64, to close at $218.57 per cwt and select grade gaining $0.15 to close at $210.38 per cwt. Fed cattle futures were $1.25 higher, closing at $126.80 per cwt. Estimated cattle harvest for the week totaled 224,000 head up 1,000 from last week’s total and up 5,000 from last year’s total. For the time period of April 18-24 the USDA NASS Field Office reported that range and pasture conditions continued to improve and areas that received rain last week experienced good forage growth. Some producers in South Texas reported good forage quality and availability for livestock while some supplemental feeding took place in Northeast Texas. Producers were applying herbicide and fertilizer to pastures in the Upper Coast.

Cotton prices were mixed with cash prices gaining 0.50 cents to close at 58.87 cents per pound and May futures losing 1.31 cents to close at 63.46 per pound. The USDA NASS Field Office reported that cotton, corn, and sorghum progressed well in areas of the Coastal Bend, the Upper Coast, and South Texas.

Corn prices were higher with cash prices gaining $0.06 to close at $3.85 and May corn futures gaining $0.05 to close at $3.82 per bushel. Grain Sorghum cash prices were higher gaining $0.09 to close at $5.57 per cwt. The USDA NASS Field Office reported that corn, and sorghum progressed well in areas of the Coastal Bend, the Upper Coast, and South Texas. In areas of the Blacklands corn and sorghum struggled with wet growing conditions, and grain sorghum began emerging in the Southern Low Plains. Corn planting continued in the Northern High Plains while widespread hail caused damage to corn in areas South Central Texas.

Wheat prices were higher with cash prices gaining $0.05 to close at $3.89 and May wheat futures gaining $0.03 to close at $4.66 per bushel. The USDA NASS Field Office reported that In the Southern High Plains, winter wheat progressed well wand was heading out. Wheat continued heading in areas of the Blacklands. Hail damaged winter wheat crops in areas of the Southern Low Plains and the Cross Timbers.

Milk prices were lower with April Class III Milk futures losing $0.01 to close at $13.63 per cwt.

Stock Markets were steady today, although energy shares and oil prices rose U.S indexes were unchanged due to the monetary policy update from the Federal Reserve. Crude oil prices were higher, with June Crude oil futures gaining $1.40 to close at $44.04 per barrel.

Daily Market Summary Data 04/26/16

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From Weekly Recap:

AUSTIN – (April 25, 2016) For the week ending April 22, 2016, Texas feeder cattle auctions reported prices steady to $18 lower, with one instance of steady to $5 higher. Texas Weekly Direct reported prices $2 to $5 lower. Wholesale Beef values were lower, with Choice Grade losing $4.57 to close at $220.31 per hundredweight (cwt) and Select Grade losing $5.39 to close at $210.69 per cwt. For the time period of April 11-17, the USDA NASS Field Office reported that livestock conditions were rated good across the state. Grazing was more prevalent as range and pasture conditions improved where precipitation and warmer temperatures occurred. In Northeast Texas and South Texas, most pastures were greening and supplemental feeding eased. For the time period of April 8-14, exporters reported net sales of 12,500 metric tons (MT) for 2016, which were down 30 percent from the previous week and 19 percent from the prior four-week average. Increases were reported for Japan, Mexico and Hong Kong. Exports totaled 12,000 MT, which were up one percent from the previous week and seven 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 57.87 cents per pound and March futures prices gaining 0.93 cents to close at 63.08 cents per pound. The USDA NASS Field Office reported that cotton planting was underway in South Texas and the Lower Valley. Preparations for cotton continued in the Trans-Pecos, meanwhile field preparations slowed due to rainfall in the areas of the Northern Low and High Plains. Net upland sales totaled 104,800 round bales (RB) for 2015-2016, which were up 24 percent from the previous week but down 10 percent from the prior four-week average. Increases were reported for China, Pakistan and Vietnam. Exports totaled 200,200 RB, which were up eight percent from the previous week but down 13 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Mexico.

Wheat prices were lower at the end of last week, with cash prices losing $0.18 to close at $3.83 per bushel and May futures losing $0.03 to close at $4.62 per bushel. The USDA NASS Field Office reported that Winter Wheat continued to progress in most areas due to recent rainfall. Wheat began heading in areas of the Blacklands. Hail damaged some Winter Wheat in areas of the Cross Timbers and South Central Texas. Net sales totaled 295,100 MT for delivery in the 2015-2016 marketing year. Sales were up noticeably from the previous week and 57 percent from the prior four-week average. Increases were reported for Japan, Indonesia and the Philippines. Exports totaled 468,100 MT, which were up 51 percent from the previous week and 34 percent from the prior four-week average. The primary destinations were Italy, the Philippines and China.

Corn prices were lower at the end of last week, with cash prices losing $0.13 to close at $3.74 per bushel and May futures losing $0.09 to close at $3.72 per bushel. The USDA NASS Field Office reported that corn planting began in the Northern High Plains, while sorghum planting continued in the Southern Low Plains. Net sales totaled 1,202,800 MT for 2015-2016, which were up six percent from the previous week and 31 percent from the prior four-week average. Increases were reported for Japan, Mexico and Saudi Arabia. Exports totaled 1,283,500 MT, which were up 27 percent from the previous week and 20 percent from the prior four-week average. The primary destinations were Japan, Colombia and Mexico. Grain sorghum cash prices were down, losing $0.21 to close at $5.39 per cwt.

Milk prices were lower at the close of last week, with Class III milk futures losing $0.06 to close at $13.65 per cwt.

This week’s U.S. Drought Monitor for Texas showed an improvement in drought conditions for the state, with only 19.42 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, with 39.20 percent of the U.S. experiencing abnormal dryness or some degree of drought.