Texas Daily Ag Market News Summary 04/29/16

Posted 8 years 212 days ago by

Feeder cattle auctions reported steady prices; Futures lower.

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

Cotton mixed.

Grains and Soybeans higher.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported steady prices. Texas Weekly Direct reported prices of $4 to $8 lower. Feeder cattle futures were $1.22 lower, closing at $144.30 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $124.00 per cwt. Whole sale boxed beef values were lower with choice grade losing $1.05 to close at $211.45 per cwt and select grade losing $0.82 to close at $202.27 per cwt. Fed cattle futures were $3.15 lower, closing at $122.85 per cwt. Estimated cattle harvest for the week totaled 447,000 head up 3,000 from last week’s total and down 3,000 from last year’s total. Year-to-date harvest is down 0.7%. For the time period of April 15-21 exporters reported net sales of 12,100 metric tons (MT) for 2016, which were down three percent from the previous week and 31 percent from the prior four-week average. Increases were reported for Japan, South Korea and Mexico. Exports totaled 11,100 MT, which were down seven percent from the previous week and one percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were mixed with cash prices losing 0.25 cents to close at 58.37 cents per pound and May futures gaining 0.07 cents to close at 63.76 per pound. Net upland sales totaled 48,700 round bales (RB) for 2015-2016--a marketing-year-low—and were down 54 percent from the previous week and 60 percent from the prior four-week average. Increases were reported for China, Indonesia and Vietnam. Exports totaled 244,300 RB, which were up 22 percent from the previous week and eight percent from the prior four-week average. The primary destinations were Vietnam, China and Turkey.

Corn prices were higher with cash prices gaining $0.04 to close at $3.93 and May corn futures gaining $0.03 to close at $3.90. Net sales totaled 2,160,600 MT for 2015-2016--a marketing-year high—and were up 80 percent from the previous week and up noticeably from the prior four-week average. Increases were reported for Japan, Mexico and Taiwan. Exports totaled 1,090,600 MT, which were down 15 percent from the previous week and four percent from the prior four-week average. The primary destinations were Colombia, Mexico and Japan. Grain Sorghum cash prices were higher gaining $0.06 to close at $5.72 per cwt.

Wheat prices were higher with cash and futures prices both gaining $0.04 to close at $3.87 and $4.65 per bushel, respectively. Net sales totaled 351,900 MT, which were up 19 percent from the previous week and up noticeably from the prior four-week average. Increases reported for Mexico, Taiwan and Japan. Exports totaled 440,000 MT, which were down six percent from the previous week, but up 16 percent from the prior four-week average. The primary destinations were Japan, Mexico and Brazil.

Milk prices were lower with April Class III Milk futures losing $0.01 to close at $13.62 per cwt.

Stock Markets were lower today, pushed down a the technology sector after many tech companies reported disappointing quarterly results. Crude oil prices were lower, with June Crude oil futures losing $0.11 to close at $45.92 per barrel.

Daily Market Summary Data 04/29/16

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