Texas Daily Ag Market News Summary 05/06/16

Posted 8 years 205 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 higher; Futures steady.

Grains and Soybeans higher.

Milk futures steady.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported steady prices. Texas Weekly Direct reported prices of $2 to $6 lower. Feeder cattle futures were $0.58 lower, closing at $147.37 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 $0.58 to close at $203.74 per cwt and select grade losing $1.18 to close at $194.32 per cwt. Fed cattle futures were $1.10 higher, closing at $120.72 per cwt. Estimated cattle harvest for the week totaled 552,000 head down 7,000 from with last week’s total and from last year’s total. Year-to-date harvest is down 1.3%. For the time period of April 22-28, 2016 exporters reported net sales of 15,500 metric tons (MT) for 2016, which were up 29 percent from the previous week and 16 percent from the prior four-week average. Increases were reported for Japan, South Korea and Canada. Exports totaled 12,500 MT--a marketing-year high--, which were up 13 percent from the previous week and eight percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were mixed with cash prices gaining 0.25 cents to close at 57.62 cents per pound and May futures remaining at 61.63 cents per pound. Net upland sales totaled 61,300 round bales (RB) for 2015-2016, which were up 26 percent from the previous week, but down 45 percent from the prior four-week average. Increases were reported for Brazil, China and Pakistan. Exports totaled 277,600 RB, which were up 14 percent from the previous week and 16 percent from the prior four-week average. The primary destinations were Turkey, Vietnam and Mexico.

Corn prices were higher with cash and futures prices both gaining $0.04 to close at $3.75 and $3.76 per bushel, respectively. Net sales totaled 769,300 MT for 2015-2016, which were down 64 percent from the previous week and 44 percent from the prior four-week average. Increases were reported for Japan, Mexico and Taiwan. Exports totaled 1,226,000 MT, which were up 13 percent from the previous week and nine percent from the prior four-week average. The primary destinations were Mexico, Colombia and Peru. Grain Sorghum cash prices were higher, gaining $0.06 to close at $5.69 per cwt.

Wheat prices were higher with cash and futures both gaining $0.01 to close at $3.73 and $4.41 per bushel, respectively. Net sales totaled 178,900 MT, which were down 49 percent from the previous week, but up one percent from the prior four-week average. Increases reported for China, Mexico and Nigeria. Exports totaled 385,200 MT, which were down 12 percent from the previous week and four percent from the prior four-week average. The primary destinations were Japan, Nigeria and Mexico.

Milk prices were steady with May Class III Milk futures remaining at $12.87 per cwt.

Stock Markets were higher for today, but lower for the week, resulting in the first back-to-back declines since the markets hit a low point in February. Crude oil prices were higher, with June Crude oil futures gaining $0.34 to close at $44.66 per barrel.

Daily Market Summary Data 05/06/16

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