Texas Daily Ag Market News Summary 05/10/16

Posted 8 years 201 days ago by

Feeder cattle auctions reported prices $3 to $6 higher; Futures lower.
Fed cattle cash trade inactive; Formula trades lower; Futures lower; Beef prices higher.
Cotton futures lower.
Grains and Soybeans higher.
Milk futures lower.
Crude oil higher; Natural gas higher.
Stock markets higher.

Texas feeder cattle auctions reported prices $3 to $6 higher. Feeder cattle futures were $0.60 lower, closing at $150.20 per hundredweight (cwt). The Texas fed cattle cash trade was inactive. Whole sale boxed beef values were higher with choice grade gaining $3.13 to close at $210.70 per cwt and select grade gaining $4.55 to close at $199.49 per cwt. Fed cattle futures were $0.03 lower, closing at $123.27 per cwt. Estimated cattle harvest for the week totaled 114,000 head, up 1,000 head from last week’s total and up 2,000 from last year’s total. Year-to-date harvest is up 1.78%

Cotton prices were mixed with cash prices remaining 57.62 cents per pound and May futures losing 0.43 to close at 60.901 cents per pound.

Corn prices were higher with cash prices gaining $0.12 to close at $3.78 per bushel and May corn futures gaining $0.11 to close at $3.79 per bushel. Grain Sorghum cash prices were higher, gaining $0.22 to close at $5.76 per cwt.

Wheat prices were steady closing at $3.66 and futures gaining $0.03 to close at $4.37 per bushel.

Milk prices were higher with May Class III Milk futures losing $0.01 to close at $12.74 per cwt.

Stock Markets were higher for today, pushed up by a rally in rebounding oil prices. Crude oil prices were higher, with June Crude oil futures gaining $1.22 to close at $44.66 per barrel.

Daily Market Summary Data 05/10/16

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From Weekly Recap:

AUSTIN – (May 9, 2016) For the week ending May 6, 2016, Texas feeder cattle auctions reported prices steady to $10 lower, with instances of steady to $5 higher. Texas Weekly Direct reported prices $2 to $6 lower. Estimated cattle harvest for the week totaled 552,000 head, down 1.3% from last year’s total. Wholesale Beef values were lower, with Choice Grade losing $6.03 to close at $203.74 per hundredweight (cwt) and Select Grade losing $5.64 to close at $194.32 per cwt. For the time period of April 25- May 1 the USDA NASS Field Office reported that livestock conditions were mostly good across the state. Range and pasture development continued to make good progress throughout the state, contributing to adequate forage for livestock. For the time period April 22-28 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 lower at the end of last week, with cash prices losing 1.25 cents to close at 57.62 per pound and May futures prices losing 2.53 cents to close at 61.83 cents per pound. The USDA NASS Field Office reported that cotton planting was delayed in areas of the Northern Low and High Plains, the Blacklands, and Northeast Texas, due to wet conditions. 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.

Wheat prices were lower at the end of last week, with cash prices losing $0.09 to close at $3.73 per bushel and May futures losing $0.20 to close at $4.41 per bushel. The USDA NASS Field Office reported that winter wheat and oats continued to mature throughout the state, with some hail damage reported in areas of the Southern Low Plains and the Cross Timbers. Areas of the Edwards Plateau experienced some damage due to high winds. 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.

Corn prices were lower at the end of last week with cash prices losing $0.18 to close at $3.75 per bushel and May futures losing $0.14 to close at $3.76 per bushel. The USDA NASS Field Office reported that corn was beginning to emerge in areas of the Blacklands and South Texas. Sorghum planting remained active throughout the state, while producers in the Southern Low Plains applied fertilizer. 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 lower at the end of last week as well, losing $0.04 to close at $5.69 per cwt.

Milk prices were lower at the close of last week, with May Class III milk futures losing $0.12 to close at $12.87 per cwt.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with only 10.67 percent of Texas still in some stage of drought intensity, down 2.42 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions worsened slightly, with 39.64 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 5.75 percentage points from last week.