Texas Daily Ag Market News Summary 5/13/16

Posted 8 years 198 days ago by

Feeder cattle auctions reported prices $1 to $10 higher; Futures lower.
Fed cattle cash trade active; Formula trades lower; Futures higher; Beef prices higher.
Cotton higher; Futures lower.
Grains and Soybeans lower.
Milk futures steady.
Crude oil lower; Natural gas lower.
Stock markets lower.

Texas feeder cattle auctions reported prices $1 to $10 higher. Texas Weekly Direct reported prices of $3 to $9 higher. Feeder cattle futures were $0.77 lower, closing at $147.05 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $130.00 per cwt. Whole sale boxed beef values were higher with choice grade gaining $4.10 to close at $218.56 per cwt and select grade gaining $0.71 to close at $205.95 per cwt. Fed cattle futures were $0.61 higher, closing at $123.43 per cwt. Estimated cattle harvest for the week totaled 112,000 head same as last week’s total and from last year’s total. Year-to-date harvest is down 0.35%. For the time period of April 29-May 5, 2016 exporters reported Net sales of 13,400 MT for 2016 were down 14 percent from the previous week and 7 percent from the prior 4-week average. Increases were reported for South Korea, Japan, Mexico, Canada, and Hong Kong. Exports of 12,600 MT--a marketing-year high--were unchanged from the previous week, but up 6 percent from the prior 4-week average. The primary destinations were Japan, South Korea, Mexico, Canada, and Hong Kong.

Cotton prices were mixed with cash prices gaining 0.12 cents to close at 58.37 cents per pound and May futures losing .11 cents to close at 60.62 cents per pound. Net upland sales totaling 103,500 RB for 2015-2016 were up 69 percent from the previous week and 38 percent from the prior 4-week average. Increases were reported for Turkey, Brazil, Vietnam, Pakistan, Taiwan, Indonesia, and South Korea . Exports of 171,100 RB were down 38 percent from the previous week and 25 percent from the prior 4-week average. The primary destinations were China, Turkey, Vietnam, Mexico, Indonesia, South Korea, and Thailand.

Corn prices were mixed with cash prices gaining $0.02 to close at $3.88 and futures losing $0.03 to close at $3.82 per bushel, respectively. Net sales of 1,105,300 MT for 2015-2016 were up 44 percent from the previous week, but down 16 percent from the prior 4-week average. Increases were reported for Japan, Israel, Mexico, Taiwan, Peru, and Egypt. Reductions were reported for Cuba and Nicaragua. Exports of 1,141,600 MT were down 7 percent from the previous week and 1 percent from the prior 4-week average. The primary destinations were Mexico, Japan, Colombia, Algeria, Taiwan, South Korea, and Peru. Grain Sorghum cash prices were higher, gaining $0.03 to close at $5.83 per cwt.

Wheat prices were higher with cash prices gaining $0.06 to close at $3.73 and futures gaining $0.06 to close at $4.45 per bushel, respectively. Net sales of 294,900 metric tons for delivery in marketing year 2015-2016 were up 65 percent from the previous week and 24 percent from the prior 4-week average. Increases reported for Yemen, Nigeria, Venezuela, Brazil, and Spain, were partially offset by reductions for Japan, Mexico, Taiwan, Cyprus, and Peru. Exports of 447,100 MT were up 16 percent from the previous week and 12 percent from the prior 4-week average. The primary destinations were the Philippines, Nigeria, Yemen, Japan, Venezuela, and South Korea.

Milk prices were steady with May Class III Milk futures remaining at $12.73 per cwt.

Stock Markets were lower for today, with major indexes posting weekly losses. Crude oil prices were lower, with June Crude oil futures gaining $0.49 to close at $46.21 per barrel.

Daily Market Summary Data 05/13/16

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