Texas Daily Ag Market News Summary 05/20/16

Posted 8 years 191 days ago by

Feeder cattle auctions reported prices steady to $2 higher; Futures higher.

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

Cotton futures higher.

Grains and Soybeans higher.

Milk futures higher.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $2 higher, with one instance of $3 to $4 lower. Texas Weekly Direct reported prices steady to $3 higher. Feeder cattle futures were $0.35 higher, closing at $148.62 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $131.00 per cwt. Whole sale boxed beef values were lower with choice grade losing $1.20 to close at $225.96 per cwt and select grade losing $2.73 to close at $208.42 per cwt. Fed cattle futures were $0.50 lower, closing at $121.05 per cwt. Estimated cattle harvest for the week totaled 558,000 head down 3,000 from last week’s total and 8,000 from last year’s total. Year-to-date harvest is down 1.44%. For the time period of May 6-12 exporters reported net sales of 19,700 metric tons(MT) for 2016, were up 46 percent from the previous week and 47 percent from the prior four-week average. Increases were reported for Japan, South Korea and Hong Kong. Exports totaled 13,500 MT--a marketing-year high--, which were up seven percent from the previous week and 12 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were mixed with cash prices remaining at 58.37 cents per pound and July futures gaining 0.60 cents to close at 61.67 cents per pound. Net upland sales totaled 189,400 round bales (RB) for 2015-2016, were up 83 percent from the previous week and up noticeably from the prior four-week average. Increases were reported for Vietnam, Turkey and China. Exports totaled 232,900 RB, which were up 36 percent from the previous week and four 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 $3.90 per bushel and July corn futures gaining $0.05 to close at $3.95 per bushel. Net sales totaled 1,473,100 MT for 2015-2016, which were up 33 percent from the previous week and 13 percent from the prior four-week average. Increases were reported for Japan, Saudi Arabia and Mexico. Exports totaled 1,175,100 MT, which were up three percent from the previous week, but down one percent from the prior four-week average. The primary destinations were Japan, Mexico and Taiwan. Grain Sorghum cash prices were higher, gaining $0.07 to close at $5.90 per cwt.

Wheat prices were higher with cash prices gaining $0.02 to close at $3.67 per bushel and July wheat futures gaining $0.01 to close at $4.49 per bushel. Net sales totaled 175,200 MT for delivery in marketing year 2015-2016, which were down 41 percent from the previous week and 37 percent from the prior four-week average. Increases reported for China, Japan and Brazil. Exports totaled 379,700 MT, which were down 15 percent from the previous week and 13 percent from the prior four-week average. The primary destinations were Japan, China and Mexico.

Milk prices were higher with May Class III Milk futures gaining $0.02 to close at $12.82 per cwt.

Stock Markets were higher today, rebounding after yesterday’s losses as expectations about an interest rate increase over the summer have begun settle in. Crude oil prices were lower, with June Crude oil futures losing $0.41 to close at $47.75 per barrel.

Daily Market Summary Data 05/20/16

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