Texas Daily Ag Market News Summary 05/27/16

Posted 8 years 184 days ago by

Feeder cattle auctions reported prices steady to $5 lower; Futures higher.

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

Cotton futures lower.

Grains and Soybeans mixed.

Milk futures steady.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $5 lower. Texas Weekly Direct reported prices $2 to $7 lower. Feeder cattle futures were $0.80 higher, closing at $146.70 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $0.65 to close at $222.07 per cwt and select grade losing $1.69 to close at $201.57 per cwt. Fed cattle futures were $0.78 higher, closing at $119.70 per cwt. Estimated cattle harvest for the week totaled 559,000 head up 1,000 from last week’s total and up 95,000 from last year’s total. For the time period of May 13-19 exporters reported beef Net sales of 10,000 metric tons (MT) for 2016, which were down 49 percent from the previous week and 34 percent from the prior four-week average. Increases were reported for Japan, South Korea and Hong Kong. Exports totaled 13,000 MT, which were down three percent from the previous week, but up five 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 61.37 cents per pound and July futures losing 0.05 cents to close at 64.28 cents per pound. Net upland sales totaled 128,500 round bales (RB) for 2015-2016, which were down 32 percent from the previous week, but up 28 percent from the prior four-week average. Increases were reported for Vietnam, China and Turkey. Exports totaled 236,500 RB, which were up two percent from the previous week and from the prior four-week average. The primary destinations were Vietnam, Turkey and China.

Corn prices were higher with July corn futures gaining $0.05 to close at $4.13 per bushel. Net sales totaled 1,381,100 MT for 2015-2016, which were down six percent from the previous week, but unchanged from the prior four-week average. Increases were reported for Japan, South Korea and Colombia. Exports totaled 1,125,000 MT, which were down four percent from the previous week and three percent from the prior four-week average. The primary destinations were Mexico, Japan and Colombia.

Wheat prices were lower with July wheat futures losing $0.02 to close at $4.60 per bushel. For 2016/2017, net sales totaled 354,500 MT, which were reported primarily for the Philippines, Japan and Peru. Exports totaled 285,100 MT, which were down 25 percent from the previous week and 31 percent from the prior four-week average. The primary destinations were Indonesia, Mexico and Japan.

Milk prices were steady with May Class III Milk futures remaining at $12.80 per cwt.

Stock Markets were higher today, pushed up by the technology sector, signaling that investors are regaining confidence in the U.S. Economy. Crude oil prices were lower, with July crude oil futures losing $0.15 to close at $49.33 per barrel.

Daily Market Summary Data 05/27/16

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