Texas Daily Ag Market News Summary 06/03/16

Posted 8 years 177 days ago by

Feeder cattle auctions reported prices steady to $8 higher; Futures higher.

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

Cotton higher.

Grains and Soybeans higher.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $8 higher. Texas Weekly Direct reported prices $1 to $4 higher. Feeder cattle futures were $0.27 higher, closing at $146.67 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $0.67 to close at $222.61 per cwt and select grade losing $3.07 to close at $198.36 per cwt. Fed cattle futures were $0.28 higher, closing at $122.00 per cwt. Estimated cattle harvest for the week totaled 448,000 head down 111,000 from last week’s total and 102,000 from last year’s total. Year-to-date harvest is down 22%. For the time period of May 20-26 exporters reported net sales of 10,000 metric tons (MT) for 2016, which were unchanged from the previous week, but down 32 percent from the prior four-week average. Increases were reported for South Korea, Taiwan and Japan. Exports totaled 13,100 MT, which were up one percent from the previous week and from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were higher with cash prices gaining 1.00 cents to close at 60.62 cents per pound and July futures gaining 1.05 cents to close at 63.92 cents per pound. Net upland sales totaled 124,900 round bales (RB) for 2015/2016, which were down three percent from the previous week, but up four percent from the prior four-week average. Increases were reported for Vietnam, China and Indonesia. Exports totaled 237,300 RB, which were unchanged from the previous week, but up four percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Mexico.

Corn prices were higher with cash prices gaining $0.04 to close at $4.14 per bushel and July corn futures gaining $0.03 to close at $4.18 per bushel. Net sales totaled 1,317,900 MT for 2015/2016, which were down five percent from the previous week, but up 12 percent from the prior four-week average. Increases were reported for Japan, Taiwan and Mexico. Exports totaled 752,300 MT, which were down 33 percent from the previous week and 36 percent from the prior four-week average. The primary destinations were Japan, Mexico and the Dominican Republic. Grain Sorghum cash prices were higher, gaining $0.07 to close at $6.32 per cwt.

Wheat prices were higher with cash prices gaining $0.10 to close at $3.91 per bushel and July wheat futures gaining $0.09 to close at $4.74 per bushel. Net sales totaled 107,400 MT for delivery in marketing year 2015/2016, which were up noticeably from the previous week, but down 33 percent from the prior four-week average. Increases reported for Yemen, Japan and Costa Rica.

Milk prices were higher with June Class III Milk futures gaining $0.09 to close at $13.16 per cwt.

Stock Markets were lower today, as expectations about an interest rate increase were reset sparking declines in Major US indexes. Crude oil prices were lower, with June Crude oil futures losing $0.55 to close at $48.62 per barrel.

Daily Market Summary Data 06/03/16

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