Texas Daily Ag Market News Summary 06/10/16

Posted 8 years 170 days ago by

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

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

Cotton lower.

Grains and Soybeans mixed.

Milk futures steady.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $2 higher, with one instance of $3 lower. Texas Weekly Direct reported prices steady to $3 higher. Feeder cattle futures were $1.75 lower, closing at $145.55 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $0.82 to close at $227.67 per cwt and select grade gaining $1.46 to close at $204.30 per cwt. Fed cattle futures were $0.75 lower, closing at $122.45 per cwt. Estimated cattle harvest for the week totaled 559,000 head up 111,000 from last week’s total and 27,000 from last year’s total.

Cotton prices were lower with cash prices losing 0.25 to close at 62.37 cents per pound and July futures losing 0.21 cents to close at 64.75 cents per pound. For the time period May 27-June 2, 2016 Net upland sales totaled 110,100 round bales (RB) for 2015/2016, which were down 12 percent from the previous week and 19 percent from the prior four-week average. Increases were reported for Vietnam, China and Indonesia. Exports totaled 203,600 RB, which were down 14 percent from the previous week and seven percent from the prior four-week average. The primary destinations were Vietnam, Turkey and South Korea.

Corn prices were lower with cash prices losing $0.03 to close at $4.19 per bushel and July corn futures losing $0.04 to close at $4.23 per bushel. Net sales totaled 1,558,900 metric tons (MT) for 2015/2016, which were up 18 percent from the previous week and from the prior four-week average. Increases were reported for Japan, South Korea and Venezuela. Exports totaled 1,242,200 MT, which were up 65 percent from the previous week and 19 percent from the prior four-week average. The primary destinations were Mexico, Japan and Saudi Arabia. Grain Sorghum cash prices were lower, losing $0.25 to close at $6.42 per cwt.

Wheat prices were lower with cash and July futures both losing $0.15 to close at $3.86 and $4.69 per bushel, respectively. Net sales for the 2016-2017 marketing year, totaled 223,800 Mt. Increases were reported for Mexico, South Africa and Chile. Exports for June 1-2 totaled 120,700 MT, with South Africa, Brazil, El Salvador, Colombia and Mexico being the primary destinations.

Milk prices were steady with June Class III Milk futures remaining at $13.25 per cwt.

Stock Markets were lower today, pulled down by declines in financial shares. Crude oil prices were lower, with July crude oil futures losing $1.49 to close at $49.07 per barrel.

Daily Market Summary Data 06/10/16

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