Texas Daily Ag Market News Summary 06/14/16

Posted 8 years 166 days ago by

Feeder cattle auctions reported prices $5 to $8 lower; Futures higher.

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

Cotton lower.

Grains and Soybeans mixed.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices $5 to $8 lower. Feeder cattle futures were $0.50 higher, closing at $142.15 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $0.78 to close at $228.34 per cwt and select grade gaining $2.08 to close at $204.07 per cwt. Fed cattle futures were $0.40 lower, closing at $119.05 per cwt. Estimated cattle harvest for the week totaled 223,000 head on par with last week and last year’s total.

Cotton prices were lower with cash prices losing 0.75 cents to close at 60.62 cents per pound and July futures losing 0.75 cents to close at 63.04 cents per pound.

Corn prices were higher with cash prices gaining $0.13 to close at $4.32 and July futures gaining $0.07 to close at $4.32 per bushel. Grain Sorghum cash prices were higher gaining $0.24 to close at $6.66 per cwt.

Wheat prices were lower with cash prices losing $0.09 to close at $3.77 per bushel and July wheat futures losing $0.02 to close at $4.59 per bushel.

Milk prices were lower with June Class III Milk futures losing $0.03 to close at $13.28 per cwt.

Stock Markets were lower today, marking the fourth consecutive day of losses for U.S markets, led by declines in the financial sector. Investors are retreating to perceived safe haven assets while we await clarity from the central-bank combined with next week’s U.K vote. Crude oil prices were lower, with July crude oil futures losing $0.39 to close at $48.49 per barrel.

Daily Market Summary Data 06/14/16

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From Weekly Recap:

AUSTIN – (June 13, 2016) For the week ending June 10, 2016, Texas feeder cattle auctions reported prices steady to $5 higher, with instances of steady to $3 lower. Texas Weekly Direct reported prices steady to $3 higher. Wholesale Beef values were higher, with Choice Grade gaining $5.06 to close at $227.67 per hundredweight (cwt) and Select Grade gaining $5.94 to close at $204.30 per cwt. For the time period of May 30 – June 5, the USDA NASS Field Office reported that livestock remained in good condition. Pasture conditions varied greatly throughout the state, depending on recent rainfall. In many areas, grasses continued to improve providing good grazing conditions. Pastures in the Blacklands and East Texas were saturated, which delayed hay harvest and weed control.

Cotton prices were mixed at the end of last week, with cash prices remaining at 62.37 cents per pound and July futures prices losing 0.80 cents to close at 64.75 cents per pound. The USDA NASS Field Office reported that cotton planting was delayed in areas of the Low Plains due to wet conditions. Cotton progress was slowed by cool, wet conditions in South Central Texas and the Upper Coast. For the time period of May 27-June 2, 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.

Wheat prices were lower at the end of last week, with cash prices and futures prices both losing $0.12 to close at $6.42 and $4.69 per bushel, respectively. The USDA NASS Field Office reported that heavy rains continued to delay wheat harvest across the state. Wheat producers reported hail and wind damage to wheat in areas of the Southern Low Plains. Winter wheat had been grazed out by livestock in areas of the Edwards Plateau. Net sales for the 2016-2017 marketing year totaled 223,800 MT. Increases were reported for Mexico, South Africa and Chile. Exports totaled 120,700 MT, with South Africa, Brazil, El Salvador, Colombia and Mexico being the primary destinations.

Corn prices were lower at the end of last week, with cash and futures prices both losing $0.04 to close at $4.19 and $4.23 per bushel, respectively. The USDA NASS Field Office reported that corn and sorghum were in good condition in areas of Southeast Texas. Net sales totaled 1,558,900 metric tons (MT) for 2015-2016, and were up 18 percent from the previous week and 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 at the end of last week, with cash prices losing $0.07 to close at $6.42 per cwt.

Milk prices were higher at the close of last week, with June Class III milk futures gaining $0.03 to close at $13.25 per cwt.

This week’s U.S. Drought Monitor for Texas showed a slight increase in drought conditions for the state, with 1.69 percent of Texas still in some stage of drought intensity. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions improved, with 31.82 percent of the U.S. experiencing abnormal dryness or some degree of drought.