Texas Daily Ag Market News Summary 06/17/16

Posted 8 years 163 days ago by

Feeder cattle auctions reported prices $2 to $10 lower; Futures lower.

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

Cotton higher.

Grains and Soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices $2 to $10 lower. Texas Weekly Direct reported prices steady to $5 lower. Feeder cattle futures were $2.20 lower, closing at $137.42 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $1.66 to close at $221.83 per cwt and select grade losing $3.14 to close at $199.61 per cwt. Fed cattle futures were $0.55 lower, closing at $116.72 per cwt. Estimated cattle harvest for the week totaled 557,000 head down 2,000 from last week and up 16,000 from last year’s total. For the time period of June 3-9 exporters reported net sales of 15,100 metric tons (MT) for 2016, which were up 20 percent from the previous week and 16 percent from the prior four-week average. Increases were reported for South Korea, Japan and Mexico. Exports totaled 13,300 MT, which were up eight percent from the previous week and two percent 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 61.12 cents per pound and July futures gaining 1.27 cents to close at 64.57 cents per pound. Net upland sales totaled 64,100 round bales (RB) for 2015/2016, which were down 42 percent from the previous week and 54 percent from the prior four-week average. Increases were reported for Vietnam, Pakistan and Indonesia. Exports totaled 140,800 RB, which were down 31 percent from the previous week and 38 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Mexico.

Corn prices were higher with cash and futures prices both gaining $0.13 to close at $4.31 per bushel and $4.38 per bushel, respectively. Net sales totaled 909,700 MT for 2015/2016, which were down 39 percent from the previous week and 36 percent from the prior four-week average. Increases were reported for Japan, South Korea and Colombia. Exports totaled 1,507,900 MT--a marketing-year high—which were up 27 percent from the previous week and 42 percent from the prior four-week average. The primary destinations were Japan, Mexico and South Korea. Grain Sorghum cash prices were higher, gaining $0.22 to close at $6.67 per cwt.

Wheat prices were higher with cash prices gaining $0.09 to close at $3.78 per bushel and July wheat futures gaining $0.10 to close at $4.61 per bushel. Net sales totaled 762,900 MT for delivery in marketing year 2016/2017. The primary destinations were Mexico, South Korea and Japan. Exports totaled 351,800 MT and were reported to Japan, the Philippines and Mexico.

Milk prices were lower with June Class III Milk futures losing $0.01 to close at $13.21 per cwt.

Stock Markets were lower today, as investors are awaiting the coming of the UK vote on whether or not to stay in the European Union. Crude oil prices were higher, with July crude oil futures gaining $1.77 to close at $47.98 per barrel.

Daily Market Summary Data 06/17/16

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