Texas Daily Ag Market News Summary 06/20/16

Posted 8 years 160 days ago by

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

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

Cotton lower.

Grains and Soybeans lower.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices $5 to $10 lower. Feeder cattle futures were $0.75 lower, closing at $136.67 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $2.26 to close at $219.57 per cwt and select grade losing $0.23 to close at $199.38 per cwt. Fed cattle futures were $2.22 lower, closing at $114.50 per cwt. Estimated cattle harvest for the week totaled 113,000 head up 3,000 from last week and last year’s total.

Cotton prices were lower with cash prices losing 1.00 cents to close at 61.12 cents per pound and July futures losing 0.18 cents to close at 64.39 cents per pound.

Corn prices were lower with cash and July futures prices’ both losing $0.17 to close at $4.14 per bushel and $4.21 per bushel, respectively. Grain Sorghum cash prices were lower, losing $0.29 to close at $6.38 per cwt.

Wheat prices were lower with cash and futures prices’ both losing $0.10 to close at $3.68 per bushel and $4.51 per bushel, respectively.

Milk prices were higher with June Class III Milk futures gaining $0.02 to close at $13.23 per cwt.

Stock Markets were higher today, as new polling information revealed that the U.K is more than likely to vote to remain in the EU. Crude oil prices were higher, with July crude oil futures gaining $1.39 to close at $49.37 per barrel.

Daily Market Summary Data 06/20/16

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From Weekly Recap:

AUSTIN – (June 20, 2016) For the week ending June 17, 2016, Texas feeder cattle auctions reported prices steady to $10 lower. Texas Weekly Direct reported prices steady to $5 lower. Wholesale beef values were lower, with Choice grade losing $5.73 to close at $221.83 per hundredweight (cwt) and Select grade losing $2.38 to close at $199.61 per cwt. 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 at the end of last week, with cash prices gaining 0.75 cents to close at 62.12 cents per pound and July futures prices gaining 0.78 cents to close at 64.57 cents per pound. For the time period of June 6-12 the USDA NASS Field Office reported that row crops across the state continued to progress as planting resumed in many areas. A number of cotton fields were being replanted due to previous hail damage. 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.

Wheat prices were mixed at the end of last week, with cash prices losing 8 cents to close at $3.78 per bushel and July wheat futures steady remaining at $4.61 per bushel. The USDA NASS Field Office reported wheat and oat harvest was active across most of the state last week. Late harvesting continued where conditions allowed producers to return to the fields. Haying and silage harvest of small grains resumed in many areas due to dry weather and warmer temperatures. Earlier freeze damage and rust issues have affected some winter wheat fields in the Northern Low Plains, the Cross Timbers and the Upper Coast. 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.

Corn prices were higher at the end of last week with cash prices gaining 12 cents to close at $3.78 per bushel and July corn futures gaining 8 cents to close at $4.38 per bushel. The USDA NASS Field Office reported Corn was in good condition in areas of the Blacklands, South Central and South Texas, while corn in Northeast Texas displayed signs of stress due to standing water. Sorghum in areas of the Southern High Plains experienced fall armyworm infestation and preparation for harvest began in the Lower Valley. Corn 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 at the end of last week, with cash prices gaining 25 cents to close at $6.67 per cwt.

Milk prices were lower at the close of last week, with June Class III milk futures losing 10 cents to close at $13.25 per cwt.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with only 1.38 percent of Texas still in some stage of drought intensity, down 0.31 percentage points from last week. On the national level, drought conditions improved, with 34.83 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 4.28 percentage points from last week.