Texas Daily Ag Market News Summary 06/27/16

Posted 6 years 222 days ago ago by

Feeder cattle auctions reported prices $5 to $15 lower; Futures higher.

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

Cotton mixed.

Grains and Soybeans mixed.

Milk futures steady.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices $5 to $15 lower. Feeder cattle futures were $0.72 higher, closing at $140.17 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $118.00 per cwt. Whole sale boxed beef values were lower with choice grade losing $3.26 to close at $210.60 per cwt and select grade losing $0.44 to close at $197.39 per cwt. Fed cattle futures were $1.22 higher, closing at $115.92 per cwt. Estimated cattle harvest for the week totaled 113,000 head on par with last week and last year’s total.

Cotton prices were mixed with cash prices gaining 0.75 cents to close at 61.62 cents per pound and July futures losing 1.02 cents to close at 63.48 cents per pound.

Corn prices were steady with cash and July futures remaining at $3.78 per bushel and $3.85 per bushel, respectively. Grain Sorghum cash prices were higher, gaining $0.01 to close at $5.74 per cwt.

Wheat prices were lower with cash and July futures both losing $0.10 to close at $3.30 per bushel and $4.13 per bushel, respectively.

Milk prices were steady with June Class III Milk futures remaining at $13.22 per cwt.

Stock Markets were lower today, as investors still struggle with the effects of U.K’s “Brexit”. Crude oil prices were lower, with August crude oil futures losing $1.48 to close at $46.33 per barrel.

Daily Market Summary Data 06/27/16

If you are interested in receiving this daily report, please subscribe here.

From Weekly Recap:

AUSTIN – (June 27, 2016) For the week ending June 24, 2016, Texas feeder cattle auctions reported prices steady to $10 lower with instances of steady to $2 higher. Texas Weekly Direct reported prices $1 to $4 lower. Wholesale Beef values were lower, with Choice Grade losing $5.71 to close at $213.86 per hundredweight (cwt) and Select Grade losing $1.55 to close at $197.83 per cwt. For the time period of June 10-16, exporters reported net sales of 16,200 metric tons (MT) for 2016, which were up seven percent from the previous week and 36 percent from the prior four-week average. Increases were reported for Japan, Hong Kong and South Korea. Exports totaled 14,900 MT — a marketing-year high — were up 12 percent from the previous week and 15 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico. For the time period of June 13-19, the USDA NASS Field Office reported that range and pasture continued to benefit from adequate moisture. Livestock were generally in good condition; however, in areas of the Northern High Plains and Northeast Texas, barn and horn flies populations were increasing. Stock tanks and ponds were at capacity in the Edwards Plateau and Upper Coast.

Cotton prices were lower at the end of last week, with cash prices losing 0.25 cents to close at 60.87 cents per pound and July futures prices losing 0.11 cents to close at 64.50 cents per pound. The USDA NASS Field Office reported that in areas of South Texas, cotton was beginning the squaring stage. Net upland sales totaled 170,000 round bales (RB) for 2015-2016, which were up noticeably from the previous week and 59 percent from the prior four-week average. Increases were reported for Vietnam, China and Pakistan. Exports totaled 165,100 RB, which were up 17 percent from the previous week but down 19 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Mexico.

Wheat prices were lower at the end of last week, with cash and July futures prices both losing $0.28 to close at $3.40 per bushel and $4.23 per bushel, respectively. The USDA NASS Field Office reported that Winter Wheat harvest was in full swing across most of the state. Harvest was temporarily halted in some locations due to rain and wet fields. In the Northern High Plains, Winter Wheat harvest was in beginning stages. Harvest and grazing of wheat continued in the Southern Low Plains. Net sales totaled 462,700 MT. The primary destinations were the Philippines, Venezuela and Indonesia. Exports totaled 579,300 MT and were reported to Japan, Nigeria and the Philippines.

Corn prices were lower at the end of last week, with cash and July futures both losing $0.36 to close at $3.78 per bushel and $3.85 per bushel, respectively. The USDA NASS Field Office reported that corn continued to progress favorably in many areas of the Blacklands and South Texas, while standing water caused some corn fields to yellow in Northeast Texas. Net sales totaled 870,700 MT for 2015-2016, which were down four percent from the previous week and 32 percent from the prior four-week average. Increases were reported for Japan, Mexico and Venezuela. Exports totaled 1,208,200 MT, which were down 20 percent from the previous week but up six percent from the prior four-week average. The primary destinations were Japan, Mexico and Saudi Arabia.

Grain sorghum cash prices were lower at the end of last week, with cash prices losing $0.65 to close at $5.73 per cwt. In South Texas, sorghum continued to mature at a rapid pace and preparation for harvest continued in the Lower Valley. Some producers began to see damage on sorghum from the sugarcane aphid in areas of the Blacklands and the Coastal Bend. Net sales totaled 168,000 MT for 2015-2016, which were up noticeably from the previous week and up 37 percent from the prior four-week average. Increases were reported for unknown destinations and China. Exports totaled 1,600 MT, which were down 99 percent from the previous week and 98 percent from the prior four-week average. The destinations were China and Mexico.

Milk prices were lower at the close of last week, with June Class III milk futures losing $0.02 to close at $13.22 per cwt.

This week’s U.S. Drought Monitor for Texas showed steady drought conditions for the state, with only 1.38 percent of Texas still in some stage of drought intensity, on par with last week. On the national level, drought conditions worsened, with 41.23 percent of the U.S. experiencing abnormal dryness or some degree of drought.