Texas Daily Ag Market News Summary 07/01/16

Posted 8 years 149 days ago by

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

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

Cotton higher.

Grains and Soybeans lower.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $5 higher. Texas Weekly Direct reported prices $1 to $5 higher. Feeder cattle futures were $0.85 lower, closing at $143.45 per hundredweight (cwt). The Texas fed cattle cash trade was $0.16 higher, closing at $122.00 per cwt. Whole sale boxed beef values were mixed with choice grade gaining $0.29 to close at $208.73 per cwt and select grade losing $1.28 to close at $193.73 per cwt. Fed cattle futures were $7.03 lower, closing at $112.97 per cwt. Estimated cattle harvest for the week totaled 562,000 head down 2,000 last week and up 42,000 from last year’s total.

Cotton prices were higher with cash prices losing 0.25 cents to close at 62.37 cents per pound and July futures gaining 0.80 cents to close at 63.62 cents per pound. For the time period of June 17-23 exporters reported net upland sales totaling 58,700 round bales (RB) for 2015/2016, which were down 66 percent from the previous week and 50 percent from the prior four-week average. Increases were reported for Indonesia, India and Vietnam. Exports totaled 229,700 RB, which were up 39 percent from the previous week and 23 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Indonesia.

Corn prices were lower with July futures losing $0.06 to close at $3.53 per bushel. Net sales totaled 468,500 metric tons (MT) for 2015/2016, which were down 46 percent from the previous week and 59 percent from the prior four-week average. Increases were reported for South Korea, Japan and Vietnam. Exports totaled 1,497,200 MT, which were up 24 percent from the previous week and 29 percent from the prior four-week average. The primary destinations were Japan, Mexico and Vietnam.

Wheat prices were lower with July futures losing $0.10 to close at $3.94 per bushel. Net sales totaled 645,300 MT, which were reported for delivery in marketing year 2016/2017. The primary destinations were South Korea, Colombia and Indonesia. Exports totaled 530,700 MT, which were reported to the Philippines, South Africa and Venezuela.

Milk prices were lower with July Class III Milk futures losing $0.18 to close at $15.07 per cwt.

Stock Markets were higher today, pushing government bond yields to record lows. Crude oil prices were higher, with August crude oil futures gaining $0.34 to close at $48.99 per barrel.

Daily Market Summary Data 07/01/16

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