Texas Daily Ag Market News Summary 07/08/16

Posted 8 years 142 days ago by

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

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

Cotton higher.

Grains and Soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $5 higher, with one instance of $2 lower. Texas Weekly Direct reported prices $1 to $8 higher. Feeder cattle futures were $0.17 lower, closing at $143.45 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $120.00 per cwt. Whole sale boxed beef values were lower with choice grade gaining $0.70 to close at $209.35 per cwt and select grade losing $0.70 to close at $196.28 per cwt. Fed cattle futures were $0.42 higher, closing at $112.22 per cwt. For the time period of June 24-30 exporters reported net sales of 15,400 metric tons (MT) for 2016, which were up six percent from the previous week and five percent from the prior four-week average. Increases were reported for South Korea, Japan and Mexico. Exports totaled 13,200 MT, which were down seven percent from the previous week and three percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were higher with cash prices gaining 0.75 to close at 63.62 cents per pound and July futures gaining 2.25 cents to close at 65.92 cents per pound. Net upland sales totaled 201,900 round bales (RB) for 2015/2016, which were up noticeably from the previous week and from the prior four-week average. Increases were reported for Vietnam, India and Pakistan. Exports totaled 307,100 RB, which were up 34 percent from the previous week and 66 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and China.

Corn prices were higher with cash prices gaining $0.13 to close at $3.48 with July futures gaining $0.14 to close at $3.50 per bushel. Net sales totaled 369,800 MT for 2015/2016, which were down 21 percent from the previous week and 61 percent from the prior four-week average. Increases were reported for Taiwan, Japan and South Korea. Exports totaled 1,270,500 MT, which were down 15 percent from the previous week and six percent from the prior four-week average. The primary destinations were Japan, Taiwan and Mexico. Grain Sorghum cash prices were higher, gaining $0.25 to close at $5.18 per cwt. Net sales totaled 58,000 MT for 2015/2016, which were down 31 percent from the previous week and 45 percent from the prior four-week average. Increases were reported for unknown destinations and China. Exports totaled 63,800 MT, which were up 13 percent from the previous week, but down 25 percent from the prior four-week average. The destinations were China and Mexico.

Wheat prices were higher with cash prices gaining $0.09 to close at $3.25 and July futures gaining $0.08 to close at $4.05 per bushel. Net sales totaled 825,300 MT were reported for delivery in marketing year 2016/2017. The primary destinations were unknown destinations, the Philippines and Japan. Exports totaled 533,600 MT and were reported for the Philippines, Thailand and Mexico.

Milk prices were lower with July Class III Milk futures losing $0.10 to close at $15.20 per cwt.

Stock Markets were higher today, as the June jobs reports showed a boost in hiring’s, pushing U.S markets to the levels they were at before the “Brexit” vote. Crude oil prices were higher, with August crude oil futures gaining $0.27 to close at $45.41 per barrel.

Daily Market Summary Data 07/08/16

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