Texas Daily Ag Market News Summary 07/15/16

Posted 8 years 135 days ago by

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

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

Cotton futures higher.

Grains and Soybeans lower.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 higher, with one instance of $3 to $5 lower. Feeder cattle futures were $1.50 lower, closing at $139.57 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $0.29 to close at $204.71 per cwt and select grade losing $0.68 to close at $192.38 per cwt. Fed cattle futures were $1.80 lower, closing at $110.92 per cwt. Estimated slaughter for the week totaled 556,00 head up 122,000 from last week and 17,000 from last year’s total.

Cotton prices were mixed with cash prices remaining at 71.12 cents per pound and October futures gaining 0.04 cents to close at 73.86 cents per pound. For the time period of July 1-7 Exporters reported Net upland sales totaling 55,200 round bales (RB) for 2015/2016 were down 73 percent from the previous week and 55 percent from the prior four-week average. Increases were reported for Indonesia, India and Vietnam. Exports of 148,700 RB were down 52 percent from the previous week and 29 percent from the prior four-week average. The primary destinations were Vietnam, China and Mexico.

Corn prices were lower, with cash prices losing $0.05 to close at $3.45 per bushel and September futures losing $0.10 to close at $3.52 per bushel. Net sales of 667,800 metric tons (MT) for 2015/2016 were up 81 percent from the previous week and two percent from the prior four-week average. Increases were reported for Japan, South Korea and Peru. Exports totaled 1,242,600 MT, which were down two percent from the previous week and nine percent from the prior four-week average. The primary destinations were Japan, Mexico and South Korea. Grain Sorghum cash prices were lower, losing $0.07 to close at $5.13 per cwt.

Wheat prices were mixed with cash prices losing $0.05 to close at $3.17 per bushel and September wheat futures gaining $0.08 to close at $4.14 per bushel. Net sales totaled 317,700 MT for 2016/2017, which were down 62 percent from the previous week and 53 percent from the prior four-week average. Increases were reported for Mexico, Chile and Japan. Exports totaled 341,300 MT, which were down 36 percent from the previous week and 32 percent from the prior four-week average. The primary destinations were China, Mexico and Guatemala.

Milk prices were lower with July Class III Milk futures losing $0.01 to close at $15.33 per cwt.

Stock Markets were higher today, as the Dow Jones Industrial average recorded another record close. Crude oil prices were higher, with August crude oil futures gaining $0.27 cents to close at $45.95 per barrel.

Daily Market Summary Data 07/15/16

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