Texas Daily Ag Market News Summary 07/22/16

Posted 8 years 128 days ago by

Feeder cattle auctions reported $4 to $10 lower; Futures higher.

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

Cotton lower.

Grains and Soybeans mixed.

Milk futures steady.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices $4 to $10 lower. Texas Weekly Direct reported prices steady to $4 lower. Feeder cattle futures were $2.80 higher, closing at $137.20 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $0.61 to close at $200.09 per cwt and select grade losing $0.25 to close at $189.57 per cwt. Fed cattle futures were $2.43 higher, closing at $109.95 per cwt. Estimated slaughter for the week totaled 561,000 up 5,000 from last week’s total and up 33,000 from last year’s total. For the time period of July 8-14 exporters reported net sales of 14,400 metric tons (MT) for 2016, which were up 13 percent from the previous week, but down two percent from the prior four-week average. Increases were reported for South Korea, Japan and Hong Kong. Exports totaled 14,600 MT, which were up 27 percent from the previous week and nine percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were lower with cash prices losing 0.25 cents to close at 69.87 cents per pound and October futures losing 0.14 cents to close at 72.52 cents per pound. Net upland sales totaled 72,100 round bales (RB) for 2015/2016, which were up 31percent from the previous week, but down 41 percent from the prior four-week average. Increases were reported for Vietnam, South Korea and India. Exports totaled 186,000 RB, which were up 25 percent from the previous week, but down 13 percent from the prior four-week average. The primary destinations were Vietnam, Mexico and Indonesia.

Corn prices were higher with cash prices gaining $0.02 to close at $3.29 per bushel and September futures gaining $0.01 to close at $3.35 per bushel. Net sales totaled 345,100 MT for 2015/2016, which were down 48 percent from the previous week and 42 percent from the prior four-week average. Increases were reported for Taiwan, Mexico and South Korea. Exports of 1,240,900 MT, which were unchanged from the previous week, but down five percent from the prior four-week average. The primary destinations were Japan , Mexico and Taiwan. Grain Sorghum cash prices were higher, gaining $0.04 to close at $4.83 per cwt.

Wheat prices were higher with cash prices gaining $0.09 to close at $3.23 per bushel and September futures gaining $0.11 to close at $4.19 per bushel. Net sales totaled 478,000 MT for 2016/2017, which were up 50 percent from the previous week, but down 15 percent from the prior four-week average. Increases were reported for Japan, China and Nigeria. Exports totaled 360,600 MT, which were up six percent from the previous week, but down 27 percent from the prior four-week average. The primary destinations were China, the Dominican Republic and Mexico.

Milk prices were steady with July Class III Milk futures remaining at $15.27 per cwt.

Stock Markets were higher today, pushing the S&P 500 index to another record closing. Crude oil prices were lower, with September crude oil futures losing $0.56 to close at $44.19 per barrel.

Daily Market Summary Data 07/22/16

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