Texas Daily Ag Market News Summary 07/29/16

Posted 8 years 121 days ago by

Feeder cattle auctions reported prices steady to $7 higher; Futures lower.

Fed cattle cash trade inactive; Formula trades lower; Futures lower; 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 $7 higher. Texas Weekly Direct reported prices steady to $3 higher. Feeder cattle futures were $0.42 lower, closing at $140.05 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $1.19 to close at $197.57 per cwt and select grade losing $0.11 to close at $189.60 per cwt. Fed cattle futures were $0.18 lower, closing at $113.07 per cwt. Estimated slaughter for the week totaled 559,000 down 2,000 from last week’s total and up 29,000 from last year’s total. For the time period of July 15-21 exporters reported net sales totaling 20,700 metric tons (MT) for 2016, which were up 44 percent from the previous week and 45 percent from the prior four-week average. Increases were reported for Japan, South Korea and Mexico. Exports totaled 14,400 MT, which were down two percent from the previous week, but up seven percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were higher with cash prices gaining 1.25 cents to close at 71.37 cents per pound and October futures gaining 1.14 cents to close at 74.16 cents per pound. Net upland sales totaled 44,600 round bales (RB) for 2015-2016--a marketing-year low--, which were down 38 percent from the previous week and 54 percent from the prior four-week average. Increases were reported for Vietnam, China and Indonesia. Exports totaled 181,500 RB, which were down two percent from the previous week and 17 percent from the prior four-week average. The primary destinations were Vietnam, Indonesia and Mexico.

Corn prices were higher with cash prices gaining $0.03 to close at $3.28 per bushel and September futures gaining $0.04 to close at $3.35 per bushel. Net sales totaled 438,800 MT for 2015-2016, which were up 27 percent from the previous week, but down five percent from the prior four-week average. Increases were reported for Japan, South Korea and Mexico. Exports totaled 1,379,800 MT, which were up 11 percent from the previous week and five percent from the prior four-week average. The primary destinations were Mexico, South Korea and Japan. Grain Sorghum cash prices were higher, gaining $0.05 to close at $4.81 per cwt.

Wheat prices were higher with cash and September corn futures both gaining $0.01 to close at $3.15 per bushel and $4.10 per bushel, respectively. Net sales totaled 506,100 MT for 2016-2017, which were up six percent from the previous week, but down 11 percent from the prior four-week average. Increases were reported for Japan, Mexico and South Korea. Exports totaled 549,900 MT were up 53 percent from the previous week and 25 percent from the prior four-week average. The primary destinations were Japan, Chile and Taiwan.

Milk prices were lower with July Class III Milk futures losing $0.02 to close at $15.26 per cwt.

Stock Markets were higher today, as major US indexes end the month in the black. Crude oil prices were higher, with September crude oil futures gaining $0.46 to close at $41.60 per barrel.

Daily Market Summary Data 07/29/16

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