Texas Daily Ag Market News Summary 08/05/16

Posted 8 years 114 days ago by

Feeder cattle auctions reported prices $2 to $7 higher; Futures higher.

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

Cotton higher.

Grains and Soybeans higher.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices $2 to $7 higher. Texas Weekly Direct reported prices $1 to $5 higher Feeder cattle futures were $2.08 higher, closing at $149.65 per hundredweight (cwt). The Texas fed cattle cash trade was higher today, gaining $0.50 cents to close at $118.50 per cwt. Whole sale boxed beef values were lower with choice grade losing $0.26 to close at $199.00 per cwt and select grade losing $0.65 to close at $190.20 per cwt. Fed cattle futures were $1.35 higher, closing at $117.67per cwt. Estimated slaughter for the week totaled 56,000 down 3,000 from last week’s total and up 23,000 from last year’s total. For the time period of July 22-28 exporters reported Net sales of 10,300 metric tons for 2016, which were down 50 percent from the previous week and 35 percent from the prior four-week average. Increases were reported for South Korea, Japan and Taiwan. Exports totaled 14,600 MT, which were up two 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 higher with cash prices gaining 0.75 cents to close at 74.12 cents per pound and October futures gaining 0.78 cents to close at 76.64 cents per pound. Net upland sales totaled 38,400 round bales (RB) for 2015-2016--a marketing-year low--, which were down 14 percent from the previous week and 59 percent from the prior four-week average. Increases were reported for Vietnam, Pakistan and China. Exports totaled 226,700 RB, which were up 25 percent from the previous week and 10 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Pakistan.

Corn prices were higher with cash prices gaining $0.04 to close at $3.17 per bushel and September futures gaining $0.03 to close at $3.24 per bushel. Net sales totaled 331,100 MT for 2015-2016 were down 25 percent from the previous week and 27 percent from the prior four-week average. Increases were reported for Egypt, Japan and Vietnam. Exports totaled 1,138,500 MT, which were down 18 percent from the previous week and 11 percent from the prior four-week average. The primary destinations were Japan, Mexico and Vietnam. Grain Sorghum cash prices were higher, gaining $0.07 to close at $4.62 per cwt.

Wheat prices were higher with cash prices gaining $0.04 to close at $3.17 per bushel and September futures gaining $0.06 to close at $4.12 per bushel. Net sales totaled 326,500 MT for 2016-2017, which were down 36 percent from the previous week and 39 percent from the prior four-week average. Increases were reported for Nigeria, Guatemala and South Korea. Exports totaled 578,200 MT, which were up five percent from the previous week and 30 percent from the prior four-week average. The primary destinations were the Philippines, China and Yemen.

Milk prices were higher with August Class III Milk futures gaining $0.11 to close at $17.10 per cwt.

Stock Markets were higher today, behind the release of July’s jobs report. Crude oil prices were lower, with September crude oil futures losing $0.13 to close at $41.80 per barrel.

Daily Market Summary Data 08/05/16

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