Texas Daily Ag Market News Summary 08/12/16

Posted 7 years 265 days ago by

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

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

Cotton lower.

Grains and Soybeans mixed.

Milk futures steady.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 higher. Texas Weekly Direct reported prices of steady to $5 higher, as well. Feeder cattle futures were $0.35 higher, closing at $149.07 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were mixed with choice grade losing $0.39 to close at $201.19 per cwt and select grade gaining $0.80 to close at $193.62 per cwt. Fed cattle futures were $0.30 higher, closing at $116.32 per cwt. Estimated slaughter for the week totaled 561,000 up 5,000 from last week’s total and up 25,000 from last year’s total. For the time period of July 29- Aug. 4 exporters reported Net sales of 23,300 metric tons (MT) for 2016, which were up noticeably from the previous week and up 60 percent from the prior four-week average. Increases were reported for Japan, Hong Kong and South Korea. Exports totaled 14,300 MT, which were down three percent from the previous week, but up four percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were lower with cash prices losing 1.50 cents to close at 67.12 cents per pound and October futures losing 1.39 cents to close at 69.88 cents per pound. Net sales for 2016-2017, which began August 1, totaled 132,000 RB. Increases reported for Turkey, Vietnam and South Korea. Exports for the period ending July 31 of 85,600 RB brought accumulated exports to 8,419,600 RB, down 20 percent from the prior year’s total of 10,535,100 RB. The primary destinations were Indonesia, Vietnam and South Korea. Exports for August 1-4 totaled 111,800 RB, with Vietnam, Pakistan and India being the primary destinations.

Corn prices were higher with cash and September futures both gaining $0.01 to close at $3.15 per bushel and $3.22 per bushel, respectively. Net sales totaled 594,900 MT for 2015-2016, which were up 80 percent from the previous week and 34 percent from the prior four-week average. Increases were reported for South Korea, Saudi Arabia and Egypt. Exports totaled 1,444,200 MT, which were up 27 percent from the previous week and 16 percent from the prior four-week average. The primary destinations were Mexico, Japan and South Korea. Grain Sorghum cash prices were higher, gaining $0.02 to close at $4.58 per cwt. Net sales totaled 60,400 MT for 2015-2016, which were reported for China, Colombia and Mexico. Exports totaled 241,400 MT, which were up noticeably from the previous week and from the prior four-week average. The destinations were China, Colombia and Mexico.

Wheat prices were higher with cash prices gaining $0.03 to close at $3.19 per bushel and September futures gaining $0.04 to close at $4.16 per bushel. Net sales totaled 607,600 MT for 2016-2017, which were up 86 percent from the previous week and 49 percent from the prior four-week average. Increases were reported for Mexico, Indonesia and Japan. Exports totaled 405,800 MT, which were down 30 percent from the previous week and 11 percent from the prior four-week average. The primary destinations were Indonesia, Colombia and Mexico.

Milk prices were steady with August Class III Milk futures remaining at $16.97 per cwt.

Stock Markets were lower today, a day after all three major U.S indexes hit record highs on the same day for the first time since 1999. Stocks were lower today, but are still in the positive for the week. Crude oil prices were higher, with September crude oil futures gaining $0.48 to close at $43.97 per barrel. Oil prices rose to a three-week high, one day after the Energy Minister for Saudi Arabia announced that they will work with OPEC to stabilize oil prices across the world.

Daily Market Summary Data 08/12/16

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