Texas Daily Ag Market News Summary 08/15/16

Posted 8 years 104 days ago by

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

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

Cotton lower.

Grains and Soybeans mixed.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $4 higher. Feeder cattle futures were $0.42 lower, closing at $148.65 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $0.48 to close at $201.67 per cwt and select grade gaining $0.56 to close at $194.18 per cwt. Fed cattle futures were $0.40 lower, closing at $115.92 per cwt. Estimated slaughter for the week totaled 113,000 up 4,000 from last week’s total and up 8,000 from last year’s total.

Cotton prices were lower with cash prices losing 1.75 cents to close at 65.37 cents per pound and October futures losing 1.79 cents to close at 68.09 cents per pound.

Corn prices were higher with cash and September futures both gaining $0.05 to close at $3.20 per bushel and $3.27 per bushel, respectively. Grain Sorghum cash prices were higher, gaining $0.10 to close at $4.68 per cwt.

Wheat prices were lower with cash prices losing $0.03 to close at $3.16 per bushel and September futures losing $0.04 to close at $4.12 per bushel.

Milk prices were higher with August Class III Milk futures gaining $0.03 to close at $17.00 per cwt.

Stock Markets were higher today, pushed to new records, by rising commodity and oil shares. Crude oil prices were higher, with September crude oil futures gaining $1.77 to close at $45.74 per barrel. Oil prices hit a one-month high today as comments made by the Saudi Arabian Energy Minister last week continue to raise confidence that OPEC will come to an agreement to stabilize oil prices and production.

Daily Market Summary Data 08/15/16

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From Weekly Recap:

AUSTIN – (Aug. 15, 2016) For the week ending Aug. 12, 2016, Texas feeder cattle auctions reported prices steady to $15 higher. Texas Weekly Direct reported prices steady to $5 higher. Wholesale Beef values were higher, with Choice Grade gaining $2.02 to close at $201.19 per hundredweight (cwt) and Select Grade gaining $1.78 to close at $193.62 per cwt. For the time period of Aug. 1-7, the USDA NASS Field Office reported that livestock were in good condition. Forage for cattle was drying out throughout the state, and livestock ponds were beginning to lower. Range and pasture was in need of rainfall as hot, dry conditions depleted soil moisture across much of the state. 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 at the end of last week, with cash prices losing 6.50 cents to close at 67.12 cents per pound and October futures prices losing 6.18 cents to close at 69.88 cents per pound. The USDA NASS Field Office reported in both the High and Low Plains, dryland cotton was stressed due to high temperatures and lack of moisture. Irrigated cotton in the Plains was squaring and setting bolls. Cotton harvest was underway in the Coastal Bend, South Texas and the Lower Valley. Net sales for 2016-2017, which began Aug. 1, totaled 132,000 RB. Increases were reported for Turkey, Vietnam and South Korea. Exports for the period ending on July 31 totaled 85,600 RB and 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 Aug. 1-4 totaled 111,800 RB, with Vietnam, Pakistan and India being the primary destinations.

Wheat prices were higher at the end of last week, with cash prices gaining $0.02 to close at $3.19 per bushel and September wheat futures gaining $0.06 to close at $4.16 per bushel. The USDA NASS Field Office reported small grain producers across the state continued field work ahead of fall seeding. 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.

Corn prices were lower at the end of last week, with cash prices losing $0.02 to close at $3.15 per bushel and September corn futures losing $0.03 to close at $3.22 per bushel. The USDA NASS Field Office reported that corn, soybean and sorghum harvest was active in areas of the southern part of the state. 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 down, losing $0.04 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.

Milk prices were lower at the close of last week, with August Class III milk futures losing $0.17 to close at $16.97 per cwt

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 44.17 percent of Texas in some stage of drought intensity, up 9.52 percentage points from last week. Additionally, 0.93 of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions improved slightly, with 50.15 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 1.52 percentage points from last week.