Texas Daily Ag Market News Summary 08/26/16

Posted 8 years 93 days ago by

Feeder cattle auctions reported prices steady to $2 lower; Futures lower.

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

Cotton futures lower.

Grains and Soybeans lower.

Milk futures steady.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $2 lower. Texas Weekly Direct reported prices steady to $5 lower. Feeder cattle futures were $0.61 lower, closing at $146.11 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $0.88 to close at $199.48 per cwt and select grade losing $0.58 to close at $193.57 per cwt. Fed cattle futures were $2.12 lower, closing at $110.35 per cwt. Estimated slaughter for the week totaled 563,000 down 1,000 from last week’s total and up 18,000 from last year’s total. For the time period of August 12-18 exporters reported Net sales of 8,000 metric tons (MT) for 2016, which were down 43 percent from the previous week and 53 percent from the prior four-week average. Increases were reported for South Korea, Taiwan and Mexico. Exports totaled 13,900 MT, which were down five percent from the previous week and four percent from the prior four-week average. The primary destinations were South Korea, Japan and Mexico.

Cotton prices were mixed with cash prices remaining at 65.12 cents per pound and October futures losing 0.04 cents to close at 67.71 cents per pound. Net sales totaled 275,900 round bales (RB) for 2016-2017 and were reported for China, Pakistan and Vietnam. Exports totaled 193,500 RB and were reported to Vietnam, India and Turkey.

Corn prices were lower with cash prices losing $0.07 to close at $3.09 per bushel and September corn futures losing $0.08 to close at $3.16 per bushel. Net sales totaled 71,100 MT for 2015-2016--a marketing-year low—and were down 58 percent from the previous week and 82 percent from the prior four-week average. Increases were reported for Japan, Bangladesh and Israel. Exports totaled 1,045,900 MT, which were down 10 percent from the previous week and 18 percent from the prior four-week average. The primary destinations were Japan, Mexico and Colombia. Grain Sorghum cash prices were lower, losing $0.13 to close at $4.48 per cwt.

Wheat prices were lower with cash prices losing $0.08 to close at $3.05 per bushel and September wheat futures losing $0.16 to close at $3.90 per bushel. Net sales totaled 379,700 MT for 2016-2017, which were down 22 percent from the previous week and 21 percent from the prior four-week average. Increases were reported for Japan, Jamaica and Taiwan. Exports totaled 564,000 MT, which were down 21 percent from the previous week, but unchanged from the prior four-week average. The primary destinations were Indonesia, Taiwan and Colombia.

Milk prices were steady with August Class III Milk futures remaining at $16.91 per cwt.

Stock Markets were lower today, behind Federal Reserve chairwoman Janet Yellen’s remarks earlier today, suggesting that the case for an increase in U.S short-term interest rates has started to strengthen. Crude oil prices were higher, with October crude oil futures gaining $0.31 to close at $47.64 per barrel.

Daily Market Summary Data 08/26/16

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