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Feb
06
2015

Texas Daily Ag Market Summary 2/6/15

Posted 9 years 53 days ago by

  • ·         Feeder cattle steady to $5 lower; futures lower.
  • ·         Fed cattle cash trade inactive; formula trades higher; futures higher; beef prices lower.
  • ·         Cotton higher.
  • ·         Grains and soybeans higher.
  • ·         Crude oil higher; natural gas lower.
  • ·         Stock markets higher.

Texas feeder cattle auctions quoted prices steady for lightweight calves, but $3 to $5 lower for heavyweight cattle. Feeder cattle futures were lower with little fresh news other than a slightly weaker market trend to look to for direction. The Texas fed cattle cash trade was quiet again yesterday after a few head sold at $160 on Wednesday. Wholesale boxed beef values were lower to sharply lower. Estimated cattle harvest for through Thursday totaled 427,000 head, down 18,000 from the previous week, and 26,000 from a year ago. Year-to-date harvest is down 5.7%. Fed cattle futures were higher with little trade activity moving prices either direction. Net export sales for January 23-29 totaled 14,000 metric tons (MT), up 40% from last week, with South Korea, Japan, and Hong Kong as the top buyers. Export shipments of 9,400 MT, down 13.8% from last week, went primarily to Japan, Mexico, and South Korea.

Cotton
cash and futures prices were up 50 and 56 points, respectively on Thursday. This week’s export sales have reached 99% of USDA estimate for 2014-2015, causing analysts to speculate that USDA will boost their export estimate and cut carryover stocks in next Tuesday’s WASDE report. Export cotton sales were 422,800 bales. Sales were 23% lower than last week’s marketing-year higher, but up 5% higher than the prior 4-week average with increased purchases for Vietnam, China, and South Korea. Shipments of 281,700 bales, another marketing-year high, were up 3% from last week, and 21% from the average. The primary destinations were China, Vietnam, and Turkey.

Corn and grain sorghum
prices were 1 to 2 cents higher with traders positioning themselves prior to USDA’s supply-demand report next week. Soybeans closed higher have news that Indonesia may increase their biofuel subsidy. Corn export sales were 844,900 MT for the week, down 12% from last week, and 22% from the 4-week average. Mexico, Colombia, and South Korea had increased purchases. Export shipments of 714,800 MT went mainly to Japan, Colombia, and Mexico. This week’s shipments were 14% lower than last week, but 14% higher than the average.

Wheat
prices lead the row crops higher, increasing 10 to 11 cents per bushel, with news of Ukraine’s financial concern and the potential for Egypt to purchase U.S. wheat. Net export sales for wheat were 397,600 MT, down 27% from last week, but up 11% from the prior 4-week average. Increased sales were reported for Mexico, Thailand, and Japan. Shipments were 439,600 MT, 29% higher than the previous week, and 35% higher than the weekly average. The top destinations were the Japan, Nigeria, and Colombia.

Stock markets
were higher following the rebound in oil prices that rose 4.2% to $50.48 per barrel.


Daily Market Summary Data for 2/6/2015


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Disclaimer: The information compiled in the Daily Market Summary is obtained from a variety of sources, including those available on the Internet, that are believed to be reliable and accurate, but are in no way guaranteed. This information is intended to provide only a summary of market trends and a daily snapshot of agricultural markets and economic indicators. It should not be relied upon as a sole source of market information. Commentary is the author’s alone and does not in any way convey official TDA policies.







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