Texas Daily Ag Market News Summary 06/24/16

Posted 7 years 310 days ago by

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

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

Cotton lower.

Grains and Soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $2 higher with one instance of steady to $2 lower. Texas Weekly Direct reported prices $1 to $4 lower. Feeder cattle futures were $2.92 lower, closing at $139.45 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $1.60 to close at $213.86 per cwt and select grade losing $0.51 to close at $197.83 per cwt. Fed cattle futures were $2.05 lower, closing at $114.70 per cwt. Estimated cattle harvest for the week totaled 564,000 head up 7,000 from last week and 12,000 from last year’s total. For the time period of June 10-16 exporters reported net sales of 16,200 metric tons (MT) for 2016, which were up seven percent from the previous week and 36 percent from the prior four-week average. Increases were reported for Japan, Hong Kong and South Korea. Exports totaled 14,900 MT--a marketing-year high--were up 12 percent from the previous week and 15 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were lower with cash prices losing 0.50 cents to close at 60.87 cents per pound and July futures losing 0.38 cents to close at 64.50 cents per pound. Net upland sales totaled 170,000 round bales (RB) for 2015/2016, which were up noticeably percent from the previous week and 59 percent from the prior four-week average. Increases were reported for Vietnam, China and Pakistan.

Corn prices were lower with cash and July futures both losing $0.02 to close at $3.78 per bushel and $3.85 per bushel, respectively. Net sales totaled 870,700 MT for 2015/2016, which were down four percent from the previous week and 32 percent from the prior four-week average. Increases were reported for Japan, Mexico and Venezuela. Exports totaled 1,208,200 MT, which were down 20 percent from the previous week, but up six percent from the prior four-week average. The primary destinations were Japan, Mexico and Saudi Arabia. Grain Sorghum cash prices were lower, losing $0.04 to close at $5.73 per cwt. Net sales totaled 168,000 MT for 2015/2016, which were up noticeably from the previous week and up 37 percent from the prior four-week average. Increases were reported for unknown destinations and China. Exports totaled 1,600 MT, which were down 99 percent from the previous week and 98 percent from the prior four-week average. The destinations were China and Mexico.

Wheat prices were lower with cash and July futures both losing $0.05 to close at $3.40 per bushel and $4.23 per bushel, respectively. Net sales totaled 462,700 MT, which were reported for delivery in marketing year 2016/2017. The primary destinations were the Philippines, Venezuela and Indonesia. Exports totaled 579,300 MT, which were reported to Japan, Nigeria and the Philippines.

Milk prices were lower with June Class III Milk futures losing $0.02 to close at $13.22 per cwt.

Stock Markets were lower today, behind the U.K’s vote to leave the EU. The vote sent markets tumbling as investors are uncertain of how the “Brexit” will affect politics and the European markets. Crude oil prices were lower, with August crude oil futures losing $2.30 to close at $47.81 per barrel.

Daily Market Summary Data 06/24/16

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