Texas Daily Ag Market Summary 1/6/15

Posted 9 years 326 days ago by

Feeder cattle steady; futures higher.
Fed cattle cash trade inactive; formula trades slightly higher; futures higher; beef prices higher.
Cotton higher.
Grains and soybeans mostly higher.
Crude oil sharply lower; natural gas lower.
Stock markets lower.

Texas feeder cattle auctions were mostly closed over the weekend, with one location quoting prices steady. Feeder cattle futures were higher building onto last week’s late gains. Texas fed cattle cash trade remained inactive on Monday, though a few head sold over the weekend for $166 in Texas, Oklahoma, and New Mexico. Wholesale boxed beef values were higher. Estimated cattle harvest to start the week was 106,000 head, down 10,000 from the previous week and 4,000 from a year ago. Year-to-date harvest is down 3.6%. Fed cattle futures were higher following feeder cattle.

Cotton cash prices and futures were higher on Monday despite a strong dollar and low oil prices. Triple digit gains are most likely associated with strong grain numbers and a potential increase in Chinese demand. USDA’s WASDE report comes out next Monday with final production numbers for 2014.

Corn, grain sorghum, and wheat cash prices were unavailable last week, but yesterday’s cash prices were lower in comparison to before the holidays. All row crop futures prices higher at close yesterday as exports provide strong support for soybeans and corn and DTN forecasted a drying trend in Brazil. The frozen temperatures in central U.S. impacted wheat prices because of concerns about winterkill.

Stock markets were lower after oil prices fell below $50 a barrel during the day. Crude oil closed at $50.04, its lowest settlement price since April 2009.

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.