Texas Daily Ag Market Summary 1/13/15

Posted 9 years 320 days ago by

· Feeder cattle $3 to $5 higher; futures higher.
· Fed cattle cash trade inactive; formula trades higher; futures lower; beef prices higher.
· Cotton lower.
· Grains and soybeans mostly lower, corn slightly higher.
· Crude oil lower; natural gas lower.
· Stock markets lower.

Texas feeder cattle auctions quoted prices $3 to $5 higher, with one sale location reporting an increase as high as $12 in comparison to last week. Feeder cattle futures were higher. The Texas fed cattle cash trade remained inactive on Monday, but wholesale boxed beef values were higher again. Estimated cattle harvest to start the week totaled 111,000 head, up 5,000 from last week, but down 8,000 from a year ago. Year-to-date harvest is down 6.7%. Fed cattle futures were slightly lower, though deferred contracts closed higher and cash and beef prices remain strong.

Cotton prices were lower yesterday, with futures down 1.03 cents to close at 59.73 cents per pound. USDA’s supply-demand report estimates a slightly larger U.S. crop and a small increase in world ending stocks. U.S. ending stock projection increased 2.1% to 4.7 million bales. U.S. cotton production is expected to total 16.08 million bales for 2014/2015, up 1% from last month’s estimate and 25% from a year ago.

Corn and grain sorghum prices were mixed, with sorghum cash prices dipping 2 cents. Corn cash and futures prices each gained 2 cents with help of a 6% lower estimate of U.S. ending stocks for this harvest year in the USDA WASDE report.

Wheat cash and futures prices both settled with a 10 cent loss, with world production still expected to be a record-high at 723 million metric tons, as reported by USDA. Projected U.S. ending stocks for wheat totaled 687 million bushels, up 5% from December’s projection and 16% from last year’s estimate.

Stock markets were slightly lower lead by energy futures. Crude oil fell to $46.07 per barrel, with analysts estimating its continued decline until the supply is lowered and the market is balanced.

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.