Texas Daily Ag Market Summary 1/26/15

Posted 9 years 306 days ago by

· Feeder cattle $2 to $10 lower; futures lower.
· Fed cattle cash trade steady; formula trades lower; futures sharply lower; beef prices lower.
· Cotton lower.
· Grains and soybeans mixed.
· Crude oil lower; natural gas higher.
· Stock markets mostly lower.

Texas feeder cattle auctions quoted prices $2 to $10 lower, with Weekly Direct Feeder Cattle sales down $4 to $12 per hundredweight (cwt). From the Texas Weekly Direct Feeder Cattle Summary: “Prices continue to follow the CME lower, and that progressively declining situation has contributed to wider price spreads for various weight groups.” Feeder cattle futures were lower in response to aggressive losses in the live cattle futures market. The Texas fed cattle cash trade was steady, with prices still reported at $160 per cwt on Friday. Wholesale boxed beef values were lower. Estimated cattle harvest for the week totaled 576,000 head, up 5.5% from last week, but down 4% from a year ago. Fed cattle futures were limit lower after supplies in the cold storage report indicated demand was not as strong as originally estimated.

Cotton cash and futures prices were lower on Friday despite USDA’s report of another marketing-year high for cotton export sales.

Corn and grain sorghum prices were mixed. Cash markets reported prices higher and corn futures had a 3 cent gain after the largest weekly sales figure in 3 years was released. However, soybeans were a nickel lower after sales cancellations caused a lower than expected export report.

Wheat cash prices were unchanged, and futures prices settled at cent lower. Grains are still feeling the pressure of a strong U.S. dollar.

Stock markets were mostly lower, with only the NASDAQ closing with a slight gain. These slight retreats usually occur the day after monetary policy changes are announced, as was the case with the news of the European Central Bank’s quantitative easing program on Thursday.

Daily Market Summary Data for 1/26/2015

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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.