Texas Daily Ag Market Summary 1/28/15

Posted 9 years 304 days ago by

· Feeder cattle $4 to $10 lower; futures lower.
· Fed cattle cash trade inactive; formula trades lower; futures higher; beef prices lower.
· Cotton higher.
· Grains and soybeans mostly lower; rough rice higher.
· Crude oil higher; natural gas higher.
· Stock markets lower.

Texas feeder cattle auctions quoted prices $4 to $10 lower per hundredweight. Feeder cattle futures were slightly lower in January’s contract that is set to expire on Thursday. All deferred feeder cattle futures contracts, however, had sharply higher settlement prices. The Texas fed cattle cash market had no reportable trade, and wholesale boxed beef values were sharply lower again. Estimated cattle harvest through Tuesday totaled 223,000 head, down 1,000 from last week, but on par with last year. Fed cattle futures were $3 higher due to strong support from traders interested in recovering from the previously directionless and weak prices.

Cotton cash prices were unchanged and futures were higher on Tuesday. Repercussions of large world ending stocks is starting to impact cotton storage and sales in India.

Corn and grain sorghum prices were lower with reports of much needed heavy rain across Brazil for the next five days. Ethanol futures and the stock markets were lower, which also pulled corn prices down. Wheat prices were lower, despite potential support of a dip in the U.S. dollar value. There was not enough trading interests in the wheat market to sustain a gain.

Stock markets were lower due to increased uncertainty about the economy. The Fed is expected to tighten credit, and the Dow had its biggest one-day decline in three weeks after disappointing revenues were reported from large companies such as Microsoft and Caterpillar.

Daily Market Summary Data for 1/28/2015

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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.