Texas Daily Ag Market Summary 2/9/15

Posted 9 years 293 days ago by

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

Texas feeder cattle auctions quoted prices mostly $4 to $8 lower, with a few locations reporting prices steady to $4 higher. Feeder cattle futures were higher, though still facing resistance at $200/cwt following the larger than expected inventory report last week. The Texas fed cattle cash trade was steady to slightly higher, ranging from $160 to $162 per cwt. Wholesale boxed beef values were lower again. Estimated cattle harvest for the week totaled 544,000 head, down 19K from the last week and last year. Year-to-date harvest is down 3.4%. Fed cattle futures were higher with the help of technical trading and gains in the feeder cattle market.

Cotton cash and futures prices were lower on Friday, with futures unable to pass resistance at 62 cents. Cotton has however recovered over $2 per cwt for two weeks in a row.

Corn and grain sorghum prices were slightly higher, though soybeans faced bearish pressure from estimated record harvests in South America. Traders are preparing for the USDA World Agriculture Supply and Demand Estimates report on Tuesday. Wheat prices were 2 cents lower in both markets, as the dollar value increased again slightly and added outside market competitiveness for U.S. commodities.

Stock markets were lower with investors estimating that the Federal Reserve will raise interest rates later this year. Despite the 60 point drop, the DJIA closed with its biggest weekly percent gain in two years with reports of strong job creation and wages for last month.

Daily Market Summary Data for 2/9/2015

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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.