Texas Daily Ag Market News Summary 5/07/15

Posted 9 years 205 days ago by

Feeder cattle $3 lower to $4 higher; futures higher.

Fed cattle cash trade inactive on Wednesday; formula trades lower; futures lower; beef prices higher.
Cotton lower.
Grains and soybeans mixed.
Crude oil higher; natural gas lower.
Stock markets lower.

The Texas fed cattle cash trade remained inactive on Wednesday. Wholesale boxed beef values were higher, with Choice grade gaining $0.59 and Select grade gaining $0.67, settling at $256.15 per cwt and $244.27 per cwt, respectively. Estimated cattle harvest through Wednesday totaled 333,000 head, down 2K from last week and 26K from a year ago. Year-to-date harvest is down 7.2%. Fed cattle futures were $1.22 lower than the previous day’s prices.

Cotton cash prices closed 0.50 cents lower than the previous day’s prices. Futures prices were 0.89 cents lower, settling at 66.10 cents per pound.

Corn and grain sorghum prices were higher, with corn cash and futures prices settling four and six cents higher, respectively, and closing at $3.92 per bushel and $3.67 per bushel, respectively. Grain sorghum prices gained $0.07. Soybeans closed $0.03 lower, settling at $9.91 per bushel as investors look to U.S. soybean planting and global supplies.

Wheat cash and futures prices were $0.14 higher and $0.10 lower, respectively, settling at $4.60 per bushel and $4.76 per bushel, respectively. A weaker U.S. dollar brought strength to yesterday’s gains.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with just over 40.3% of Texas still in some stage of drought intensity, down almost 0.80 percentage points from last week. Additionally, 15.5% of the state remains in severe, extreme, or exceptional drought, down 0.33 percentage points from last week and almost 7.3 percentage points from three months ago. On the national level, drought conditions worsening slightly, with almost 55.76% of the U.S. experiencing abnormal dryness or some degree of drought, up more than 2.50 percentage points from last week.

Stock markets were lower yesterday after Federal Reserve Chairwoman Janet Yellen commented on possible financial market bubbles as she spoke with the Managing Director of the International Monetary Fund. Crude oil prices were $0.530 higher, settling at $60.93 per barrel. U.S. crude inventories declined by 3.9 million barrels last week.

Daily Market Summary Data for 5/07/2015

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