Texas Daily Ag Market News Summary 5/28/15

Posted 9 years 184 days ago by

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

Texas feeder cattle auctions quoted prices steady to lower. Feeder cattle futures closed $1.83 higher at $221.43 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were higher, with Choice grade gaining $0.04 and Select grade gaining $0.68, settling at $261.11 per cwt and $249.88 per cwt, respectively. Estimated cattle harvest through Wednesday totaled 234,000 head, down 106K from last week and 11K from a year ago. Year-to-date harvest is down 4.5%. Fed cattle futures were $0.68 higher than the previous day’s prices.

Cotton cash prices closed 0.25 cents lower than the previous day’s prices. Futures prices were 0.26 cents lower, settling at 63.05 cents per pound.

Corn and grain sorghum prices were mixed, with corn cash prices gaining $0.05 and futures prices losing $0.05, closing at $3.75 per bushel and $3.50 per bushel, respectively. Grain sorghum cash prices lost $0.10 to settle at $6.60 per cwt. Soybeans closed $0.04 higher, settling at $9.27 per bushel.

Wheat cash closed $0.12 lower to settle at $4.67 per bushel and futures lost $0.13 to close at $5.12 per bushel.

This week’s U.S. Drought Monitor for Texas showed a significant improvement in drought conditions for the state, with only about 17.89% of Texas still in some stage of drought intensity, down 12 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought, down 3.29 percentage points from last week and almost 28 percentage points from three months ago. On the national level, drought conditions improved slightly, with almost 50.75% of the U.S. experiencing abnormal dryness or some degree of drought, down almost 1 percentage point from last week.

Stock markets were higher yesterday as some data indicated a possible improvement in the U.S. economy. Crude oil prices were $0.520 lower, settling at $57.51 per barrel, the lowest closing price over the last six sessions.

Daily Market Summary Data for 5/28/2015

If you are interested in receiving this daily report, please subscribe here.