Texas Daily Ag Market News Summary 6/04/15

Posted 8 years 335 days ago by

Feeder cattle steady $5 to $10 higher; futures higher.
Fed cattle cash trade inactive on Wednesday; formula trades higher; futures lower; beef prices lower.
Cotton higher.
Grains and soybeans mixed.
Crude oil lower; natural gas lower.
Stock markets higher.

Texas feeder cattle auctions quoted prices steady to $5 to $10 higher. Feeder cattle futures closed $1.43 lower at $221.90 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were lower, with Choice grade falling $2.31 and Select grade losing $1.55, settling at $249.28 per cwt and $239.80 per cwt, respectively. Estimated cattle harvest through Wednesday totaled 335,000 head, up 101K from last week, but down 16K from a year ago. Year-to-date harvest is down 4.6%. Fed cattle futures were $0.80 lower than the previous day’s prices.

Cotton cash prices closed 1.75 cents higher than the previous day’s prices. Futures prices were 1.64 cents higher, settling at 65.24 cents per pound.

Corn and grain sorghum prices were steady, with corn cash and futures prices maintaining the previous day’s prices of $3.88 per bushel and $3.59 per bushel, respectively. Grain sorghum cash prices also remained steady at $6.77 per cwt. Soybeans closed $0.06 lower, settling at $9.35 per bushel.

Wheat cash closed $0.06 lower to settle at $4.84 per bushel and futures lost $0.07 to close at $5.29 per bushel.

This week’s U.S. Drought Monitor for Texas showed a significant improvement in drought conditions for the state, with only about 9.2% of Texas still in some stage of drought intensity, down 8.71 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought, on par with last week and almost 27 percentage points lower than three months ago. On the national level, drought conditions improved slightly, with 43.25% of the U.S. experiencing abnormal dryness or some degree of drought, down almost 7.5 percentage points from last week.

Stock markets were higher yesterday as Greece’s debt talks progressed and investors reviewed positive U.S. economic data. Crude oil prices were $1.62 lower, settling at $59.64 per barrel. Although U.S. crude inventories are shrinking, they are declining at a slower pace than the rate at which they grew in early 2015.

Daily Market Summary Data for 6/04/2015

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