Texas Daily Ag Market News Summary 7/02/15

Posted 9 years 149 days ago by

Feeder cattle steady, with instances of $7 to $10 lower; futures higher.
Fed cattle cash trade reporting after inactivity; formula trades slightly lower; futures higher; beef prices mixed.
Cotton lower.
Grains and soybeans mixed.
Crude oil lower; natural gas lower.
Stock markets higher.

Texas feeder cattle auctions quoted prices steady, with instances of $7 to $10 lower. Feeder cattle futures closed $3.77 higher at $218.50 per hundredweight (cwt). The Texas fed cattle cash trade reported a price of $148.40 per cwt after one day of inactivity. Wholesale boxed beef values were mixed, with Choice grade gaining $0.24 and Select grade losing $0.09, settling at $252.29 per cwt and $249.26 per cwt, respectively. Estimated cattle harvest through Wednesday totaled 338,000 head, up 13K from last week and down 13K from a year ago. Year-to-date harvest is down 3.7%. Fed cattle futures were $3.23 higher than the previous day’s prices.

Cotton cash prices closed 1.50 cents lower than the previous day’s prices. Futures prices were 1.42 cents lower, settling at 66.09 cents per pound.

Corn and grain sorghum prices were unchanged yesterday, with corn cash and futures prices remaining at $4.43 per bushel and $4.14 per bushel, respectively. Grain sorghum cash prices remained at $7.72 per cwt. Soybean futures prices closed $0.12 lower, settling at $10.44 per bushel.

Wheat cash closed $0.13 lower to settle at $5.38 per bushel and futures lost $0.17, closing at $5.76 per bushel.

This week’s U.S. Drought Monitor for Texas showed no change in drought conditions for the state, with 4.63% of Texas still in some stage of drought intensity. Additionally, none of the state remains in severe, extreme, or exceptional drought, down 25.44 percentage points from three months ago. On the national level, drought conditions improved slightly, with almost 38.53% of the U.S. experiencing abnormal dryness or some degree of drought, down 1.59 percentage points from last week.

Stock markets closed higher yesterday, as discussion surrounding Greece’s financial situation showed hopeful signs of a potential deal. Crude oil prices lost $2.51 to close at $56.96 per barrel, in response to an unexpected rise in crude stockpiles.

Daily Market Summary Data for 7/02/2015

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