Texas Daily Ag Market News Summary 7/09/15

Posted 9 years 142 days ago by

Feeder cattle steady to $5 higher, with instances of $7 higher and $8 lower; futures lower.
Fed cattle cash trade reporting after inactivity; formula trades higher; futures lower; beef prices lower.
Cotton lower.
Grains and soybeans mostly higher.
Crude oil lower; natural gas lower.
Stock markets lower.

Texas feeder cattle auctions quoted prices steady to $5 higher, with instances of $7 higher and $8 lower. Feeder cattle futures closed $3.50 lower at $213.63 per hundredweight (cwt). The Texas fed cattle cash trade reported a price of $150.00 per cwt after four days of inactivity. Wholesale boxed beef values were lower, with Choice grade losing $2.64 and Select grade losing $1.85, settling at $242.03 per cwt and $239.24 per cwt, respectively. Estimated cattle harvest through Wednesday totaled 323,000 head, down 15K from last week and 18K from a year ago. Year-to-date harvest is down 5.3%. Fed cattle futures were $2.08 lower than the previous day’s prices.

Cotton cash prices closed 1.00 cent lower than the previous day’s prices. Futures prices were 0.94 cents lower, settling at 64.59 cents per pound.

Corn and grain sorghum prices were mostly higher yesterday, as corn cash gained $0.01 to settle at $4.46 per bushel, and futures prices remained at $4.16 per bushel. Grain sorghum cash prices gained $0.03 to settle at $7.77 per cwt. Soybean futures prices closed $0.04 higher, settling at $10.06 per bushel.

Wheat cash closed $0.04 lower to settle at $5.29 per bushel and futures lost $0.03, closing at $5.68 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 25.39 percentage points from three months ago. On the national level, drought conditions improved slightly, with almost 36.55% of the U.S. experiencing abnormal dryness or some degree of drought, down 1.98 percentage points from last week.

Stock markets closed lower yesterday, following the continuing decline in Chinese shares. Additionally, the New York Stock Exchange suspended trading for nearly four hours in response to an apparent technical glitch. Crude oil prices lost $0.68 to close at $51.65 per barrel, as stockpiles of crude supplies continued to grow.

Daily Market Summary Data for 7/09/2015

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