Texas Daily Ag Market News Summary 7/16/15

Posted 9 years 135 days ago by

Feeder cattle steady to $7 lower; futures higher.
Fed cattle cash trade inactive; formula trades lower; futures lower; beef prices lower.
Cotton lower.
Grains and soybeans mixed.
Crude oil lower; natural gas higher.
Stock markets lower.

Texas feeder cattle auctions quoted prices steady to $7 lower. Feeder cattle futures closed $1.03 higher at $215.33 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were lower, with Choice grade losing $1.10 and Select grade losing $0.25, settling at $234.94 per cwt and $233.71 per cwt, respectively. Estimated cattle harvest through Wednesday totaled 322,000 head, down 1,000 from last week and 26,000 from a year ago. Year-to-date harvest is down 7.5%. Fed cattle futures were $0.12 lower than the previous day’s prices.

Cotton cash prices closed 0.75 cents lower than the previous day’s prices. Futures prices were 0.85 cents lower, settling at 65.32 cents per pound.

Corn and grain sorghum prices were higher yesterday, as corn cash gained $0.04 to settle at $4.55 per bushel, and futures prices gained $0.06 to settle at $4.30 per bushel. Grain sorghum cash prices gained $0.03 to settle at $7.85 per cwt. Soybean futures prices closed $0.14 lower, settling at $10.25 per bushel.

Wheat cash closed $0.02 lower to settle at $5.04 per bushel and futures gained $0.09, closing at $5.59 per bushel.

This week’s U.S. Drought Monitor for Texas showed an improvement in drought conditions for the state, with 2.84% of Texas still in some stage of drought intensity. Additionally, none of the state remains in moderate, severe, extreme, or exceptional drought, down 35.25 percentage points from three months ago. On the national level, drought conditions improved slightly, with almost 35.21% of the U.S. experiencing abnormal dryness or some degree of drought, down 1.34 percentage points from last week.

Stock markets closed slightly lower yesterday, reflecting investors’ lingering concerns about developments in Greece’s financial situation. Crude oil prices lost $1.63 to close at $51.41 per barrel, a new three month low.

Daily Market Summary Data for 7/16/2015

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