Texas Daily Ag Market News Summary 7/23/15

Posted 9 years 128 days ago by

Feeder cattle mostly steady to $12 lower; futures lower.
Fed cattle cash trade inactive; formula trades lower; futures lower; beef prices lower.
Cotton higher.
Grains and soybeans mixed.
Crude oil lower; natural gas higher.
Stock markets lower.

Texas feeder cattle auctions quoted prices mostly steady to $12 lower. Feeder cattle futures closed $0.67 lower at $212.40 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were lower, with Choice grade losing $0.40 and Select grade losing $1.66, settling at $232.92 per cwt and $228.35 per cwt, respectively. Estimated cattle harvest through Wednesday totaled 327,000 head, up 5,000 from last week, but down 15,000 from a year ago. Year-to-date harvest is down 4.4%. Fed cattle futures were $0.65 lower than the previous day’s prices.

Cotton cash prices closed 0.25 cents higher than the previous day’s prices. Futures prices were 0.24 cents higher, settling at 65.64 cents per pound.

Corn and grain sorghum prices were lower yesterday, with corn cash and futures prices both losing $0.04, settling at $4.28 per bushel and $4.03 per bushel, respectively. Grain sorghum cash prices lost $0.07 to settle at $7.37 per cwt. Soybean futures prices closed $0.02 higher, settling at $10.21 per bushel.

Wheat cash and futures prices both closed $0.06 lower to settle at $4.57 per bushel and $5.12 per bushel, respectively.

This week’s U.S. Drought Monitor for Texas showed a slight worsening of drought conditions for the state, with 4.18% of Texas still in some stage of drought intensity. Additionally, none of the state remains in moderate, severe, extreme, or exceptional drought, down 34.56 percentage points from three months ago. On the national level, drought conditions worsened slightly, with 35.99% of the U.S. experiencing abnormal dryness or some degree of drought, up 0.78 percentage points from last week.

Stock markets closed lower yesterday, weighed down by disappointing results from technology giants Apple and Microsoft. Crude oil prices lost $1.17 to close at $49.19 per barrel, continuing the downward trend to settle below $50 per barrel for the first time since April.

Daily Market Summary Data for 7/23/2015

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