Texas Daily Ag Market News Summary 7/30/15

Posted 9 years 121 days ago by

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

Texas feeder cattle auctions quoted prices mostly steady to $5 higher. Feeder cattle futures closed $0.22 higher at $211.48 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were higher, with Choice grade gaining $0.47 and Select grade gaining $0.20, settling at $232.62 per cwt and $229.07 per cwt, respectively. Estimated cattle harvest through Wednesday totaled 320,000 head, down 7,000 from last week and 17,000 from a year ago. Year-to-date harvest is down 5.04%. Fed cattle futures were $0.13 lower than the previous day’s prices.

Cotton cash prices closed 0.50 cents lower than the previous day’s prices. Futures prices were 0.49 cents lower, settling at 63.89 cents per pound.

Corn and grain sorghum prices were lower yesterday, with corn cash prices losing $0.04 and futures prices losing $0.07, settling at $3.94 per bushel and $3.68 per bushel, respectively. Grain sorghum cash prices lost $0.14 to settle at $6.74 per cwt. Soybean futures prices closed $0.08 higher, settling at $9.83 per bushel.

Wheat cash and futures prices both closed $0.10 lower to settle at $4.40 per bushel and $4.95 per bushel, respectively.

This week’s U.S. Drought Monitor for Texas showed a worsening of drought conditions for the state, with 13.55% of Texas still in some stage of drought intensity. Additionally, none of the state remains in severe, extreme, or exceptional drought, down 15.83 percentage points from three months ago. On the national level, drought conditions also worsened, with 38.89% of the U.S. experiencing abnormal dryness or some degree of drought, up 2.90 percentage points from last week.

Stock markets closed higher yesterday after a statement from the Federal Reserve yielded little information regarding a potential rise in interest rates. Crude oil prices gained $0.81 to close at $48.79 per barrel, amid news of an unexpected drop in domestic crude supplies.

Daily Market Summary Data for 7/30/2015

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