Texas Daily Ag Market News Summary 8/06/15

Posted 9 years 114 days ago by

Feeder cattle steady to $8 higher; futures higher.
Fed cattle cash trade inactive; formula trades lower; futures higher; beef prices higher.
Cotton lower.
Grains and soybeans higher.
Crude oil lower; natural gas lower.
Stock markets mostly higher.

Texas feeder cattle auctions quoted prices mostly steady to $8 higher. Feeder cattle futures closed $0.18 higher at $214.13 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were higher, with Choice grade gaining $1.73 and Select grade gaining $0.68, settling at $235.21 per cwt and $228.85 per cwt, respectively. Estimated cattle harvest through Wednesday totaled 318,000 head, down 2,000 from last week and 20,000 from a year ago. Year-to-date harvest is down 5.9%. Fed cattle futures were $0.45 higher than the previous day’s prices.

Cotton cash prices closed 0.25 cents lower than the previous day’s prices. Futures prices were 0.16 cents lower, settling at 64.75 cents per pound.

Corn and grain sorghum prices were higher yesterday, with corn cash prices and futures prices both gaining $0.04, settling at $3.98 per bushel and $3.73 per bushel, respectively. Grain sorghum cash prices gained $0.07 to settle at $6.79 per cwt. Soybean futures prices closed $0.16 higher, settling at $9.92 per bushel.

Wheat cash prices gained $0.03 and futures prices gained $0.05, to settle at $4.33 per bushel and $4.90 per bushel, respectively.

This week’s U.S. Drought Monitor for Texas showed a worsening of drought conditions for the state, with 27.67% of Texas still in some stage of drought intensity. Additionally, none of the state remains in extreme or exceptional drought, down 5.48 percentage points from three months ago. On the national level, drought conditions also worsened, with 42.29% of the U.S. experiencing abnormal dryness or some degree of drought, up 3.40 percentage points from last week.

Stock markets closed mostly higher yesterday, with the S&P 500 and the NASDAQ Composite both posting gains. The Dow Jones Industrial Average, however, dropped 10 points on news of a decline in shares of Walt Disney Co. Crude oil prices lost $0.59 to close at $45.15 per barrel, as domestic crude inventory data revealed an increase in production.

Daily Market Summary Data for 8/06/2015

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