Texas Daily Ag Market News Summary 8/13/15

Posted 9 years 107 days ago by

Feeder cattle steady to $7 higher with instances of $3 lower; futures lower.
Fed cattle cash trade inactive; formula trades higher; futures lower; beef prices higher.
Cotton higher.
Grains and soybeans lower.
Crude oil higher; natural gas higher.
Stock markets slightly higher.

Texas feeder cattle auctions quoted prices mostly steady to $7 higher with instances of $3 lower. Feeder cattle futures closed $0.20 lower at $213.88 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were higher, with Choice grade gaining $3.09 and Select grade gaining $0.65, settling at $244.02 per cwt and $235.45 per cwt, respectively. Estimated cattle harvest through Wednesday totaled 323,000 head, down 5,000 from last week and 21,000 from a year ago. Year-to-date harvest is down 6.1%. Fed cattle futures were $1.48 lower than the previous day’s prices.

Cotton cash prices closed 3.00 cents higher, settling at $60.63 cents per pound. Futures prices were 3.14 cents higher, settling at 65.85 cents per pound.

Corn and grain sorghum prices were lower yesterday, with corn cash prices and futures prices both losing $0.20, settling at $3.83 per bushel and $3.57 per bushel, respectively. Grain sorghum cash prices lost $0.36 to settle at $6.51 per cwt. Soybean futures prices closed $0.63 lower, settling at $9.51 per bushel.

Wheat cash prices lost $0.12 and futures prices lost $0.13, to settle at $4.18 per bushel and $4.75 per bushel, respectively.

This week’s U.S. Drought Monitor for Texas showed a worsening of drought conditions for the state, with 39.14% of Texas still in some stage of drought intensity. Additionally, none of the state remains in extreme or exceptional drought, down 1.93 percentage points from three months ago. On the national level, drought conditions also worsened, with 43.87% of the U.S. experiencing abnormal dryness or some degree of drought, up 1.58 percentage points from last week.

Stock markets closed slightly higher yesterday, with the S&P 500 and the NASDAQ Composite both posting slight gains. Crude oil prices gained $0.22 to close at $43.30 per barrel, responding to strong signs of high demand.

Daily Market Summary Data for 8/13/2015

If you are interested in receiving this daily report, please subscribe here.