Texas Daily Ag Market News Summary 8/27/15

Posted 9 years 93 days ago by

Feeder cattle $7 to $15 lower; futures lower.

Fed cattle cash trade inactive on Wednesday; formula trades higher; futures lower; beef prices mixed.
Cotton lower.
Grains and soybeans lower.
Crude oil lower; natural gas higher.
Stock markets higher.

Texas feeder cattle auctions quoted prices $7 to $15 lower. Feeder cattle futures closed $0.62 lower at $210.82 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were mixed, with Choice grade gaining $0.38 and Select grade losing $0.20, settling at $243.86 per cwt and $233.80 per cwt, respectively. Estimated cattle harvest through Wednesday totaled 326,000 head, up 4,000 from last week and down 21,000 from a year ago. Year-to-date harvest is down 6.1%. Fed cattle futures were $1.25 lower than the previous day’s prices closing at $142.23 per cwt.

Cotton prices were lower yesterday, with cash prices losing 0.50 cents and futures prices losing 1.20 cents, settling at 58.38 cents per pound and 62.56 cents per pound, respectively.

Corn and grain sorghum prices were lower, with corn cash prices losing $0.03 and futures prices losing $0.04, closing at $3.82 per bushel and $3.62 per bushel, respectively. Grain sorghum cash prices dropped $0.57 to settle at $6.28 per cwt. Soybean futures prices closed $0.16 lower, settling at $8.78 per bushel.

Wheat cash and futures prices both closed $0.01 higher to settle at $4.10 per bushel and $4.67 per bushel.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with only about 40.66% of Texas still in some stage of drought intensity, down 1.68 percentage points from last week. Additionally, 6.37% of the state remains in severe, extreme, or exceptional drought, up 6.37 percentage points from three months ago. On the national level, drought conditions improved slightly as well, with 44.96% of the U.S. experiencing abnormal dryness or some degree of drought, down 0.28 percentage points from last week.

Stock markets closed higher yesterday, reflecting stronger-than-expected growth reports for the U.S. and a rise in the Europe and Asian markets. Crude oil prices lost $0.71 to close at $38.60 per barrel, as data revealed that crude oil supplies have unexpectedly dropped.

Daily Market Summary Data for 8/27/2015

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