Daily Market News Summary 9/10/15

Texas feeder cattle auctions quoted prices $4 to $6 higher with instances of $7 lower. Feeder cattle futures closed $0.12 higher at $203.95 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Estimated cattle harvest through Wednesday totaled 344,000 head, down 95,000 from last week and 116,000 from a year ago. Year-to-date harvest is down 25%. Fed cattle futures were $0.03 lower than the previous day’s prices closing at $142.95 per cwt.

Cotton cash prices were higher yesterday, gaining 0.25 cents to close at 60.38 cents per pound. Cotton futures prices lost 0.04 cents, settling at 63.48 cents per pound.

Soybean futures prices closed $0.02 higher, settling at $8.85 per bushel. 

Wheat cash prices closed $0.05 higher, to settle at $4.54 per bushel. Futures prices gained $0.06, to close at $4.54 per bushel.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with about 47.43% of Texas in some stage of drought intensity, up 5.49 percentage points from last week. Additionally, 13.23% of the state remains in severe, extreme, or exceptional drought, up 3.24 percentage points from last week. On the national level, drought conditions got slightly worse as well, with 50.37% of the U.S. experiencing abnormal dryness or some degree of drought, up 4.58 percentage points from last week.

Stock markets closed slightly higher yesterday, as investors wait for a final decision by the Federal Reserve, on interest rates, to be announced next week. Crude oil prices gained $1.77 to close at $45.92 per barrel, after weekly data revealed a drop in U.S. crude production.

Daily Market News Summary Data 9/10/15