Texas Daily Ag Market News Summary 10/8/15

Posted 9 years 52 days ago by

Feeder cattle auction quoted mixed prices of $2 to $15 higher; futures higher.

Fed cattle cash trade inactive; futures higher; beef prices mixed.

Cotton cash steady; futures lower.

Grains and soybeans lower.

Crude oil higher; natural gas higher.

Stock markets higher.

Texas feeder cattle auctions quoted prices of $2 to $15 higher. Feeder cattle futures were $2.92 higher, closing at $187.87 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were mixed, with Choice grade gaining $0.03 and Select grade losing $0.24 settling at $203.61 and $197.46 per cwt, respectively. Estimated cattle harvest for the week totaled 438,000 head, down 7,000 from last week’s total and down 14,000 from a year ago. Year-to-date harvest is down 3.0%. Fed cattle futures were $1.82 higher, closing at $131.17 per cwt.

Cotton prices were mixed with cash prices staying steady, closing at 58.87 cents per pound. Futures prices lost 0.33 cents settling 61.61 cents per pound.

Corn and grain sorghum prices were lower, with corn cash and futures prices both losing $0.05 settling at $4.01 and $3.91 per bushel, respectively. Grain sorghum cash prices lost $0.07 to settle at $6.19 per cwt.

Wheat prices were lower with cash and futures prices both losing $0.04 settling at $4.22 per bushel and $5.04 per bushel, respectively.

Stock markets closed higher yesterday, as notes from last month’s Federal Reserve meeting showed that the central bank is looking for signs of additional inflation before raising interest rates. Crude oil prices closed $1.62 higher yesterday, settling at $49.43 per barrel.

This week’s U.S. Drought Monitor for Texas showed a worsening drought conditions for the state, with 70.30% of Texas still in some stage of drought intensity, up 4.81 percentage points from last week. Additionally, 24.66% of the state remains in severe, extreme, or exceptional drought, up 24.66 percentage points from three months ago. On the national level, drought conditions improved slightly with 51.01% of the U.S. experiencing abnormal dryness or some degree of drought, down 4.08 percentage points from last week.

DailyMarket News Summary Data 10/8/15

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