Texas Daily Ag News Market Summary 10/15/15

Posted 9 years 45 days ago by

Feeder cattle steady, with instances of $2 to $10 higher; futures lower.

Fed cattle cash trade active on Wednesday; formula trades higher; futures higher; beef prices higher.

Cotton lower.

Grains and soybeans lower.

Crude oil lower; natural gas lower.

Stock markets higher.

Texas feeder cattle auctions quoted prices $2 to $10 higher. Feeder cattle futures closed $1.03 lower at $189.77 per hundredweight (cwt). The Texas fed cattle cash trade was active yesterday settling at $128 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $0.61 and Select grade gaining $1.61, settling at $211.22 per cwt and $207.23 per cwt, respectively. Estimated cattle harvest through Wednesday totaled 445,000 head, up 7,000 from last week and 1,000 from a year ago. Fed cattle futures were $0.15 higher than the previous day’s prices settling at $133.90 per cwt.

Cotton cash prices closed 0.51 cents lower than the previous day’s prices settling at 61.12 cents per pound. Futures prices were 0.32 cents lower, settling at 63.44 cents per pound.

Corn and grain sorghum prices were slightly lower, with corn cash prices losing $0.04 and futures prices losing $0.03, closing at $3.85 per bushel and $3.76 per bushel, respectively. Grain sorghum cash prices dropped $0.07 to settle at $5.90 per cwt. Soybean futures prices closed $0.06 lower, settling at $9.05 per bushel.

Wheat cash closed $0.05 lower to settle at $4.15 per bushel and futures also lost $0.05, closing at $4.96 per bushel.

Stock markets closed higher yesterday, as lackluster economic data reduced the odds of an interest rate increase. Crude oil prices lost $0.26 to close at $46.38 per barrel.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with 63.53% of Texas still in some stage of drought intensity, down 6.77 percentage points from last week. Additionally, 31.88% of the state remains in severe, extreme, or exceptional drought, down 24.92 percentage points from three months ago. On the national level, drought conditions worsened slightly, with 53.39% of the U.S. experiencing abnormal dryness or some degree of drought, up 2.38 percentage points from last week.

Daily Market Summary Data 10/15/15

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