Texas Daily Ag Market News Summary 10/22/15

Posted 9 years 38 days ago by

Feeder cattle auction quoted mixed prices of $2 to $12 higher; futures lower.

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

Cotton lower.

Grains and soybeans lower.

Crude oil higher; natural gas lower.

Stock markets higher.

Texas feeder cattle auctions quoted prices of $2 to $12 higher. Feeder cattle futures were $3.70 lower, closing at $190.55 per hundredweight (cwt). The Texas fed cattle cash trade was inactive yesterday. Wholesale boxed beef values were mixed, with Choice grade gaining $0.98 and Select grade losing $0.12 settling at $217.47 and $209.87 per cwt, respectively. Estimated cattle harvest for the week totaled 444,000 head, down 1,000 from last week’s total and down 7,000 from a year ago. Year-to-date harvest is down 2%. Fed cattle futures were $0.28 higher, closing at $140.25 per cwt.

Cotton prices were lower with cash prices losing 1.76 cents, closing at 60.37 cents per pound. Futures prices lost 1.71 cents settling 62.52 cents per pound.

Corn and grain sorghum prices were lower, with corn cash and futures prices both losing $0.03 settling at $3.88 and $3.78 per bushel, respectively. Grain Sorghum cash prices lost $0.05, settling at $5.95 per cwt.

Wheat prices were lower with cash prices losing $0.06 and futures prices losing $0.05 settling at $3.94 and $4.76 per bushel, respectively.

Stock markets closed slightly higher yesterday, as Europe introduced new stimulus measures. Crude oil prices closed $0.18 higher yesterday, settling at $45.38 per barrel.

DailyMarket Summary Data 10/22/15

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This week’s U.S. Drought Monitor for Texas showed slightly worsening drought conditions for the state, with 65.25% of Texas still in some stage of drought intensity, up 1.72 percentage points from last week. Additionally, 41.88% of the state in severe, extreme, or exceptional drought, up 41.88 percentage points from three months ago. On the national level, drought conditions worsened slightly, with 58.96% of the U.S. experiencing abnormal dryness or some degree of drought, up 5.57 percentage points from last week.