Texas Daily Ag Market News Summary 01/07/16

Posted 8 years 326 days ago by

Feeder cattle auctions prices $10 to $25 higher; Futures lower.

Fed cattle cash trade inactive; Futures lower; Beef prices higher.

Cotton lower.

Grains and soybeans mixed.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported priced $10 to $25 higher per cwt. Feeder cattle futures were $4.50 lower, closing at $163.82 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $2.56 to close at $230.59 per cwt; select grade gained $3.21 to close at $223.89 per cwt. Fed cattle futures were $3.00 lower, closing at $133.52 per cwt. Estimated cattle harvest for the week totaled 425,000 head, up 29,000 from last week and down 5,000 from last year’s total. Year-to-date harvest is down 1%.

Cotton prices were lower with cash prices losing 0.50 cents to close at 59.87 cents per pound; March futures prices were lower, dropping 0.57 cents, to close at 61.43 cents per pound.

Corn prices were steady with cash and futures prices remaining at $3.57 per bushel and $3.53 per bushel, respectively. Grain sorghum cash prices were steady, remaining at $5.41 per cwt.

Wheat prices were higher with cash and futures prices both gaining $0.02, to close at $3.73 and $4.63 per bushel, respectively.

Stock markets were lower today, as declines in the Chinese markets have begun to effect other global markets. Crude oil prices were lower, losing $0.70 to close at $33.27 per barrel.

Daily Market Summary Data 01/07/16

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This week’s U.S. Drought Monitor for Texas showed an improvement in drought conditions for the state, with only 1.69% of Texas still in some stage of drought intensity, down 2.83 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved slightly as well, with 31.43% of the U.S. experiencing abnormal dryness or some degree of drought, down 1.58 percentage points from last week.