Texas Daily Ag Market News Summary 01/28/16

Posted 8 years 304 days ago by

Feeder cattle auctions prices steady to $14 higher; Futures higher.

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

Cotton higher.

Grains and soybeans lower.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $14 higher per cwt, one location reported prices of $2 to $4 lower per cwt. Feeder cattle futures were $0.38 higher, closing at $161.30 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were mixed with choice grade losing $1.21 to close at $220.12 per cwt; select grade gained $0.41 to close at $215.43 per cwt. Fed cattle futures were $0.30 lower, closing at $135.42 per cwt. Estimated cattle harvest for the week totaled 444,000 head, up 4,000 from last week and down 5,000 from last year’s total. Year-to-date harvest is down 1%.

Cotton prices were higher with cash prices gaining 0.50 cents to close at 60.12 cents per pound; March futures gained 0.50 cents to close at 61.36 cents per pound.

Corn prices were lower with cash prices losing $0.04 to close at $3.70 per bushel; March futures prices were lower, losing $0.03 to close at $3.66 per bushel. Grain Sorghum cash prices were lower losing $0.06 at $5.63 per cwt.

Wheat prices were lower with cash prices losing $0.04 to close at $3.79 per bushel; March futures prices lost $0.03 to close at $4.65 per bushel.

Stock markets were higher today, as U.S. stocks rose behind the price of oil, unfortunately a sell-off in health care shares and mixed earnings reports kept gains to a minimum. Crude oil prices were higher gaining, $0.92 to close at $33.22 per barrel.

This week’s U.S. Drought Monitor for Texas showed a slight worsening in drought conditions for the state, with only 1.95% of Texas still in some stage of drought intensity, up 0.26 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, with 28% of the U.S. experiencing abnormal dryness or some degree of drought, down .75 percentage points from last week.

Daily Market Summary Data 01/28/16

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