Texas Daily Ag Market Summary 1/27/15

Posted 9 years 92 days ago by

· Feeder cattle steady to $5 lower; futures lower.
· Fed cattle cash trade inactive; formula trades lower; futures lower; beef prices lower.
· Cotton higher.
· Grains and soybeans mixed.
· Crude oil lower; natural gas lower.
· Stock markets slightly higher.

Texas feeder cattle auctions quoted prices steady to $5 lower in comparison to last week’s sales. Feeder cattle futures were lower. The Texas fed cattle cash trade was inactive on Monday. Wholesale boxed beef values were sharply lower, with Choice Grade now down 3.1% and Select Grade down 2% from a week ago. Estimated cattle harvest for Monday totaled 112,000 head, consistent with last week, and 4K higher than a year ago. Year-to-date harvest is now up 3.7%. Fed cattle futures were slightly lower after some early aggressive losses. Traders are looking for support and direction from outside markets.

Cotton cash and futures prices rebounded yesterday with little news to support the increase except another report that U.S. cotton acreage is still likely to drop in 2015 and demand might be increasing. The USDA NASS Texas field office reported that the state’s cotton crop is 97% harvested, up 1 point from last week, but down 2 percent points from last year, but 3 percent points behind the average.

Corn and grain sorghum prices were lower with little trade action in the futures market, but soybeans closed higher after a large buying interest in soybean meal hit the market. Rain is expected for central Brazil, but certain areas need more than what is forecasted.

Wheat prices were also lower, with reports of weak demand and a low export inspection figure. The Texas Winter Wheat crop is 96% emerged, up 1 point from last week, and consistent with this time last year and the 5-year average. However, 42% of the wheat crop is in excellent or good condition, down 1 point from last week’s conditions.

Stock markets in both the U.S. and Europe were slightly higher with news from Greece’s weekend election results.

Daily Market Summary Data for 1/27/2015

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Disclaimer: The information compiled in the Daily Market Summary is obtained from a variety of sources, including those available on the Internet, that are believed to be reliable and accurate, but are in no way guaranteed. This information is intended to provide only a summary of market trends and a daily snapshot of agricultural markets and economic indicators. It should not be relied upon as a sole source of market information. Commentary is the author’s alone and does not in any way convey official TDA policies.

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