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Apr
16
2015

Texas Daily Ag Market News Summary 4/16/15

Posted 8 years 349 days ago by

Feeder cattle steady to $5 lower; futures higher.

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

Cotton steady to lower.

Grains and soybeans mixed.

Crude oil sharply higher; natural gas higher.

Stock markets higher.



Texas feeder cattle auctions quoted prices steady to $5 lower. Feeder cattle futures were higher, settling at $215.23 per hundredweight (cwt), $2.03 above the previous day’s closing price. The Texas fed cattle cash trade was inactive on Tuesday. Wholesale boxed beef values were higher. Estimated cattle harvest through Wednesday totaled 330,000 head, up 20K from last week, but down 16K from a year ago. Year-to-date harvest is down 4.6%. Fed cattle futures were higher, closing higher for three straight sessions. 

Cotton cash prices were on par with the previous day’s closing prices. Futures prices were 0.10 cents lower, settling at 64.59 cents per pound.

Corn and grain sorghum prices were mixed, with corn cash prices $0.01 higher and futures $0.02 higher. Grain sorghum prices fell $0.14. Soybeans closed $0.05 higher, settling at $9.65 per bushel, gaining support from rising oil prices. 

Wheat cash and futures prices were $0.08 and $0.07 lower, respectively. Yesterday marked three consecutive days of lower wheat prices at market close. Traders are keeping an eye on the weekend weather outlook and how it could impact U.S. wheat.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with  just over 47% of the state still in some stage of drought intensity, down more than 1.7 percentage points from last week. Additionally, almost 2.7% of the state remains in severe, extreme, or exceptional drought, down almost three quarters of a percentage point from last week, but up almost 1.2 percentage points from three months ago. On the national level, drought conditions improved slightly, with about 58.8% of the U.S. experiencing abnormal dryness or some degree of drought, down just over 1 percentage point from last week.

Stock markets were higher as factors including rising oil prices and a weaker dollar supported market activity. Crude oil prices were $3.100 higher, settling at $56.39 per barrel, the highest closing price of 2015. The U.S. Energy Information Administration’s report released Wednesday announced the first decline since January in domestic oil output.

 

 

Daily Market Summary Data for 4/16/2015

 

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