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Sep
11
2014

Texas Daily Ag Market Summary 9/11/14

Posted 9 years 201 days ago by

Today is Patriots’ Day, the thirteenth anniversary of the 9/11 terrorist attacks in New York and Washington, DC. Please take a moment to remember those who lost their lives on that terrible day, their families and everyone who is working to make sure something like that does not happen on U.S. soil again.

 

  • Feeder cattle mostly $2-$5 higher, few to $15 higher; futures mostly lower.
  • Fed cattle cash trade inactive; formula trades $2 higher; futures higher.
  • Choice beef prices higher; Select-grade lower.
  • Cotton higher.
  • Corn, grain sorghum higher; wheat, rice, soybeans lower.
  • Crude oil and natural gas lower.
  • Stock markets higher.

 

Texas feeder cattle auctions quoted prices mostly $2-$5 higher per cwt, with one location fully steady and others as much as $15 higher on at least a portion of their offerings. Feeder cattle futures were mostly lower, with the Sep contract the only one posting a modest increase. The fed cattle cash trade remained inactive across all major U.S. cattle feeding regions, with asking prices still in the upper $160’s. Formula trades were $2 higher. Wholesale beef values were higher for Choice offerings, but lower for Select-grade cuts. Estimated cattle harvest so far this week totals 345,000 head, up 106K head from last week, but down 23K from a year ago. Fed cattle futures were mostly higher.

Cotton cash prices and futures were solidly higher ahead of the USDA Crop Production report later this morning. Traders expect USDA to lower production from last month’s forecast, hold exports unchanged and lower projected ending stocks. With China sitting on nearly 60% of the world cotton stocks, estimates of supplies outside China should be of particular interest.

Corn and grain sorghum prices were higher yesterday in anticipation of the USDA reports. Traders were also keeping an eye on Midwest weather, with a chance of an early frost in the forecast for parts of the northern Corn Belt. Reports noted that rain and cooler weather may have also slowed maturity.  

Wheat prices were lower, though there was not much hard, wheat-specific news to move markets much in either direction. There were reports that Russia might be pulling some troops from Ukraine and a stronger dollar is still making it tough for U.S. crops to compete on world markets.

Stock markets closed higher yesterday with the tech-heavy NASDAQ Composite posting the largest percentage increase among the major indexes. Apple led stocks higher with a 3.1% increase following Tuesday’s shallow dip as solid expectations for the iPhone 6 and Apple Watch boosted shares. Traders are starting to anticipate next week’s Federal Reserve policy meeting, with many fearing an earlier increase in interest rates, but hoping that a weak August employment report will delay any tightening of monetary policy. The Commerce Department reported yesterday that wholesale inventories rose only 0.1% during July, well below expectations and the smallest increase in a year.


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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