Jan 20 2015

Texas Daily Ag Market Summary 1/20/15 Posted 9 years 97 days ago by

As most markets were closed and government reports were not available in observance of Martin Luther King Day, today’s report covers Friday’s closing markets and the most current data available through Monday.

• Feeder cattle $3 to $15 lower; futures lower.
• Fed cattle cash trade lower; formula trades higher; futures higher; beef prices lower.
• Cotton lower.
• Grains and soybeans mostly higher.
• Crude oil higher; natural gas lower.
• Stock markets higher.

Texas feeder cattle auctions quoted prices $3 to $15 lower. Weekly direct feeder cattle sales were $2 to $12 lower per cwt, noting a steady decline through the week because of the uncertainty in the futures markets. Feeder cattle futures were lower in January and March contracts, though later deferred months experienced gains. The Texas fed cattle cash trade over the weekend reported head sold at $164, down 3.5% from the previous week. Wholesale boxed beef values were sharply lower on Monday. Estimated cattle harvest for last week totaled 546,000 head, up 1.5% from the previous week, but down 9.1% from a year ago. Monday’s estimated cattle harvest totaled 112,000 head, up 1,000 from last Monday, but down 6,000 from this time last year. Year-to-date harvest is down 5%. Fed cattle futures were slightly higher though traders feel there is little long term direction for the market.

Cotton cash and futures prices were slightly lower on Friday with traders noting global economic concerns to justify the dip after the slight bump from Thursday’s USDA export numbers.

Corn and grain sorghum prices were higher with support coming from a large export sale and strong demand. Wheat prices were also higher for the first time in over a week, with traders watching trade and political developments in Eastern Europe.

Stock markets were higher thanks to a rise in oil prices and energy indexes after a week of volatility and wide price swings.

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.