Texas Daily Ag Market News Summary 01/12/17

Posted 7 years 102 days ago by

Feeder cattle auction reported prices steady to $7 higher; Futures lower.

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

Cotton futures lower.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $7 higher. January Feeder cattle futures were $1.73 lower, closing at $130.32 per hundredweight (cwt). The Texas fed cattle cash trade was $2.93 lower, closing at $117.00 per cwt. February Fed cattle futures were $1.65 lower, closing at $117.47 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $0.29 to close at $189.10 per cwt and Select grade losing $1.40 to close at $186.55 per cwt. Estimated cattle harvest for the week totaled 464,000 up 110,000 from last week’s total and 18,000 from a year ago. Year-to-date harvest is up 4.1%.

Cotton prices were lower March futures losing 0.80 cents to close at 72.34 cents per pound.

Corn prices were higher with cash prices gaining 3 cents to close at $3.49 per bushel and March futures gaining a penny to close at $3.58 per bushel. Grain Sorghum cash prices were a penny higher, closing at $5.31 per cwt.

Wheat prices were higher with cash and March futures both gaining 13 cents to close at $3.35 per bushel and $4.45 per bushel, respectively.

Milk prices were higher with January Class III futures gaining 5 cents to close at $16.79 per cwt.

Stock markets were lower today dragged down by declines in financial shares ahead of tomorrow’s earnings report. February Crude oil futures picked up 76 cents to close at $53.01 per barrel. Crude oil prices were higher after it was announced that Saudi Arabia has cut its oil production by more than was previously agreed, potentially signaling that other OPEC nations will follow their lead.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 25.13 percent of Texas still in some stage of drought intensity, up 6.63 percentage points from last week. On the national level, drought conditions improved, with 41.66 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 4.45 percentage points from last week.

Daily Market News Summary Data 01/12/17

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