2017

Posted 7 years 8 days ago by

Feeder cattle auction reported higher prices; Futures lower.

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

Cotton prices uneven.

Grains and soybeans uneven.

Milk futures steady.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $10 higher. April Feeder cattle futures were 38 cents lower, closing at $138.67 per hundredweight (cwt). The Texas fed cattle cash was inactive today. April Fed cattle futures were 35 cents higher, closing at $126.77 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.86 to close at $215.99 per cwt and Select grade gaining $1.42 to close at $202.20 per cwt. Estimated cattle harvest for the week totaled 224,000 down 4,000 from last week’s total and up 3,000 from a year ago. Year-to-date harvest is up 1.4%. For the time period of April 10-16 the USDA NASS Field Office reported that fly pressure increased in the Black Lands. Cattle vaccinations were underway in North East Texas. Pasture and range condition were rated at 76 percent good to fair. Recent rains helped to keep the pastures in good conditions. Wild Hogs in South East Texas were active in pasture, yards and areas they had not been spotted before. Tornado damage was reported in Falls County (Blacklands) and several more tornadoes touched down in the Panhandle.

Cotton prices were uneven with cash prices gaining 0.25 cents to close at 76.25 cents per pound and May futures losing 0.21 cents to close at 76.82 cents per pound. The USDA NASS Field Office reported that cotton field preparations continued in the Southern Plains and the Edwards Plateau. Some producers were planting cotton in the Edwards Plateau, South Central Texas, South Texas and the Blacklands, but some of the planting was slowed down due to the rainfall.

Corn prices were lower with cash prices losing 4 cents to close at $3.56 per bushel and May futures losing a nickel to close at $3.62 per bushel. Grain Sorghum cash prices were 8 cents lower closing at $5.34 per cwt. The USDA NASS Field Office reported that corn emerged was estimated at 56, up 14 points from the 5-year average. Side-dressing of corn was in full swing in South Central Texas. Some of the early planted corn in the Coastal Bend was beginning to tassel. Sorghum planting continued in South Texas and the Edwards Plateau. Some sorghum fields were emerging in the Southern High Plains and the Blacklands.

Wheat prices were higher with cash prices gaining 2 cents to close at $3.38 per bushel and May futures gaining 3 cents to close at $4.19 per bushel. The USDA NASS Field Office reported that winter wheat condition was rated at 78 percent fair to good. Cases of wheat streak mosaic virus were noted in Northern High Plains. Also leaf rust was found in fields of the High plains and the Blacklands. Producers were weighing the economic feasibility of treating disease and pests due to low wheat prices.

Milk prices were steady with April Class III milk remaining at $15.24 per cwt.

Stock markets closed lower today, dragged down by declines in bank and health-care shares. Investors have generally backed away from buying stocks in recent sessions behind weak economic reports combined with chaotic political landscape. Due to these two issues investors have stayed away from risky stocks, instead choosing to pick up government bonds and other perceived safe haven assets. May Crude oil futures were 24 cents lower, closing at $52.41 per barrel. Crude oil prices continued recent struggles as concerns over increasing global supplies continue to grow. Crude oil prices have retreated from last week’s gains in part over growing global supply and comments made from Saudi Arabia’s energy minister suggesting that they are backing away from statements made earlier this month implying that they will lobby to extend production cutting agreement.

Daily Market News Summary Data 04/18/17

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