Texas Daily Ag Market News Summary 05/16/17

Posted 1 years 34 days ago ago by Texas Department of Agriculture

Feeder cattle auction reported lower prices; Futures lower.

Fed cattle cash trade inactive; Futures lower; Beef prices uneven.

Cotton futures lower.

Grains and soybeans uneven.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.                  



Texas feeder cattle auctions reported prices steady to $5 lower. May Feeder cattle futures were $1.57 lower, to close at $140.95 per hundredweight (cwt). The Texas fed cattle cash was inactive today. June Fed cattle futures were 55 cents lower, closing at $121.90 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining 48 cents to close at $249.88 per cwt and Select grade losing $1.11 to close at $224.39 per cwt. Estimated cattle harvest for the week totaled 230,000 on par with last week’s total and up 7,000 from a year ago. Year-to-date harvest is up 3.1%. For the time period of May 8-14 the USDA NASS Field Office reported that cattle were in mostly good condition across the state. Flies were prevalent in the Blacklands and caused stress to livestock. Pasture and range condition was rated good to fair statewide, but there were areas in Central and South Texas, where the pasture was drying up and even changing colors due to the lack of moisture. Tornadoes were reported in the Blacklands.


Cotton prices were lower with July futures losing 4.00 cents to close at 81.32 cents per pound. The USDA NASS Field Office reported that cotton planting was underway in the High and Low Plains, the Blacklands, North East Texas and the Trans-Pecos. Cotton in the Upper Coast was squaring.


Corn prices were uneven with cash prices gaining a penny to close at $3.67 per bushel and May futures remaining at $3.62 per bushel. Grain Sorghum cash prices were a penny higher, to close at $5.41 per cwt. The USDA NASS Field Office reported that corn planting continued in the Northern High Plains. Producers in areas of South East Texas were irrigating corn fields. Sorghum was heading in the Coastal Bend. Some producers applied insecticides to sorghum fields to control sugarcane aphid populations.


Wheat prices were lower with cash prices and May futures both losing 4 cents to close at $3.55 per bushel and $4.25 per bushel, respectively. The USDA NASS Field Office reported that winter wheat condition was mostly fair to good statewide. Harvest continued in the southern districts and was just getting underway in the Southern Low Plains, the Blacklands and the Trans-Pecos. Hail in the Northern Low Plains destroyed some wheat acres. Producers in the Northern High Plains were still concerned with the quality of the wheat after experiencing two late freeze events.


Milk prices were higher with May Class III milk futures gaining 3 cents to close at $15.63 per cwt.


Stock markets closed higher today, as the NASDAQ Composite index hit another record behind rising technology shares. June Crude oil futures were 19 lower, closing at $48.66 per barrel. Crude oil prices hit small losses today after reports showed strong crude imports to the U.S., erasing optimism surrounding OPEC’s deal to extend production cutting measures.


Daily Market News Summary Data 05/16/17


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