Texas Daily Ag Market News Summary 12/1/15

Posted 8 years 363 days ago by

Feeder cattle auctions reported steady prices; futures higher.

Fed cattle cash trade was inactive; futures higher; Beef prices lower.

Cotton higher.

Grains and soybeans higher.

Crude oil lower; natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported steady prices. Feeder cattle futures were $1.65 higher, closing at $164.40 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $1.84 closing at $203.81 per cwt; select grade lost $2.17 closing at $192.69 per cwt. Fed cattle futures were $2.05 higher, closing at $132.10 per cwt. Estimated cattle harvest for the week totaled 218,000 head, down 1,000 from last week and 4,000 from last year’s total. Year-to-date harvest is down 2%.

Cotton cash prices were higher, gaining 0.75 cents to close at 61.13 cents per pound; December futures gained 0.90 cents closing at 62.20 cents per pound.

Corn prices were higher, with corn cash and futures prices both gaining $0.02 to close at $3.77 and $3.67 per bushel, respectively.

Wheat cash prices were steady remaining at $3.74 per bushel; December futures prices lost a nickel to close at $4.52 per bushel.

Stock markets were higher today, reaching their biggest gains in two-weeks, as investors bought up stocks ahead of the release of key economic data. Crude oil prices were lower, losing $0.14 closing at $41.51 per barrel.

Daily Market Summary Data 12/1/15

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From Weekly Recap:

AUSTIN – (Nov. 30, 2015) For the week ending Nov. 28, 2015, Texas auctions quoted feeder cattle prices steady to $15 higher. Wholesale beef values were higher, with Choice Grade gaining $1.02 to close at $203.81 per cwt and Select Grade gaining $1.19 to close at $192.24 per cwt. Estimated cattle harvest for the week totaled 219,000 head, which is up 6,000 from last week but down 12,000 from last year.

Cotton cash prices were steady at the end of the week at 60.63 cents per pound. December futures prices were higher, gaining 0.44 cents to settle at 60.60 cents per pound. For the time period of Nov. 16- 22, the USDA NASS Field Office reported that the cotton harvest continued to progress in areas of the Plains and Cross Timbers, while cotton harvest is winding down in areas of the Trans-Pecos and Edwards Plateau. Cotton harvest is currently at 60 percent, five points above the previous year and 15 points behind normal.

Wheat prices were lower at the close of last week, with cash and futures prices both losing $0.07 to settle at $3.78 and $4.58 per bushel, respectively. The USDA NASS Field Office reported that winter wheat and oat seeding continued, with some delays experienced in areas of the Blacklands due to recent rainfall.

Corn prices were lower at the close of last week. Corn cash and futures prices both lost $0.03 to settle at $3.74 and $3.64 per bushel, respectively. The USDA NASS Field Office reported that corn and sorghum harvest are nearing completion. Corn harvest is currently at 93 percent, five points behind the previous year and six points behind normal.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with only 7.3 percent of Texas still in some stage of drought intensity, down 2.24 percentage points from last week. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions improved, with 38 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 5.16 percentage points from last week.