Texas Daily Ag Market News Summary 05/05/16

Posted 8 years 206 days ago by

Feeder cattle auctions reported prices steady to $5 higher; Futures higher.

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

Cotton lower.

Grains and Soybeans lower.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 higher with instances of steady to $3 lower. Feeder cattle futures were $3.03 higher, closing at $147.95 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $0.42 to close at $204.32 per cwt and select grade losing $0.15 to close at $195.50 per cwt. Fed cattle futures were $2.17 higher, closing at $119.62 per cwt. Estimated cattle harvest for the week totaled 440,000 head down 7,000 from with last week’s total and 4,000 from last year’s total. Year-to-date harvest is down 0.9%.

Cotton prices were lower with cash prices losing 0.50 cents to close at 57.37 cents per pound and May futures losing 0.44 cents to close at 61.63 cents per pound.

Corn prices were lower with cash prices losing $0.05 to close at $3.71 and May corn futures losing $0.01 to close at $3.72. Grain Sorghum cash prices were higher, gaining $0.18 to close at $5.63 per cwt.

Wheat prices were lower with cash prices losing $0.01 to close at $3.72 and May wheat futures losing $0.04 to close at $4.40.

Milk prices were lower with May Class III Milk futures losing $0.06 to close at $12.87 per cwt.

Stock Markets were lower today, as a recent rally in oil prices and energy shares faded, bringing the strength of global economy back into. Crude oil prices were higher, with June Crude oil futures gaining $0.54 to close at $44.32 per barrel.

Daily Market Summary Data 05/05/16

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This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with only 10.67% of Texas still in some stage of drought intensity, down 2.42 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions worsened slightly, with 39.64% of the U.S. experiencing abnormal dryness or some degree of drought, up 5.75 percentage points from last week.