Texas Daily Ag Market News Summary 05/11/16

Posted 8 years 200 days ago by

Feeder cattle auctions reported prices $5 to $7 higher; Futures lower.

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

Cotton futures lower.

Grains and Soybeans lower.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices $5 to $7 higher. Feeder cattle futures were $1.20 lower, closing at $149.00 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $3.01 to close at $213.71 per cwt and select grade gaining $3.50 to close at $202.99 per cwt. Fed cattle futures were $0.45 lower, closing at $122.82 per cwt. Estimated cattle harvest for the week totaled 336,000 up 4,000 from last week’s total and on par with last year’s total. For the time period May 2-8 the USDA NASS Field Office reported that in the Northern Low Plains and South Texas, livestock producers continued to report an abundance of available forage for livestock on native range and pastures. Pastureland in areas of the Blacklands and East Texas were saturated due to recent rainfall. Livestock, range, and pasture conditions were mostly good across the state.

Cotton prices were mixed with cash prices remaining 57.62 cents per pound and May futures losing 0.30 to close at 60.60 cents per pound.

Corn prices were lower with cash prices losing $0.03 to close at $3.60 per bushel and May corn futures losing $0.05 to close at $3.74 per bushel. Grain Sorghum cash prices were lower, losing $0.07 to close at $5.69 per cwt.

Wheat prices were lower with cash prices losing $0.06 to close at $3.60 per bushel and May wheat futures losing $0.05 to close at $4.32 per bushel. The USDA NASS Field Office reported that winter wheat continued to progress well throughout the state, with areas of the Northern High Plains reporting some hail damage to crops. Some producers in areas of South Texas were harvesting winter wheat for grain, while many areas were making plans for harvest.

Milk prices were higher with May Class III Milk futures gaining $0.04 to close at $12.78 per cwt.

Stock Markets were lower today, dragged down by disappointing earnings reports from retail sector. Crude oil prices were higher, with June Crude oil futures gaining $1.57 to close at $46.23 per barrel.

Daily Market Summary Data 05/11/16

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