Texas Daily Ag Market News Summary 05/12/16

Posted 8 years 199 days ago by

Feeder cattle auctions reported prices $5 to $12 higher; Futures lower.
Fed cattle cash trade inactive; Formula trades higher; Futures steady; Beef prices higher.
Cotton futures higher.
Grains and Soybeans higher.
Milk futures lower.
Crude oil higher; Natural gas lower.
Stock markets steady.

Texas feeder cattle auctions reported prices $5 to $12 higher. Feeder cattle futures were $1.18 lower, closing at $147.82 per hundredweight (cwt). The Texas fed cattle cash trade was inactive. Whole sale boxed beef values were higher with choice grade gaining $0.75 to close at $214.46 per cwt and select grade gaining $2.25 to close at $205.24 per cwt. Fed cattle futures were steady, closing at $122.82 per cwt. Estimated cattle harvest for the week totaled 113,000 head, up 5,000 head from last week’s total and down 2,000 from last year’s total. Year-to-date harvest is down 0.4%

Cotton prices were mixed with cash prices gaining a dollar to close at 58.25 cents per pound and May futures gaining 0.13 to close at 60.73 cents per pound.

Corn prices were higher with cash prices gaining $0.11 to close at $3.86 per bushel and May corn futures gaining $0.11 to close at $3.85 per bushel. Grain Sorghum cash prices were higher, gaining $0.11 to close at $5.80 per cwt.

Wheat prices were higher gaining $0.07 to close at $3.67 and futures gaining $0.07 to close at $4.39 per bushel.

Milk prices were higher with May Class III Milk futures losing $0.05 to close at $12.73 per cwt.

Stock Markets recovered as energy shares and oil prices rebounded but were pushed down by losses in technology shares. Crude oil prices were higher, with June Crude oil futures gaining $0.47 to close at $46.70 per barrel.

Daily Market Summary Data 05/12/16

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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 9.95% of Texas still in some stage of drought intensity, down .72 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved slightly, with 29.24% of the U.S. experiencing abnormal dryness or some degree of drought, down 9.9 percentage points from last week.