Texas Daily Ag Market News Summary 05/19/16

Posted 8 years 192 days ago by

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

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

Cotton lower.

Grains and Soybeans lower.

Milk futures higher.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 higher. Feeder cattle futures were $1.23 lower, closing at $148.27 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $0.60 to close at $227.16 per cwt and select grade losing $1.05 to close at $211.15 per cwt. Fed cattle futures were $1.57 lower, closing at $121.55 per cwt. Estimated cattle harvest for the week totaled 448,000 down 1,000 from last week’s total and 7,000 from last year’s total. Year-to-date harvest is down 1.5%.

Cotton prices were lower with cash prices losing 1.00 to close at 58.37 cents per pound and July futures losing 0.98 cents to close at 61.07 cents per pound.

Corn prices were lower with cash prices losing $0.09 to close at $3.86 per bushel and July corn futures losing $0.10 to close at $3.90 per bushel. Grain Sorghum cash prices were lower, losing $0.16 to close at $5.83 per cwt.

Wheat prices were lower with cash and futures prices both losing $0.09 to close at $3.65 and $4.48 per bushel, respectively.

Milk prices were higher with May Class III Milk futures gaining $0.05 to close at $12.80 per cwt.

Stock Markets were lower today, marking the third consecutive losing week for the Dow Jones and erasing this year’s gains in the S&P 500. Crude oil prices were lower, with June Crude oil futures losing $0.03 to close at $48.16 per barrel.

Daily Market Summary Data 05/19/16

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This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with 2.60% of Texas still in some stage of drought intensity, down 7.35 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 30.42% of the U.S. experiencing abnormal dryness or some degree of drought, up 1.45 percentage points from last week.