Texas Daily Ag Market News Summary 05/24/16

Posted 8 years 187 days ago by

Feeder cattle auctions reported prices steady to $10 lower; Futures lower.

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

Cotton higher.

Grains and Soybeans mixed.

Milk futures steady.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $10 lower, with one instance of $2 to $3 higher. Feeder cattle futures were $1.00 lower, closing at $146.00 per hundredweight (cwt). The Texas fed cattle cash trade was lower, losing $1.00 to close at $125.00 per cwt. Whole sale boxed beef values were lower with choice grade losing $1.05 to close at $223.27 per cwt and select grade losing $0.33 to close at $206.82 per cwt. Fed cattle futures were $0.15 lower, closing at $118.00 per cwt. Estimated cattle harvest for the week totaled 220,000 head down 3,000 from last week’s total and up 103,000 from last year’s total. For the time period of May 16-22 the USDA NASS Field Office reported that Range and pasture continued to progress, providing adequate feed, as livestock conditions continued to improve across the state. Some pasture saturation was experienced in areas of the Edwards Plateau.

Cotton prices were higher with cash prices gaining 1.00 cents to close at 59.37 cents per pound and July futures gaining 1.57 cents to close at 63.02 cents per pound. The USDA NASS Field Office reported that cold, wet conditions have delayed cotton planting in areas of the Low Plains and the Edwards Plateau. Cotton planting was active in areas in areas of the Cross Timbers, Blacklands, the Northeast and the Edwards Plateau.

Corn prices were steady with cash and futures prices remaining at $3.94 and $3.98 per bushel, respectively. The USDA NASS Field Office reported that early planted corn was active throughout the state. In areas of the Blacklands, sorghum fields benefitted from recent rainfall and peanut planting was delayed in areas of South Texas. Grain Sorghum cash prices were higher, gaining $0.01 to close at $5.98 per cwt.

Wheat prices were steady with cash and futures prices both remaining at $3.64 and $4.47 per bushel, respectively. The USDA NASS Field Office reported that winter wheat and oats continued to progress; however, wet conditions across many areas of the state have delayed harvest. Crop damage due to hail was experienced in areas of Northern Low Plains and Edwards Plateau. Problems with rust were reported in some areas. Some producers in the Northern Plains began harvesting silage and bailing dry land wheat acreage.

Milk prices were steady with May Class III Milk futures remaining at $12.82 per cwt.

Stock Markets were higher today led by rises in oil prices combined with strong housing data and increased investor confidence that an increase in interest rates will not undermine the stock markets. Crude oil prices were higher, with June Crude oil futures gaining $0.54 to close at $48.62 per barrel.

Daily Market Summary Data 05/24/16

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