Texas Daily Ag Market News Summary 06/02/16

Posted 8 years 178 days ago by

Feeder cattle auctions reported prices steady to $15 higher; Futures lower.

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

Cotton futures lower.

Grains and Soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $15 higher, with one instance of $3 to $6 lower. Feeder cattle futures were $0.02 lower, closing at $146.40 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $0.93 to close at $223.28 per cwt and select grade gaining $0.26 to close at $201.43 per cwt. Fed cattle futures were $0.30 higher, closing at $121.72 per cwt. Estimated cattle harvest for the week totaled 336,000 head down 111,000 from last week’s total and 110,000 from last year’s total. Year-to-date harvest is down 32%.

Cotton prices were mixed with cash prices remaining at 59.62 cents per pound and July futures losing 0.30 cents to close at 62.87 cents per pound.

Corn prices were higher with cash and futures prices both gaining $0.01 to close at $4.10 per bushel and $4.15 per bushel, respectively. Grain Sorghum cash prices gaining $0.01 to close at $6.25 per cwt.

Wheat prices were higher with cash prices gaining $0.08 to close at $3.81 per bushel and July wheat futures gaining $0.09 to close at $4.65 per bushel.

Milk prices were higher with June Class III Milk futures gaining $0.20 to close at $13.07 per cwt.

Stock Markets were higher today, brought about by gains in health-care shares. The markets remain in a fragile state as investors await the release of Friday’s jobs report. Crude oil prices were higher, with July crude oil futures gaining $0.16 to close at $49.17 per barrel.

Daily Market Summary Data 06/02/16

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This week’s U.S. Drought Monitor for Texas showed an improvement in drought conditions for the state, with only 1.38% of Texas still in some stage of drought intensity, down 1.32 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 31.15% of the U.S. experiencing abnormal dryness or some degree of drought, down 0.67 percentage points from last week.