Texas Daily Ag Market News Summary 06/09/16

Posted 8 years 171 days ago by

Feeder cattle auctions reported prices steady to $3 higher; Futures lower.

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

Cotton futures lower.

Grains and Soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $3 higher, with one instance of $2 to $3 lower. Feeder cattle futures were $0.07 lower, closing at $147.30 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $1.75 to close at $226.85 per cwt and select grade gaining $2.29 to close at $202.84 per cwt. Fed cattle futures were $0.18 higher, closing at $123.20 per cwt. Estimated cattle harvest for the week totaled 449,000 head up 113,000 from last week’s total and 25,000 from last year’s total.

Cotton prices were mixed with cash prices remaining at 62.62 cents per pound and July futures losing 0.82 cents to close at 64.96 cents per pound.

Corn prices were lower with cash and futures prices both losing $0.04 to close at $4.22 and $4.27 per bushel, respectively. Grain Sorghum cash prices were lower, losing $0.07 to close at $6.47 per cwt.

Wheat prices were lower with cash and July futures both losing $0.09 to close at $4.01 and $4.84 per bushel, respectively.

Milk prices were lower with June Class III Milk futures losing $0.01 to close at $13.25 per cwt.

Stock Markets were lower today, reflecting investor’s lack of confidence in the global economic outlook. Crude oil prices were lower, with July crude oil futures losing $0.67 to close at $50.56 per barrel.

Daily Market Summary Data 06/09/16

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This week’s U.S. Drought Monitor for Texas showed a slight increase in drought conditions for the state, with 1.69% of Texas still in some stage of drought intensity, up 0.31 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved, with 31.82% of the U.S. experiencing abnormal dryness or some degree of drought, down 3.01 percentage points from last week.