Texas Daily Ag Market News Summary 06/16/16

Posted 8 years 164 days ago by

Feeder cattle auctions reported prices $5 to $10 lower; Futures lower.

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

Cotton higher.

Grains and Soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices $5 to $10 lower. Feeder cattle futures were $0.63 lower, closing at $139.62 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $120.00 per cwt. Whole sale boxed beef values were lower with choice grade losing $2.93 to close at $223.49 per cwt and select grade losing $1.51 to close at $202.75 per cwt. Fed cattle futures were steady to remain at $117.27 per cwt. Estimated cattle harvest for the week totaled 444,000 head down 5,000 from last week’s total and up 14,000 from last year’s total.

Cotton prices were higher with cash prices gaining 1.00 to close at 61.12 cents per pound and July futures gaining 0.70 cents to close at 63.30 cents per pound.

Corn prices were lower with cash and futures prices both losing $0.04 to close at $4.18 per bushel and $4.25 per bushel, respectively.

Wheat prices were lower with cash prices losing $0.05 to close at $3.69 per bushel and July futures losing $0.06 to close at $4.51 per bushel.

Milk prices were lower with June Class III Milk futures losing $0.06 to close at $13.22 per cwt.

Stock Markets were higher today, breaking a five-day losing streak. U.S Markets were brought up by gains in telecommunication and utility shares. Crude oil prices were lower, with July crude oil futures losing $1.80 to close at $46.21 per barrel.

Daily Market Summary Data 06/16/16

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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 1.38 percent of Texas still in some stage of drought intensity, down 0.31 percentage points from last week. On the national level, drought conditions improved, with 34.83 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 4.28 percentage points from last week.