Texas Daily Ag Market News Summary 06/23/16

Posted 8 years 157 days ago by

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

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

Cotton higher.

Grains and Soybeans lower.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $10 lower. Feeder cattle futures were $2.20 higher, closing at $142.37 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $116.00 per cwt. Whole sale boxed beef values were lower with choice grade losing $1.62 to close at $215.46 per cwt and select grade losing $0.01 to close at $198.34 per cwt. Fed cattle futures were higher, gaining $1.40 to close at $116.75 per cwt. Estimated cattle harvest for the week totaled 452,000 head up 7,000 from last week’s total and 13,000 from last year’s total.

Cotton prices were higher with cash prices gaining 1.50 to close at 61.37 cents per pound and July futures gaining 1.94 cents to close at 64.88 cents per pound.

Corn prices were lower with cash and futures prices both losing $0.06 to close at $3.80 per bushel and $3.87 per bushel, respectively. Grain Sorghum cash prices were lower, losing $0.10 to close at $5.77 per cwt.

Wheat prices were lower with cash prices losing $0.06 to close at $3.45 per bushel and July futures losing $0.06 to close at $4.28 per bushel.

Milk prices were higher with June Class III Milk futures gaining $0.02 to close at $13.24 per cwt.

Stock Markets were higher today, as investors shook off fears that the U.K would vote to leave the EU. Crude oil prices were higher, with July crude oil futures gaining $0.98 to close at $50.11 per barrel.

Daily Market Summary Data 06/23/16

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This week’s U.S. Drought Monitor for Texas showed steady drought conditions for the state, with only 1.38 percent of Texas still in some stage of drought intensity, on par with last week. On the national level, drought conditions worsened, with 41.23 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 2.12 percentage points from last week.