Texas Daily Ag Market News Summary 06/30/16

Posted 8 years 150 days ago by

Feeder cattle auctions reported prices $2 to $12 higher; Futures higher.

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

Cotton lower.

Grains and Soybeans mixed.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices $2 to $12 higher. Feeder cattle futures were $1.25 higher, closing at $144.30 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $121.84 per cwt. Whole sale boxed beef values were lower with choice grade losing $0.13 to close at $208.44 per cwt and select grade losing $0.87 to close at $195.01 per cwt. Fed cattle futures were $1.10 higher, closing at $120.00 per cwt. Estimated cattle harvest for the week totaled 450,000 head down 2,000 from last week and 3,000 last year’s total. Year-to-date harvest was down 0.7%. For the time period of June 20-26 USDA NASS Field Office reported hot, dry weather across much of the Blacklands and Northeast Texas affected cattle, although they were reported in good condition. Livestock body condition was generally good across the state and continued to benefit from adequate pasture. Ponds and stock tanks remained at capacity in most of the state. Livestock producers reported increasing horn fly populations. Hay production and weed control activities continued.

Cotton prices were lower with cash prices losing 1.50 cents to close at 62.12 cents per pound and July futures losing 1.68 cents to close at 62.82 cents per pound. The USDA NASS Field Office reported cotton made good progress in most areas of the Edwards Plateau, the Coastal Bend, and the Upper Coast. Cotton reached the squaring stage in areas of the Southern High Plains and setting bolls in South Texas.

Corn prices were lower with cash prices losing $0.13 to close at $3.53 per bushel and July corn futures losing $0.14 to close at $3.59 per bushel. Grain Sorghum cash prices were lower, losing $0.23 to close at $5.28 per cwt. The USDA NASS Field Office reported Corn and sorghum progressed well in most areas of North and East Texas, though lack of moisture was causing some fields to dry out. Corn dried down as harvest approached in the Coastal Bend and corn leaf diseases affected fields in the Upper Coast. Some sorghum fields were being pressured by Johnsongrass in areas of the Blacklands and increasing sugarcane aphid numbers were reported in the Coastal Bend.

Wheat prices were higher with cash prices gaining $0.05 to close at $3.22 per bushel and July wheat futures gaining $0.04 to close at $4.04 per bushel. The USDA NASS Field Office reported that the winter wheat harvest was in full swing across the state. Wheat and oats were damaged by previous weeks’ excessive rainfall in areas of the Cross Timbers. Throughout the High Plains, wheat harvest was progressing well. In the Northern Low Plains, winter wheat harvest was nearing completion.

Milk prices were lower with July Class III Milk futures losing $0.14 to close at $15.25 per cwt.

Stock Markets were higher today, as major US indexes are chipping away at the damage done by the U.K’s “Brexit”. Crude oil prices were lower, with August crude oil futures losing $1.23 to close at $48.65 per barrel.

Daily Market Summary Data 06/30/16

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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. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions worsened slightly, with 43.9 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 2.16 percentage points from last week.