Texas Daily Ag Market News Summary 07/07/16

Posted 8 years 143 days ago by

Feeder cattle auctions reported prices $2 to $4 higher; Futures lower.

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

Cotton futures lower.

Grains and Soybeans mixed.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices $2 to $4 higher. Feeder cattle futures were $0.95 lower, closing at $143.62 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $0.97 to close at $210.05 per cwt and select grade gaining $0.05 to close at $196.98 per cwt. Fed cattle futures were $1.00 lower, closing at $111.80 per cwt.

Cotton prices were mixed with cash prices remaining at 62.87 cents per pound and July futures losing 0.11 cents to close at 63.67 cents per pound.

Corn prices were steady with cash prices remaining at $3.36 with July futures remaining at $3.36 per bushel.

Wheat prices were lower with cash prices losing $0.02 to close at $3.16 and July futures losing $0.04 to close at $3.97 per bushel.

Milk prices were higher with July Class III Milk futures gaining $0.16 to close at $15.30 per cwt.

Stock Markets were lower today, as oil prices fell and investors began selling “safe haven” assets that were accrued after the “Brexit” vote. Crude oil prices were lower, with August crude oil futures losing $2.29 to close at $45.14 per barrel.

Daily Market Summary Data 07/07/16

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This week’s U.S. Drought Monitor for Texas showed a slight worsening in drought conditions for the state, with only 2.93% of Texas still in some stage of drought intensity, up 1.55 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions worsened slightly as well, with 56.61% of the U.S. experiencing abnormal dryness or some degree of drought, up 0.85 percentage points from last week.