Texas Daily Ag Market News Summary 07/12/16

Posted 8 years 138 days ago by

Feeder cattle auctions reported prices steady to $14 higher; Futures lower.

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

Cotton higher.

Grains and Soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $14 higher, with instances of $2 to $8 lower. Feeder cattle futures were $0.85 lower, closing at $138.60 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were mixed with choice grade losing $2.32 to close at $206.38 per cwt and select grade gaining $0.64 to close at $196.04 per cwt. Fed cattle futures were $0.45 lower, closing at $108.90 per cwt. Estimated slaughter for the week totaled 227,00 head up 117,000 from last week and 8,000 from last year’s total. For the time period of July 4-10 the USDA NASS Field Office reported that cattle were in good condition throughout the state. Range and pastures conditions were beginning to decline due to hot dry weather. Supplemental feeding continued in areas of South Texas and the Lower Valley.

Cotton prices were higher with cash and futures prices both gaining 3.00 cents to close at 68.87 cents per pound and 71.14 cents per pound, respectively. The USDA NASS Field Office reported that cotton continued to progress throughout the state as producers irrigated crops in areas of the Northern High Plains and the Lower Valley

Corn prices were higher, with cash prices gaining $0.03 to close at $3.45 per bushel and July futures gaining $0.06 to close at $3.50 per bushel. Grain Sorghum cash prices were higher, gaining $0.06 to close at $5.12 per cwt. The USDA NASS Field Office reported that corn was drying down in areas of the Blacklands and the Upper Coast, while producers prepared for harvest in South Texas. Harvest was progressing well in the Lower Valley. Sorghum harvest was in full swing in areas of the Upper Coast and neared completion in the Lower Valley

Wheat prices were higher with cash prices gaining $0.06 to close at $3.26 and July futures gaining $0.07 to close at $4.08 per bushel. The USDA NASS Field Office reported that the winter wheat harvest neared completion in areas of the Southern High Plains, while in the Blacklands, wheat and oat harvest was complete. Producers in the Northern High Plains were spraying and plowing fields.

Milk prices were higher with July Class III Milk futures gaining $0.02 to close at $15.21 per cwt.

Stock Markets were higher today, as the Dow Jones Industrial Average hit a new record and the Nasdaq Composite Index reached into positive territory for the year. Crude oil prices were higher, with August crude oil futures gaining $2.04 to close at $46.80 per barrel.

Daily Market Summary Data 07/12/16

If you are interested in receiving this daily report, please subscribe here.