Texas Daily Ag Market News Summary 08/09/16

Posted 8 years 110 days ago by

Feeder cattle auctions reported prices steady to $6 higher; Futures higher.

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

Cotton lower.

Grains and Soybeans mixed.

Milk futures lower.

Crude oil lower; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $6 higher. Feeder cattle futures were $1.05 higher, closing at $150.17 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $0.72 to close at $199.89 per cwt and select grade gaining $0.22 to close at $192.06 per cwt. Fed cattle futures were $0.05 higher, closing at $116.97 per cwt. Estimated slaughter for the week totaled 223,000 down on par with last week’s total and up 3,000 from last year’s total. For the time period of August 1-7 the USDA NASS Field Office reported livestock were in good condition. Forage for cattle was drying out throughout the state and livestock ponds were beginning to lower. Range and pasture was in need of rainfall as hot, dry conditions depleted soil moisture across much of the state.

Cotton prices were lower with cash and October futures both losing 3.00 cents to close at 70.62 cents per pound and 73.06 cents per pound, respectively. The USDA NASS Field Office reported In both the High and Low Plains, dryland cotton was stressed due to high temperatures and lack of moisture. Irrigated cotton in the Plains was squaring and setting bolls. Cotton harvest was underway in the Coastal Bend, South Texas, and the Lower Valley.

Corn prices were lower with cash prices losing $0.04 to close at $3.15 per bushel and September futures losing $0.03 to close at $3.22 per bushel. Grain Sorghum cash prices were lower, losing $0.06 to close at $4.59 per cwt. The USDA NASS Field Office reported corn, soybean, and sorghum harvest was active in areas of the southern part of the state.

Wheat prices were mixed with cash prices gaining $0.01 to close at $3.09 per bushel and September futures remaining at $4.10 per bushel. The USDA NASS Field Office reported small grain producers across the state continued field work ahead of fall seeding.

Milk prices were lower with August Class III Milk futures losing $0.08 to close at $17.06 per cwt.

Stock Markets were slightly higher today, pulled up by gains in the technology heavy Nasdaq. Crude oil prices were lower, with September crude oil futures losing $0.25 to close at $42.77 per barrel.

Daily Market Summary Data 08/09/16

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