Texas Daily Ag Market News Summary 08/11/16

Posted 8 years 108 days ago by

Feeder cattle auctions reported prices steady to $15 higher; Futures lower.

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

Cotton lower.

Grains and Soybeans mixed.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $15 higher. Feeder cattle futures were $1.45 lower, closing at $148.72 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $1.69 to close at $201.58 per cwt and select grade gaining $0.76 to close at $192.82 per cwt. Fed cattle futures were $0.95 lower, closing at $116.02 per cwt. Estimated slaughter for the week totaled 449,000 on par with last week’s total and up 17,000 from last year’s total.

Cotton prices were lower with cash prices losing 2.00 cents to close at 68.82 cents per pound and October futures losing 1.79 cents to close at 71.27 cents per pound.

Corn prices were lower with cash and September futures both losing $0.01 to close at $3.14 per bushel and $3.21 per bushel, respectively. Grain Sorghum cash prices were lower, losing $0.03 to close at $4.56 per cwt.

Wheat prices were higher with cash prices gaining $0.01 to close at $3.16 per bushel and September futures gaining $0.02 to close at $4.12 per bushel.

Milk prices were lower with August Class III Milk futures losing $0.09 to close at $16.97 per cwt.

Stock Markets were higher today, reaching new records behind rising oil prices and better than expected earnings reports from major U.S Retailers. Crude oil prices were higher, with September crude oil futures gaining $1.78 to close at $43.49 per barrel. Crude oil rose after Saudi Arabia’s energy minister said that the country is prepared to take “any possible actions” needed to reestablish some stability is oil prices.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 44.17 percent of Texas still in some stage of drought intensity, up 9.52 percentage points from last week. Additionally, 0.93 of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved slightly, with 50.15% of the U.S. experiencing abnormal dryness or some degree of drought, down 1.52 percentage points from last week.

Daily Market Summary Data 08/11/16

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