Texas Daily Ag Market News Summary 08/16/16

Posted 8 years 103 days ago by

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

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

Cotton futures lower.

Grains and Soybeans mixed.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $4 higher. Feeder cattle futures were $1.53 lower, closing at $147.12 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $118.00 per cwt. Whole sale boxed beef values were mixed with choice grade gaining $0.17 to close at $201.84 per cwt and select grade losing $1.51 to close at $192.67 per cwt. Fed cattle futures were $0.42 lower, closing at $115.50 per cwt. Estimated slaughter for the week totaled 226,000 down 3,000 from last week’s total and up 11,000 from last year’s total. For the time period of Aug 8-14 the USDA NASS Field Office reported that range and pasture conditions across the state continued to decline due to excessive heat and lack of moisture. Ponds and stock tanks were quickly losing water to evaporation and available forages were showing stress. Livestock were in generally good condition across the state.

Cotton prices were mixed with cash prices remaining at 65.37 cents per pound and October futures losing 0.08 cents to close at 68.01 cents per pound. The USDA NASS Field Office reported that irrigated cotton made progress in the High Plains and many fields had reached cut-out stage. Dry land cotton remained greatly in need of moisture in the Edwards Plateau, while cotton harvest in the Coastal Bend and Upper Coast was progressing well due to hot, dry conditions. In South Texas, cotton was in the boll opening stage and ready for defoliation.

Corn prices were mixed with cash prices remaining at $3.20 per bushel and September corn futures gaining $0.01 to close at $3.28 per bushel. Grain Sorghum cash prices were steady to remain at $4.68 per cwt. The USDA NASS Field Office reported that corn harvest continued in areas of the Blacklands, Edwards Plateau, and South Central Texas. Corn and sorghum harvest were in full swing in the Edwards Plateau and East Texas. Producers were bailing sorghum in some areas of the Blacklands

Wheat prices were lower with cash and September wheat futures both losing $0.01 to close at $3.15 per bushel and $4.11 per bushel, respectively. The USDA NASS Field Office reported that preparations continued for winter wheat and small grain seedings across the state.

Milk prices were lower with August Class III Milk futures losing $0.01 to close at $16.99 per cwt.

Stock Markets were lower today, behind mixed signals from the Federal Reserve at the possibility of raising interest rates in 2016. Crude oil prices were higher, with September crude oil futures gaining $0.84 to close at $46.58 per barrel. Oil prices hit a new one-month high today, as it is expected that OPEC will agree to output limits.

Daily Market Summary Data 08/16/16

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