Texas Daily Ag Market News Summary 08/18/16

Posted 8 years 101 days ago by

Feeder cattle auctions reported prices steady to $8 higher; Futures lower.

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

Cotton higher.

Grains and Soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $8 higher. Feeder cattle futures were $1.70 lower, closing at $145.02 per hundredweight (cwt). The Texas fed cattle cash trade was lower, losing $0.05 to close at $117.95 per cwt. Whole sale boxed beef values were mixed with choice grade losing $0.95 to close at $200.80 per cwt and select grade gaining $1.00 to close at $194.13 per cwt. Fed cattle futures were $1.18 lower, closing at $113.57 per cwt. Estimated slaughter for the week totaled 452,000 up 3,000 from last week’s total and up 21,000 from last year’s total.

Cotton prices were higher with cash prices gaining 0.38 cents to close at 66.00 cents per pound and October futures gaining 0.14 cents to close at 68.50 cents per pound.

Corn prices were higher with cash and September futures both gaining $0.02 to close at $3.25 per bushel and $3.32 per bushel, respectively. Grain Sorghum cash prices were higher, gaining $0.04 to close at $4.77 per cwt.

Wheat prices were higher with cash prices gaining $0.03 to close at $3.24 per bushel and September futures gaining $0.09 to close at $4.27 per bushel.

Milk prices were lower with August Class III Milk futures losing $0.04 to close at $16.96 per cwt.

Stock Markets were slightly higher today, as oil prices rose and the dollar weakend. Crude oil prices were higher, with September crude oil futures gaining $1.43 to close at $48.22 per barrel.

This week’s U.S. Drought Monitor for Texas showed a significant improvement in drought conditions for the state, with only 28.76% of Texas still in some stage of drought intensity, down 15.41 percentage points from last week. Additionally, 0.63% of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved, with 43.53% of the U.S. experiencing abnormal dryness or some degree of drought, down 3.67 percentage points from last week.

Daily Market Summary Data 08/18/16

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