Texas Daily Ag Market News Summary 08/23/16

Posted 8 years 96 days ago by

Feeder cattle auctions reported steady prices; Futures higher.

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

Cotton higher.

Grains and Soybeans lower.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported steady prices. Feeder cattle futures were $0.57 lower, closing at $146.45 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $0.75 to close at $200.39 per cwt and select grade losing $0.21 to close at $193.66 per cwt. Fed cattle futures were $0.17 lower, closing at $113.25 per cwt. Estimated slaughter for the week totaled 225,000 down 1,000 from last week’s total and up 7,000 from last year’s total. For the time period of Aug. 15-21 the USDA NASS Field Office reported showers helped green pastures and rangeland in many parts of the state, while conditions continued to decline in areas of the Southern Low Plains. Stock ponds refilled and livestock were in good condition throughout the state.

Cotton prices were higher with cash prices gaining 0.50 cents to close at 65.62 per pound and October cotton futures gaining 0.20 to close at 68.12 per pound. The USDA NASS Field Office reported that cooler temperatures slowed cotton development in areas of the Northern Low Plains and cotton harvest was delayed due to rainfall in the Coastal Bend, South Central, and South Texas. In the Upper Coast and South Texas, some cotton defoliation was taking place, but was also delayed.

Corn prices were lower with cash prices losing $0.05 to close at $3.21 per bushel and September corn futures losing $0.04 to close at $3.29 per bushel. Grain Sorghum cash prices were lower, losing $0.09 to close at $4.70 per cwt. The USDA NASS Field Office reported corn and sorghum continued to progress in areas of the High Plains, and sorghum fields reached the blooming stage in areas of the Blacklands. In areas of the Edwards Plateau, corn and sorghum harvest were nearing completion.

Wheat prices were lower with cash prices losing $0.04 to close at $3.13 per bushel and September futures losing $0.07 to close at $4.07 per bushel. The USDA NASS Field Office reported wheat and oat producers continued to cultivate fields in preparation for fall seeding. Rainfall in the Northern High Plains and the Cross Timbers helped to soften the ground for plowing.

Milk prices were higher with August Class III Milk futures gaining $0.01 to close at $16.96 per cwt.

Stock Markets were higher today, as investors await more clues on whether or not the Fed will raise rates. It is expected that we will have a clearer picture on interest rates after Chairwoman Janet Yellen’s speech to be given on Friday. Crude oil prices were higher, with October crude oil futures gaining $0.69 to close at $48.10 per barrel. Crude prices rose after it was announced that Iran will attend the OPEC meeting next month, which suggests that there is at least some talk of agreeing to an output freeze to help stabilize prices.

Daily Market Summary Data 08/23/16

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