Texas Daily Ag Market News Summary 08/25/16

Posted 8 years 94 days ago by

Feeder cattle auctions reported prices steady to $3 lower; Futures higher.

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

Cotton higher.

Grains and Soybeans lower.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $3 lower. Feeder cattle futures were $0.07 higher, closing at $146.72 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade losing $0.04 to close at $200.36 per cwt and select grade gaining $0.42 to close at $194.15 per cwt. Fed cattle futures were $0.25 lower, closing at $112.47 per cwt. Estimated slaughter for the week totaled 451,000 down 1,000 from last week’s total and up 14,000 from last year’s total.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 65.12 per pound and October cotton futures gaining 0.34 to close at 67.75 per pound.

Corn prices were lower with cash prices and September futures both losing $0.04 to close at $3.16 per bushel and $3.24 per bushel, respectively. Grain Sorghum cash prices were lower, losing $0.07 to close at $4.61 per cwt.

Wheat prices were lower with cash prices losing $0.01 to close at $3.13 per bushel and September futures losing $0.04 to close at $4.06 per bushel.

Milk prices were lower with August Class III Milk futures losing $0.03 to close at $16.91 per cwt.

Stock Markets were lower today, as investors await a speech from Federal Reserve chairwoman Janet Yellen on Friday. Crude oil prices were higher, with October crude oil futures gaining $0.56 to close at $47.33 per barrel. Crude prices rose after Irans’s oil minister said that he would be attending an informal meetings with OPEC leaders to discuss tightening oil production in hopes to stabilize and raise prices.

This week’s U.S. Drought Monitor for Texas showed an improvement in drought conditions for the state, with only 14.93 percent of Texas still in some stage of drought intensity, down 13.83 percentage points from last week. Additionally, 0.74 percent of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved slightly, with 45.37 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 1.91 percentage points from last week.

Daily Market Summary Data 08/25/16

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