Texas Daily Ag Market News Summary 08/30/16

Posted 8 years 89 days ago by

Feeder cattle auctions reported prices $2 to $8 lower; Futures higher.

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

Cotton lower.

Grains and Soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices $2 to $8 lower. September Feeder cattle futures were $3.37 higher, closing at $142.52 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $110.00 per cwt. Whole sale boxed beef values were lower with choice grade losing $1.80 to close at $196.62 per cwt and select grade losing $1.17 to close at $191.17 per cwt. Fed cattle futures were $0.75 higher, closing at $111.50 per cwt. Estimated slaughter for the week totaled 225,000 on par with last week’s total and up 4,000 from last year’s total. For the time period of August 22-28 the USDA NASS Field Office reported livestock were in good condition throughout most of the state, and supplemental feeding continued in areas of the Lower Valley. Forage production progressed in areas of the Blacklands and stock tanks in areas of the Edwards Plateau were still full. Range and pasture improved in the Southern Low Plains, South Texas, and the Edwards Plateau due to recent rainfall.

Cotton prices were lower with cash prices losing 1.00 cents to close at 64.12 cents per pound and October futures losing 1.02 cents to close at 66.69 cents per pound. The USDA NASS Field Office reported that in the high Plains, dry land cotton conditions were aided by rainfall and cooler temperatures. Cotton harvest was slowed in areas of the Coastal Bend and the Upper Coast. Cotton harvest continued in the southern part of the state.

Corn prices were lower with cash prices losing $0.06 to close at $3.01 per bushel and September futures losing $0.08 to close at $3.04 per bushel. Grain Sorghum cash prices were lower, losing $0.01 to close at $4.39 per cwt. The USDA NASS Field Office reported that corn was tasseling in areas of the Northern High Plains and harvest neared completion in the Blacklands. Recent rainfall delayed corn and sorghum harvest in areas of South Central Texas and the Blacklands. In the Southern Low Plains, sorghum harvest continued.

Wheat prices were lower with cash prices losing $0.07 to close at $2.82 per bushel and September futures losing $0.06 to close at $3.68 per bushel. The USDA NASS Field Office reported that field preparations for small grains were underway in many areas following much-needed rain showers

Milk prices were lower with August Class III Milk futures losing $0.01 to close at $16.91 per cwt.

Stock Markets were lower today, as the dollar strengthened on the expectation that the Federal Reserve is moving closer to raising short-term interest rates. Crude oil prices were lower, with October crude oil futures losing $0.63 to close at $46.35 per barrel. Oil prices fell as it is, once again, becoming uncertain if OPEC will be able to come together and agree to a output freeze to stabilize prices.

Daily Market Summary Data 08/30/16

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