Texas Daily Ag Market News Summary 08/31/16

Posted 8 years 88 days ago by

Feeder cattle auctions reported prices $4 to $12 lower; Futures lower.

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

Cotton lower.

Grains and Soybeans mixed.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices $4 to $12 lower. September Feeder cattle futures were $2.00 lower, closing at $140.52 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $0.13 to close at $196.49 per cwt and select grade losing $1.46 to close at $189.71 per cwt. Fed cattle futures were $0.45 higher, closing at $111.95 per cwt. Estimated slaughter for the week totaled 337,000 down 1,000 from last week’s total and up 7,000 from last year’s total.

Cotton prices were lower with cash prices losing 0.50 cents to close at 62.87 cents per pound and October futures losing 0.65 cents to close at 65.32 cents per pound.

Corn prices were lower with cash prices losing $0.01 to close at $3.00 per bushel and September futures losing $0.02 to close at $3.02 per bushel. Grain Sorghum cash prices were lower, losing $0.02 to close at $4.37 per cwt.

Wheat prices were higher with cash prices gaining $0.04 to close at $2.86 per bushel and September futures gaining $0.03 to close at $3.71 per bushel.

Milk prices were lower with September Class III Milk futures losing $0.14 to close at $16.46 per cwt.

Stock Markets were lower today, closing the month of August out with slight losses. Crude oil prices were lower, with October crude oil futures losing $1.65 to close at $44.70 per barrel. Oil prices fell after weekly inventory data showed that U.S stockpiles had gained more than was predicted, pushing stockpiles of crude oil up to record-high levels.

Daily Market Summary Data 08/31/16

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From Agri-Pulse:

WASHINGTON, Aug. 31, 2016 -- Michael Dykes, long-time vice president of government affairs at Monsanto, has been chosen as the next president and CEO of the International Dairy Foods Association.

Dykes will replace Connie Tipton, who announced in January her plan to retire after spending 35 years representing the dairy foods industry in Washington. Dykes will work in transition with Tipton beginning in October before assuming the CEO role in January 2017, IDFA said in a release.

“I look forward to collaborating with Connie to ensure a seamless transition, and working closely with members and staff to make a difference for the dairy foods industry,” Dykes said in the release.

As Monsanto's VP of government affairs for the past 19 years, Dykes was responsible for developing and implementing a portfolio of U.S. government relations strategies and programs that included agricultural biotechnology policy, IDFA pointed out in the release. He led Monsanto's office in Washington and served as the company's primary point of contact for elected officials, regulatory authorities, U.S. farm organizations, key industry participants, trade associations, international organizations and embassies. He also directed the company's efforts in state and local government affairs, in addition to government affairs in Mexico and Canada.

Dykes grew up on a small dairy and tobacco farm in Kentucky. He earned a Doctor of Veterinary Medicine degree from Auburn University. He also attended the University of Kentucky where he received a Master of Science degree in Agricultural Economics and a Bachelor of Science degree in Animal Science.

“Michael's policy experience combined with his food and animal science background could not be a better fit for IDFA” said Jeff Kaneb, executive vice president of HP Hood LLC and chairman of IDFA's transition committee. “He brings energy, enthusiasm and a track record of success to IDFA.”