Texas Daily Ag Market News Summary 09/08/16

Posted 8 years 80 days ago by

Feeder cattle auctions reported prices steady to $5 lower; Futures lower.

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

Cotton mixed.

Grains and Soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 lower. September Feeder cattle futures were $1.55 lower, closing at $131.60 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $105.00 per cwt. Whole sale boxed beef values were lower with choice grade losing $1.14 to close at $189.14 per cwt and select grade losing $3.90 to close at $182.63 per cwt. Fed cattle futures were $1.02 lower, closing at $101.40 per cwt. Estimated slaughter for the week totaled 344,000 head, down 106,000 from last weeks total and 2,000 from last year. Year-to-date harvest is down 0.6%.

Cotton prices were mixed with cash prices gaining 0.50 cents to close at 67.62 cents per pound and October futures losing 0.28 cents to close at 69.25 cents per pound.

Corn prices were higher with cash prices gaining $0.05 to close at $3.34 per bushel and September futures gaining $0.06 to close at $3.27 per bushel. Grain Sorghum cash prices were higher, gaining $0.08 to close at $4.92 per cwt.

Wheat prices were higher with cash prices gaining $0.06 to close at $3.08 per bushel and September futures gaining $0.07 to close at $3.92 per bushel.

Milk prices were lower with September Class III Milk futures losing $0.23 to close at $16.58 per cwt.

Stock Markets were lower today, dragged down by lagging technology shares. Crude oil prices were higher, with October crude oil futures gaining $2.12 to close at $47.62 per barrel. Crude oil prices rose after data was released that showed U.S stockpiles of crude oil and fuel have fallen for the first time in 10 weeks.

This week’s U.S. Drought Monitor for Texas showed an improvement in drought conditions for the state, with only 7.54 percent of Texas still in some stage of drought intensity, down 2.6 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved slightly, with 44.18 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.9 percentage points from last week.

Daily Market Summary Data 09/08/16

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