Texas Daily Ag Market News Summary 09/13/16

Posted 8 years 75 days ago by

Feeder cattle auctions reported steady prices; Futures lower.

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

Cotton higher.

Grains and Soybeans lower.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported steady prices. September Feeder cattle futures were $1.55 lower, closing at $133.37 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were mixed with choice grade losing $0.91 to close at $186.62 per cwt and select grade gaining $0.08 to close at $181.30 per cwt. October Fed cattle futures were $1.03 lower, closing at $104.67 per cwt. Estimated slaughter for the week totaled 219,000 head, up 103,000 from last week’s total and down 5,000 from last year. Year-to-date harvest is down 2.3%. From the time period of Sept. 5-11 the USDA NASS Field Office reported that livestock were in good condition throughout most of the state. Range and pasture conditions improved due to recent rainfall and stock tanks were still full from previous weeks. Armyworm infestations persisted in some areas of East Texas.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 65.62 cents per pound and October futures gaining 0.23 cents to close at 67.20 cents per pound. The USDA NASS Field Office reported that in the Blacklands, the Coastal Bend, and the Upper Coast cotton harvest was delayed due to the recent rainfall and wet field conditions. Cotton harvest continued in areas of South Texas. Cool temperatures last week slowed cotton growth in the Northern High Plains.

Corn prices were lower with cash prices losing $0.09 to close at $3.26 per bushel and September futures losing $0.10 to close at $3.19 per bushel. Grain Sorghum cash prices were lower, losing $0.16 to close at $4.78 per cwt. The USDA NASS Field Office reported that corn development continued to progress favorably across the state, with harvest wrapping up in areas of the Blacklands and South Central Texas. Sorghum harvest continued in the Blacklands, though sugarcane aphid problems remained a concern in areas of the Northern High Plains.

Wheat prices were lower with cash and September futures both losing $0.08 to close at $3.05 per bushel and $3.92 per bushel, respectively. The USDA NASS Field Office reported wheat seeding was underway in areas of the Northern Plains, Edwards Plateau, and South Central.

Milk prices were higher with September Class III Milk futures gaining $0.04 to close at $16.47 per cwt.

Stock Markets were lower today, for the third straight day, as investors try to decipher comments made from spokesman from the Federal Reserve and central banks’ signals from across the world. Crude oil prices were lower, with October crude oil futures losing $1.39 to close at $44.90 per barrel. Crude oil prices were lower after the International Energy Agency cut its projected forecast for oil demand amid uncertainty from within Asian markets.

Daily Market Summary Data 09/13/16

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