Texas Daily Ag Market News Summary 9/20/16

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

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

Cotton higher.

Grains and Soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $3 lower. September Feeder cattle futures were $0.13 lower, closing at $135.32 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were mixed with choice grade losing $0.05 to close at $185.50 per cwt and select grade gaining $0.78 to close at $179.95 per cwt. October Fed cattle futures were $0.23 lower, closing at $107.67 per cwt. Estimated slaughter for the week totaled 225,000 head, down 6,000 from last week’s total and down 1,000 from last year’s total. Year-to-date harvest is down 0.5%. For the time period of September 12-18 the USDA NASS Field Office reported that range and pasture conditions in the Southern Low Plains, the Lower Valley, and South Texas benefitted from recent rains. Armyworm infestations were reported in pastures and hayfields around the Cross Timbers, the Blacklands, and South Texas. Around the state, rainfall increased stock tank levels, but many tanks and ponds remained low. Livestock remained in good condition across the state.

Cotton prices were higher with cash prices gaining 1.75 cents to close at 67.62 cents per pound and October futures gaining 1.84 cents to close at 70.82 cents per pound. The USDA NASS Field Office reported that cotton harvest progressed in areas of the Blacklands, Southeast Texas, and South Texas, while harvest was delayed in the Trans-Pecos, Edwards Plateau, and the Upper Coast. Cotton stalk shredding was active in many parts of the state. Producers in Northeast Texas were preparing for defoliation in the coming week.

Corn prices were higher with cash prices gaining $0.02 to close at $3.35 per bushel and December futures gaining $0.04 to close at $3.41 per bushel.  Grain Sorghum cash prices were higher, gaining $0.04 to close at $4.94 per cwt. The USDA NASS Field Office reported that sugar cane aphids were a concern of sorghum producers in areas of the High Plains, while harvest was wrapping up in areas of the Southern Low Plains. Corn continued to mature in the Northern High Plains, and harvest was nearing completion in the Blacklands and South Central Texas.

Wheat prices were higher with cash and December futures both gaining $0.02 to close at $3.08 per bushel and $4.19 per bushel, respectively. The USDA NASS Field Office reported that wheat seeding was active in areas of the Plains, the Cross Timbers, and South Texas.

Milk prices were higher with September Class III Milk futures gaining $0.01 to close at $16.35 per cwt.

Stock Markets were higher today, as investors are waiting to see if Federal Reserve officials make any signal in regards to interest rates, after their meeting concluding tomorrow. Crude oil prices were higher, with October crude oil futures gaining $0.14 to close at $43.44 per barrel.