Texas Daily Ag Market News Summary 09/22/16

Posted 8 years 66 days ago by

Feeder cattle auctions reported uneven prices; Futures higher.

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

Cotton mixed.

Grains and Soybeans mixed.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported uneven prices, with instances of $2 to $5 lower and $7 to $10 higher. September Feeder cattle futures were $0.65 higher, closing at $137.00 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were mixed with choice grade gaining $0.20 to close at $187.37 per cwt and select grade losing $0.16 to close at $179.62 per cwt. October Fed cattle futures were $1.48 lower, closing at $107.07 per cwt. Estimated slaughter for the week totaled 453,000 head, up 11,000 from last week’s total and up 4,000 from last year’s total. Year-to-date harvest is up 0.8%.

Cotton prices were mixed with cash prices gaining 0.25 cents to close at 68.87 cents per pound and October futures losing 0.64 cents to close at 71.17 cents per pound.

Corn prices were lower with cash and December futures both losing $0.03 to close at $3.32 per bushel and $3.37 per bushel. Grain Sorghum cash prices were lower, losing $0.04 to close at $4.90 per cwt.

Wheat prices were mixed with cash prices remaining at $3.13 per bushel and December futures losing $0.01 to close at $4.21 per bushel.

Milk prices were higher with September Class III Milk futures gaining $0.02 to close at $16.38 per cwt.

Stock Markets were higher today, after the Federal Reserve left interest rates unchanged and the Bank of Japan signaled its commitment to revamping their monetary policy. Crude oil prices were higher, with November crude oil futures gaining $0.98 to close at $46.32 per barrel.

This week’s U.S. Drought Monitor for Texas showed a slight worsening in drought conditions for the state, with 4.56 percent of Texas still in some stage of drought intensity, up 0.78 percentage points from last week. Additionally, 0.12 percent remains in severe, extreme, or exceptional drought, up .03 percentage points from last week. On the national level, drought conditions worsened slightly as well, with 45.03 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 0.83 percentage points from last week.

Daily Market Summary Data 09/22/16

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