Texas Daily Ag Market News Summary 10/04/16

Posted 8 years 85 days ago by

Feeder cattle auction reported prices $5 to $15 lower; Futures higher.

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

Cotton futures higher.

Grains and soybeans mixed.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions quoted prices $5 to $15 lower. October Feeder cattle futures were $4.03 higher, closing at $128.00 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Wholesale boxed beef values were mixed, with Choice grade losing $0.28 to close at $186.34 and Select grade gaining $0.49 to close at $177.48. Estimated cattle harvest for the week totaled 229,000 head up 5,000 from last week’s total, and 12,000 from a year ago. Year-to-date harvest is up 5.6%. October Fed cattle futures were $2.98 higher, closing at $101.90 per cwt. For the time period of September 27 – October 2 the USDA NASS Field Office reported that livestock remained in good condition throughout most of the state. Stock tanks and ponds were still full due to recent rains. Range and pasture continued to improve in areas of South Texas and the Edwards Plateau. Fall armyworm activity remained a concern throughout many areas of the state.

Cotton prices were higher today with October futures gaining 1.15 cents to close at 69.88 cents per pound. The USDA NASS Field Office reported that cotton harvest continued across the southern half of the state while in areas of West Texas and the Plains, harvest was just getting underway. Many producers in areas of the High Plains were making plans to defoliate cotton. Cotton bolls were beginning to open in areas of the Southern Low Plains and the Trans-Pecos.

Corn prices were higher with cash prices gaining $0.01 to close at $3.43 per bushel and December futures gaining $0.02 to close at $3.48 per bushel. Grain Sorghum cash prices were higher, gaining $0.03 to close at $5.09 per cwt. The USDA NASS Field Office reported that corn harvest was in full-swing in areas of the Northern High Plains, while some late planted corn was chopped for silage. Corn harvest continued in areas of South Texas. Sorghum harvest continued in the Northern High Plains and in the Southern Low Plains.

Wheat prices were lower with cash and December futures both losing $0.04 to close at $2.93 per bushel and $4.03 per bushel, respectively. The USDA NASS Field Office reported that winter wheat seeding was in full swing across the state with an increase in activity in some areas due to improved soil moisture conditions. Rainfall also aided recently seeded and emerged wheat, but delayed land preparations in areas of South Central Texas and the Southern Low Plains.

Milk prices were lower with October Class III futures losing $0.17 to close at $14.98 per cwt.

Stock markets closed lower today, as investors are beginning to believe that the Federal Reserve will raise short-term interest rates by the end of the year. November Crude oil futures were $0.12 lower, closing at $48.69 per barrel. Oil prices were lower as uncertainty is beginning to set in on whether or not OPEC will be able to come to an agreement to cut down production to stabilize prices.

Daily Market News Summary Data 10/04/16

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