Texas Daily Ag Market News Summary 10/11/16

Posted 8 years 47 days ago by

Feeder cattle auction reported prices steady to $7 lower; Futures lower.

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

Cotton futures lower.

Grains and soybeans mixed.

Milk futures lower.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions quoted prices steady to $7 lower. October Feeder cattle futures were $0.53 lower, closing at $124.12 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were $1.37 lower, closing at $97.50 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $0.82 to close at $183.18 and Select grade losing $2.11 to close at $172.75. Estimated cattle harvest for the week totaled 230,000 head up 4,000 from last week’s total, and 7,000 from a year ago. Year-to-date harvest is up 3.2%. For the time period of October 3-9 the USDA NASS Field Office reported that livestock were in good condition throughout most of the state. Stock tanks and ponds remained full in areas of the Blacklands. Range and pasture remained in good condition in areas of the Blacklands, Edwards Plateau, and the Lower Valley. Winter pasture seeding was active in areas of South Central Texas and the Upper Coast, while armyworm populations were causing persistent damage to emerging winter pasture in areas of the Coastal Bend.

Cotton prices were mixed with cash prices remaining at 65.87 cents per pound and December futures losing 0.22 cents to close at 67.14 cents per pound. The USDA NASS Field Office reported that cotton bolls were opening in areas of the Southern Low Plains and Edwards Plateau, while harvest continued in the Blacklands, Upper Coast, and South Texas. Cotton defoliation was active in areas of the Southern Plains and Edwards Plateau.

Corn prices were higher with cash prices gaining $0.06 to close at $3.41 per bushel and December futures prices gaining $0.03 to close at $3.46 per bushel. Grain Sorghum cash prices were higher, gaining $0.11 to close at $5.07 per cwt. The USDA NASS Field Office reported corn harvest was in full swing in the Northern High Plains. Soybean harvest progressed in the Blacklands, while sorghum harvest continued in areas of South Texas.

Wheat prices were mixed with cash prices gaining $0.03 to close at $2.96 per bushel and December futures losing $0.01 to close at $4.06 per bushel. The USDA NASS Field Office reported Winter wheat and oats seeding continued across the state. Rainfall helped the germination and emergence of recently-seeded fields, but also delayed small grains seeding activities in some areas.

Milk prices were lower with October Class III futures losing $0.12 to close at $14.70 per cwt.

Stock markets closed lower today, after a disappointing start to the third quarter earnings. November Crude oil futures were $0.56 lower, closing at $50.79 per barrel. Prices fell after a report came out signaling that global supplies rose in September.

Daily Market News Summary Data 10/11/16

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