Texas Daily Ag Market News Summary 10/13/16

Posted 8 years 45 days ago by

Feeder cattle auction reported prices steady to $10 lower; Futures lower.

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

Cotton prices uneven.

Grains and soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions quoted prices steady to $10 lower. October Feeder cattle futures were $2.55 lower, closing at $119.45 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $98.00. October Fed cattle futures were $2.30 lower, closing at $94.45 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $0.10 to close at $181.60 and Select grade gaining $0.43 to close at $172.61. Estimated cattle harvest for the week totaled 454,000 head up 8,000 from last week’s total, and 9,000 from a year ago. Year-to-date harvest is up 2.0%.

Cotton prices were uneven with cash prices losing 0.10 cents to close at 67.62 cents per pound and December futures gaining 0.34 cents to close at 69.31 cents per pound.

Corn prices were higher with cash prices gaining $0.12 to close at $3.45 per bushel and December futures gaining $0.13 to close at $3.50 per bushel. Grain Sorghum cash prices were higher, gaining $0.22 to close at $5.12 per cwt.

Wheat prices were higher with cash and December futures both gaining $0.15 to close at $3.04 per bushel and $4.14 per bushel, respectively.

Milk prices were lower with October Class III futures losing $0.01 to close at $14.73 per cwt.

Stock markets closed lower today, as China’s declining exports shook up global markets. November Crude oil futures were $0.26 higher, closing at $50.44 per barrel.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 21.93 percent of Texas still in some stage of drought intensity, up 9.97 percentage points from last week. Additionally, 4.40 percent of the state remains in severe, extreme, or exceptional drought, up 2.99 percentage points from three months ago. On the national level, drought conditions worsened slightly, with 44.61 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 0.80 percentage points from last week.

Daily Market News Summary Data 10/13/16

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