Texas Daily Ag Market News Summary 10/20/16

Posted 8 years 38 days ago by

Feeder cattle auction reported prices steady to $4 lower; Futures higher.

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

Cotton lower.

Grains and soybeans lower.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions quoted prices steady to $4 lower. October Feeder cattle futures were $2.73 higher, closing at $121.75 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were $3.00 higher, closing at $99.02 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $0.55 to close at $177.89 and Select grade losing $1.85 to close at $167.74. Estimated cattle harvest for the week totaled 455,000 head up 1,000 from last week’s total, and 13,000 from a year ago. Year-to-date harvest is up 3.0%.

Cotton prices were lower with cash prices losing 0.75 cents to close at 68.37 cents per pound and December futures losing 1.30 cents to close at 69.80 cents per pound.

Corn prices were lower with cash and December futures both losing $0.07 to close at $3.46 per bushel and $3.51 per bushel, respectively. Grain Sorghum cash prices were lower, losing $0.13 to close at $5.14 per cwt.

Wheat prices were lower with cash and December futures both losing $0.02 to close at $3.15 per bushel and $4.23 per bushel, respectively.

Milk prices were higher with October Class III futures gaining $0.02 to close at $14.72 per cwt.

Stock markets closed lower today, as gains in the financial sector were drowned out by declines in telecommunications. November Crude oil futures were $1.17 lower, closing at $50.43 per barrel. Oil prices couldn’t sustain yesterday’s gains after investors cashed in on better-than-expected U.S crude oil inventory data.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 29.47 percent of Texas still in some stage of drought intensity, up 7.54 percentage points from last week. Additionally, 5.91 percent of the state remains in severe, extreme, or exceptional drought, up 1.51 percentage points from three months ago. On the national level, drought conditions improved slightly, with 44.39 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 0.22 percentage points from last week.

Daily Market News Summary Data 10/20/16

If you are interested in receiving this daily report, please subscribe here.