Texas Daily Ag Market News Summary 10/27/16

Posted 8 years 31 days ago by

Feeder cattle auction reported prices $2 to $7 higher; Futures lower.

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

Cotton prices higher.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices $2 to $7 higher. October Feeder cattle futures were $0.05 lower, closing at $121.92 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were $1.07 higher, closing at $104.12 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $0.53 to close at $181.54 per cwt and Select grade losing $0.11 to close at $168.81 per cwt. Estimated cattle harvest for the week totaled 456,000 head up 1,000 from last week’s total, and 15,000 from a year ago. Year-to-date harvest is up 3.4%.

Cotton prices were higher with cash prices gaining 1.25 cents to close at 69.12 cents per pound and December futures gaining 0.50 cents to close at 69.76 cents per pound.

Corn prices were higher with cash and December futures gaining $0.04 to close at $3.53 per bushel and $3.58 per bushel, respectively. Grain Sorghum cash prices were higher, gaining $0.06 to close at $5.26 per cwt.

Wheat prices were steady with cash and December futures remaining at $3.09 per bushel and $4.17 per bushel, respectively.

Milk prices were higher with October Class III futures gaining $0.06 to close at $14.78 per cwt.

Stock markets were lower today, after a selloff in government bonds hit the real estate and utilities sectors particularly hard. December Crude oil futures were $0.54 higher, closing at $49.72 per barrel.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 35.08 percent of Texas still in some stage of drought intensity, down 5.61 percentage points from last week. Additionally, 1.10 percent of the state remains in severe, extreme, or exceptional drought, up 1.10 percentage points from last week ago. On the national level, drought conditions improved slightly, with almost 44.32 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.07 percentage points from last week.

Daily Market News Summary Data 10/27/16

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