Texas Daily Ag Market News Summary 10/31/16

Posted 8 years 27 days ago by

Feeder cattle auction reported prices $5 to $10 higher; Futures higher.

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

Cotton prices lower.

Grains and soybeans uneven.

Milk futures steady.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices $5 to $10 higher. November Feeder cattle futures were $0.30 higher, closing at $121.85 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were $1.10 lower, closing at $103.10 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.65 to close at $184.76 per cwt and Select grade gaining $2.85 to close at $173.01 per cwt. Estimated cattle harvest for the week totaled 116,000 head up 2,000 from last week’s total, and 6,000 from a year ago. Year-to-date harvest is up 5.2%.

Cotton prices were lower with cash prices losing 1.50 cents to close at 68.62 cents per pound and December futures losing 1.96 cents to close at 68.86 cents per pound.

Corn prices were uneven with cash prices losing $0.01 to close at $3.50 per bushel and December futures remaining at $3.55 per bushel. Grain Sorghum cash prices were lower, losing $0.01 to close at $5.21 per cwt.

Wheat prices were higher with cash and December futures both gaining $0.04 to close at $3.07 per bushel and $4.15 per bushel, respectively.

Milk prices were steady with October Class III futures remaining at $14.78 per cwt.

Stock markets were lower today, ending a month full of declines for all major US indexes. December Crude oil futures were $1.02 lower, closing at $48.70 per barrel. Crude oil prices were lower as people have begun to expect more and more that OPEC will not be able to come to a consensus to cut production.

Daily Market News Summary Data 10/31/16

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