Texas Daily Ag Market News Summary 11/1/16

Posted 8 years 26 days ago by

Feeder cattle auction reported steady prices; Futures higher.

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

Cotton futures lower.

Grains and soybeans lower.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported steady prices. November Feeder cattle futures were $4.32 higher, closing at $126.17 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were $2.42 higher, closing at $105.52 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $0.77 to close at $185.53 per cwt and Select grade gaining $0.31 to close at $173.32 per cwt. Estimated cattle harvest for the week totaled 231,000 head up 3,000 from last week’s total, and 10,000 from a year ago. Year-to-date harvest is up 4.6%. For the time period of October 24-30 the USDA NASS Field Office reported that livestock remained in good condition across most of the state, with some livestock producers continuing supplemental feeding in areas of South Texas. In areas of the Upper Coast and Southeast Texas range and pasture conditions and stock tank levels continued to decline due to lack of rainfall. In areas of Northeast Texas, issues with feral hogs continued.

Cotton prices were uneven with cash prices remaining at 68.62 cents per pound and December futures losing 0.66 cents to close at 68.20 cents per pound. The USDA NASS Field Office reported that cotton harvest was underway in areas of the Southern High Plains, Blacklands, and Northeast Texas. Cotton gins were in full swing in areas of the Southern Low Plains and the Edwards Plateau. Cotton defoliation was active in areas of the Northern Low Plains.

Corn prices were lower with cash and December futures prices both losing $0.06 to close at $3.44 per bushel and $3.49 per bushel, respectively. Grain Sorghum cash prices were lower, losing $0.10 to close at $5.11 per cwt. The USDA NASS Field Office reported that corn harvest progressed in the Lower Valley as dry fields aided fieldwork. In the Northern High Plains, sorghum harvest continued despite problems with sugarcane aphids.

Wheat prices were lower with cash and December futures both losing $0.01 to close at $3.06 per bushel and $4.14 per bushel, respectively. The USDA NASS Field Office reported that winter wheat seeding continued in most areas. Winter wheat in areas of the Emerged winter wheat was in need of additional rainfall in areas of the Northern Plains, Cross Timbers, and the Edwards Plateau.

Milk prices were higher with October Class III futures gaining $0.02 at $14.80 per cwt.

Stock markets were lower today, as investors retreated to perceived safe haven investments ahead of this month’s upcoming events; the election, third-quarter earnings reports and the Federal Reserve meetings. December Crude oil futures were $0.19 lower, closing at $46.67per barrel, reinforcing recent skepticism about the production cuts being discussed by OPEC.

Daily Market News Summary Data 11/1/16

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