Texas Daily Ag Market News Summary 11/3/16

Posted 8 years 24 days ago by

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

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

Cotton prices lower.

Grains and soybeans uneven.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $7 higher. November Feeder cattle futures were $0.72 lower, closing at $125.85 per hundredweight (cwt). The Texas fed cattle cash trade was lower today, closing at $105.00 per cwt. December Fed cattle futures were $1.30 lower, closing at $104.07 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining $1.30 to close at $188.74 per cwt and Select grade losing $0.06 to close at $173.87 per cwt. Estimated cattle harvest for the week totaled 457,000 head up 1,000 from last week’s total, and 14,000 from a year ago. Year-to-date harvest is up 3.2%.

Cotton prices were lower with cash prices losing 0.50 cents to close at 67.62 cents per pound and December futures losing 0.53 cents to close at 68.07 cents per pound.

Corn prices were higher with cash and December futures prices both gaining $0.02 to close at $3.44 per bushel and $3.48 per bushel, respectively. Grain Sorghum cash prices were $0.03 higher, closing at $5.09 per cwt.

Wheat prices were lower with cash and December futures both losing $0.05 to close at $3.03 per bushel and $4.11 per bushel, respectively.

Milk prices were higher with November Class III futures gaining $0.26 at $16.59 per cwt.

Stock markets were lower today, marking the eighth straight day of declines for the S&P 500, the longest stretch of declines since October 2008. Investors are constantly repositioning themselves ahead of the upcoming election. December Crude oil futures were $0.68 lower, closing at $44.66 per barrel. Crude oil prices were lower despite OPEC announcing, with confidence, that they will be able to come to an agreement later this month.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 40.45 percent of Texas still in some stage of drought intensity, up 5.37 percentage points from last week. Additionally, 6.50 percent of the state remains in severe, extreme, or exceptional drought, up 5.86 percentage points from three months ago. On the national level, drought conditions worsened slightly, with 47.72 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 3.40 percentage points from last week.

Daily Market News Summary Data 11/3/16

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