Texas Daily Ag Market New Summary 11/10/16

Posted 8 years 17 days ago by

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

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

Cotton prices higher.

Grains and soybeans uneven.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $2 higher. November Feeder cattle futures were $0.65 higher, closing at $125.20 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were $1.03 higher, closing at $104.50 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining $1.04 to close at $185.59 per cwt and Select grade losing $1.78 to close at $168.67 per cwt. Estimated cattle harvest for the week totaled 457,000 head on par with last week’s total, and up 23,000 from a year ago. Year-to-date harvest is up 5.3%. For the time period of Oct. 31 – Nov. 6 the USDA NASS Field Office reported that most pastures across the state had adequate moisture and livestock were in good condition. Some producers were still trying to get a last cutting of hay, as weather permitted. Many stock tanks and ponds were in need of runoff water. Stock tanks were full in some areas of the Blacklands and pond levels were declining in Northeast Texas.

Cotton prices were higher with cash prices gaining 0.75 cents to close at 69.12 cents per pound and December futures gaining 0.91 cents to close at 69.20 cents per pound. The USDA NASS Field Office reported that cotton harvest continued across the state. In the High Plains, cotton harvest was in full swing and picking up in the Low Plains.

Corn prices were higher with cash and December futures both gaining $0.03 to close at $3.40 per bushel and $3.44 per bushel, respectively. Grain Sorghum cash prices were $0.05 higher, closing at $5.02 per cwt. The USDA NASS Field Office reported that corn harvest was complete in most areas, while late fields were being harvested in the Northern High Plains and that the Sorghum harvest continued in the Northern High Plains

Wheat prices were uneven with cash prices gaining $0.02 to close at $3.04 per bushel and December futures losing $0.01 to close at $4.09 per bushel. The USDA NASS Field Office reported that small grain seeding continued throughout the state. In areas of South Texas, wheat and oat fields were emerging. Preparations were underway to turn cattle out on wheat pasture for winter grazing in areas of the Low Plains and the Cross Timbers. In the Blacklands and Northeast Texas, wheat seeding progressed well, but was delayed in areas of the Edwards Plateau due to wet conditions.

Milk prices were higher with November Class III futures gaining $0.02 to close at $16.81 per cwt.

Stock markets were higher today, as investors feel like the election of Donald Trump will lead to greater government spending, pushing up U.S. manufacturing and defense companies shares. December Crude oil futures were $0.61 lower, closing at $44.66 per barrel. Oil prices closed lower today after the International Energy Agency reported a record number in production from OPEC members combined with sentiment that there isn’t any expectations for demand growth in the near future.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with only 35.01 percent of Texas still in some stage of drought intensity, down 5.44 percentage points from last week. Additionally, 5.55 percent of the state remains in severe, extreme, or exceptional drought, down 0.95 percentage points from last week. On the national level, drought conditions worsened slightly, with 48.91 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 1.19 percentage points from last week.

Daily Market News Summary Data 11/10/16

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