Texas Daily Ag Market News Summary 11/15/16

Posted 8 years 12 days ago by

Feeder cattle auction reported prices steady to $15 higher; Futures higher.

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

Cotton futures higher.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $15 higher. November Feeder cattle futures were $0.58 higher, closing at $126.60 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were $0.10 lower, closing at $105.47 per cwt. Wholesale boxed beef values were uneven, with Choice grade losing $0.81 to close at $183.11 per cwt and Select grade gaining $0.91 to close at $168.63 per cwt. Estimated cattle harvest for the week totaled 230,000 up 4,000 from last week’s total, and up 15,000 from a year ago. Year-to-date harvest is up 6.9%. For the time period of Nov 7 – 13 the USDA NASS Field Office reported rainfall and mild temperatures aided pasture growth in many parts of the state. Cool-season grasses were beginning to emerge and some small grains were ready to be grazed out. Livestock were reported to be in mostly good condition with some supplemental feeding taking place.

Cotton prices were higher with December futures gaining 1.79 cents to close at 70.69 cents per pound. The USDA NASS Field Office reported that the cotton harvest was delayed due to damp field conditions, while in the Blacklands, harvest made good progress.

Corn prices were higher with December futures gaining $0.05 to close at $3.42 per bushel. The USDA NASS Field Office reported that in the Northern High Plains, producers were still harvesting some late corn and remaining sorghum acres.

Wheat prices were higher with December futures gaining $0.06 to close at $4.08 per bushel. The USDA NASS Field Office reported that seeding of winter wheat continued throughout the state last week. Winter wheat and oats responded well to the recent rainfall with conditions rated mostly fair to good.

Milk prices were higher with November Class III futures gaining $0.02 to close at $16.70 per cwt.

Stock markets were higher today, marking the fourth straight day of gains. December Crude oil futures were $2.49 higher, closing at $45.81 per barrel. Oil prices reversed a three-month low, after it is expected that members of OPEC will work out details of a proposal to reduce crude oil production.

Daily Market News Summary Data 11/15/16

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