Texas Daily Ag Market News Summary 11/17/16

Posted 8 years 10 days ago by

Feeder cattle auction reported prices $3 to $15 higher; Futures lower.

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

Cotton prices higher.

Grains and soybeans higher.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices $3 to $15 higher. January Feeder cattle futures were $0.40 lower, closing at $124.92 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $109.o per cwt. December Fed cattle futures were $0.02 higher, closing at $108.22 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $0.29 to close at $182.31 per cwt and Select grade losing $0.60 to close at $167.10 per cwt. Estimated cattle harvest for the week totaled 461,000 up 4,000 from last week’s total, and up 26,000 from a year ago. Year-to-date harvest is up 6.0%.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 70.62 cents per pound and December futures gaining 1.25 cents to close at 73.38 cents per pound.

Corn prices were higher with cash prices gaining $0.02 to close at $3.37 per bushel and December futures gaining $0.03 to close at $3.42 per bushel. Grain Sorghum cash prices were $0.06 higher, closing at $4.99 per cwt.

Wheat prices were higher with cash and December futures both gaining $0.05 to close at $3.01 per bushel and $4.09 per bushel, respectively.

Milk prices were higher with November Class III futures gaining $0.04 to close at $16.73 per cwt.

Stock markets were higher today, behind new housing, employment and inflation data combined with comments from the Federal Reserve suggesting that interest rates will increase next month. Investors see all these things as a sign of a strengthening U.S. economy. December Crude oil futures were $0.15 lower, closing at $45.42 per barrel. Oil prices were lower today, as an increase in the strength of the dollar washed out new hopes that OPEC and other major oil producers will come to an agreement to decrease production in attempts to stabilize prices.

This week’s U.S. Drought Monitor for Texas showed slight worsening in drought conditions for the state, with only 35.02 percent of Texas still in some stage of drought intensity, up 0.01 percentage points from last week. Additionally, 7.69 percent of the state remains in severe, extreme, or exceptional drought, up 7.06 percentage points from three months ago. On the national level, drought conditions worsened slightly as well, with 51.99 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 3.08 percentage points from last week.

Daily Market News Summary Data 11/17/16

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