Texas Daily Ag Market News Summary 12/01/16

Posted 7 years 361 days ago by

Feeder cattle auctions reported prices $4 to $18 higher; Futures lower.

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

Cotton prices lower.

Grains and soybeans uneven.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices $4 to $18 higher. January Feeder cattle futures were $0.65 lower, closing at $127.77 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were $0.18 lower, closing at $110.57 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $0.56 to close at $190.51 per cwt and Select grade gaining $0.16 to close at $172.93 per cwt. Estimated cattle harvest for the week totaled 462,000 head up 113,000 from last week’s total and up 32,000 from a year ago. Year-to-date harvest is up 7.4%.

Cotton prices were lower with cash prices losing 0.25 cents to close at 69.87 cents per pound and December futures losing 0.66 cents to close at 71.80 cents per pound.

Corn prices were lower with cash and December futures both losing $0.05 to close at $3.31 per bushel and $3.32 per bushel, respectively. Grain Sorghum cash prices were higher, gaining $0.07 to close at $5.04 per cwt.

Wheat prices were uneven with cash prices remaining at $2.88 per bushel and December futures losing $0.07 to close at $3.84 per bushel.

Milk prices were higher with December Class III futures gaining $0.05 to close at $16.99 per cwt.

Stock markets were lower today, as investors sold off technology shares and bought up financial shares. January Crude oil futures were $1.62 higher, closing at $51.06 per barrel.

This week’s U.S. Drought Monitor for Texas showed a slight worsening in drought conditions for the state, with 33.63% of Texas still in some stage of drought intensity, up 0.16 percentage points from last week. On the national level, drought conditions worsened slightly as well, with 56.31% of the U.S. experiencing abnormal dryness or some degree of drought, up 1.31 percentage points from last week.

Daily Market News Summary Data 12/01/16

If you are interested in receiving this daily report, please subscribe here.