Texas Daily Ag Market News Summary 12/08/16

Posted 7 years 354 days ago by

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

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

Cotton futures higher.

Grains and soybeans uneven.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $3 higher. January Feeder cattle futures were 37 cents lower, closing at $126.60 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were 32 cents lower, closing at $109.05 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining 54 cents to close at $189.48 per cwt and Select grade losing 50 cents to close at $171.42 per cwt. Estimated cattle harvest for the week totaled 463,000 up 1,000 from last week’s total and 16,000 from a year ago. Year-to-date harvest is up 3.6%.

Cotton prices were uneven with cash prices remaining at 70.37 cents per pound and March futures gaining 0.37 cents to close at 71.42 cents per pound.

Corn prices were lower with cash and December futures both losing $0.04 to close at $3.43 per bushel and $3.47 per bushel, respectively. Grain Sorghum cash prices were seven cents lower, closing at $5.24 per cwt.

Wheat prices were higher with cash and December futures both gaining a nickel to close at $2.95 per bushel and $3.87 per bushel, respectively.

Milk prices were higher with December Class III futures gaining 14 cents to close at $17.07 per cwt.

Stock markets were higher today, extending the recent rally behind the belief that the Trump administration will bring new tax cuts and increased fiscal stimulus spending. January Crude oil futures closed $1.07 higher, ending at $50.84 per barrel. Crude oil prices reversed yesterday’s losses to rise above $50 per barrel, but skepticism still remains on whether the OPEC nations can implement their agreed upon production cuts. For now investors are turning their attention to a meeting between OPEC and non-OPEC nations where they will discuss to possibility of expanding the production cuts beyond the limits of OPEC nations.

This week’s U.S. Drought Monitor for Texas showed an improvement in drought conditions for the state, with only 18.10 percent of Texas still in some stage of drought intensity, down 15.53 percentage points from last week. Additionally, 0.65 percent of the state remains in severe, extreme, or exceptional drought, down 2.62 percentage points from last week. On the national level, drought conditions improved slightly, with 54.83 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 1.48 percentage points from last week.

Daily Market News Summary Data 12/08/16

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