Texas Daily Ag Market News Summary 12/15/16

Posted 7 years 347 days ago by

Feeder cattle auction reported prices steady to $7 lower; Futures steady.

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

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 $7 lower. January Feeder cattle futures were steady to remain at $127.70 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were 38 cents lower, closing at $110.72 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $2.93 to close at $193.46 per cwt and Select grade gaining $2.17 to close at $178.54 per cwt. Estimated cattle harvest for the week totaled 456,000 down 7,000 from last week’s total and up 9,000 from a year ago. Year-to-date harvest is up 2%.

Cotton prices were higher with cash prices gaining 0.25 at 71.00 cents per pound and March futures gaining 0.20 cents to close at 71.67 cents per pound.

Corn prices were lower with cash prices losing 6 cents to close at $3.45 per bushel and March futures losing a nickel to close at $3.57 per bushel. Grain Sorghum cash prices were down 11 cents, closing at $5.28 per cwt.

Wheat prices were lower with cash prices losing a nickel to close at $3.05 per bushel and March futures losing 7 cents to close at $4.13 per bushel.

Milk prices were higher with December Class III futures gaining 6 cents to close at $17.31 per cwt.

Stock markets were higher today, as major U.S. indexes rebounded from yesterday’s news about the interest rate increase. January Crude oil futures were down 14 cents, to close at $50.90 per barrel. Crude oil prices were lower for the second day in a row amid concerns over demand for crude oil outside of the U.S.

This week’s U.S. Drought Monitor for Texas showed worsening in drought conditions for the state, with only 19.14 percent of Texas still in some stage of drought intensity, up 1.04 percentage points from last week. Additionally, 1.94 percent of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved slightly, with 54.22 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.61 percentage points from last week.

Daily Market News Summary Data 12/15/16

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