2017

Posted 7 years 230 days ago by

Feeder cattle auction reported steady prices; Futures higher.

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

Cotton prices uneven.

Grains and soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported steady prices. April Feeder cattle futures were $1.82 higher, closing at $137.12 per hundredweight (cwt). The Texas fed cattle cash was inactive today. April Fed cattle futures were $2.15 higher, closing at $123.25 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.91 to close at $209.37 per cwt and Select grade gaining $3.00 to close at $199.60 per cwt. Estimated cattle harvest for the week totaled 228,000 up 5,000 from last week and from a year ago. Year-to-date harvest is up 2.3%. For the time period of April 3-9, 2017 the USDA NASS Field Office reported that most of the state’s cattle were in good condition. However, ticks and other pests were becoming more prevalent in areas of the Trans Pecos. Supplemental feeding of livestock slowed in the Blacklands. Pasture and pasture condition were rated 75 percent good to fair.

Cotton prices were uneven with cash prices gaining 0.25 cents to close at 75.50 cents per pound and May futures losing 0.09 cents to close at 75.06 cents per pound. The USDA NASS Field Office reported that cotton planted was estimated at 10 percent, on pace with the five-year average. Cotton planting continued in the Blacklands, South East Texas, South Central Texas and the Upper Coast. Preparations for cotton planting were underway in the Southern Low Plains.

Corn prices were steady with cash and May futures remaining at $3.61 per bushel and $3.67 per bushel, respectively. Grain Sorghum cash prices were a penny lower to close at $5.47 per cwt. The USDA NASS Field Office reported that corn planting was still in progress in the Blacklands. Rootless corn syndrome was reported in a few fields in the Upper Coast.

Wheat prices were higher with cash and May futures both gaining 4 cents to close $3.44 per bushel and $4.30 per bushel, respectively. The USDA NASS Field Office reported that winter wheat was rated 79 percent fair to good. Wheat was heading in the Plains, the Blacklands and North East Texas. Wheat streak mosaic virus and Russian wheat aphids were reported in fields on the Northern High Plains. Rust was affecting some wheat in the Blacklands.

Milk prices were higher with April Class III milk futures gaining 4 cents to close at $15.14 per cwt.

Stock markets closed lower today, behind investors retreating to perceived save haven assets while they await further details from potential U.S tax reform and changes in infrastructure spending. May Crude oil futures were 32 cents higher, closing at $53.40 per barrel. Crude oil prices have steadily gained momentum in recent sessions and continue this momentum after news released raised expectations that OPEC will extend their production cutting agreement for potentially at least another 6 months.

DailyMarket News Summary Data 04/11/17

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