May 02 2017

Texas Daily Ag Market News Summary 05/02/17 Posted 7 years 209 days ago by

Feeder cattle auction reported higher prices; Futures higher.

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

Cotton futures higher.

Grains and soybeans uneven.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets higher.                

                      

 

Texas feeder cattle auctions reported prices $3 to $5 higher. May Feeder cattle futures were $1.02 higher to close at $149.62 per hundredweight (cwt). The Texas fed cattle cash was inactive today. June Fed cattle futures were $2.93 higher, closing at $127.05 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $3.18 to close at $229.45 per cwt and Select grade gaining $3.83 to close at $213.28 per cwt. Estimated cattle harvest for the week totaled 221,000 down 10,000 from last week’s total and on par with a year ago. For the time period of April 24-30 The USDA NASS Field Office reported that flies were becoming a concern for cattle in areas of the Blacklands, South Central and North East Texas. However, cattle were mostly in good condition across the state. Pasture and range condition was rated at 80 percent good to fair, 4 points up from the week prior.

 

Cotton prices were uneven with cash prices remaining at 75.25 cents per pound and May futures gaining 0.38 cents to close at 80.83 cents per pound. The USDA NASS Field Office reported that cotton planting was delayed by wet weather in areas of the High Plains. Cotton was being replanted in some areas of the Blacklands due to excessive rain. With planting winding down in the Trans-Pecos, the Lower Valley, South Central and South Texas, producers were focusing on weed and insect control.

 

Corn prices were uneven with cash prices gaining 9 cents to close at $3.72 per bushel and May futures losing a nickel to close at $3.64 per bushel. Grain Sorghum cash prices were 2 cents lower to close at $5.49 per cwt. The USDA NASS Field Office reported that corn planting continued in the Northern High Plains. Some corn entered tassel stage in the Coastal Bend, the Upper Coast and South Texas. Sugarcane aphids were found in a sorghum field in the Upper Coast.

 

Wheat prices were higher with cash prices gaining 9 cents to close at $3.96 per bushel and May futures gaining 2 cents to close at $4.55 per bushel. The USDA NASS Field Office reported that winter wheat condition was rated at 78 percent fair to good. Producers in the Northern High Plains were concerned with the effects the passing cold front could have on the wheat crop. Wheat in the Cross Timbers and the Southern High Plains was turning colors. Some wheat and oat fields in the High Plains and the Blacklands were being cut and baled for hay.

 

Milk prices were higher with May Class III milk futures gaining a penny to close at $15.33 per cwt.

 

Stock markets closed higher today, as gains in industrial shares overcame declines in energy shares. U.S indexes have been steadily rising for the past two-weeks behind positive corporate earnings reports. June Crude oil futures were $1.18 lower, closing at $47.66 per barrel. Crude prices took some of the markets biggest losses of this year as renewed production from Libya combined with the growing oversupply in the U.S. is pushing prices to record lows.

 

 

Daily Market News Summary Data 05/02/17

 

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