Texas Daily Ag Market News Summary 05/04/17

Posted 7 years 207 days ago by

Feeder cattle auction reported higher prices; Futures lower.

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

Cotton prices higher.

Grains and soybeans lower.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets steady.

Texas feeder cattle auctions reported prices $5 to $15 higher. May Feeder cattle futures were $5.03 lower, to close at $148.27 per hundredweight (cwt). The Texas fed cattle cash was inactive today. June Fed cattle futures were $1.25 higher, closing at $131.30 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $2.99 to close at $235.58 per cwt and Select grade gaining $1.95 to close at $216.84 per cwt. Estimated cattle harvest for the week totaled 452,000 down 12,000 from last week’s total and up 14,000 from a year ago. Year-to-date harvest is up 3.2%

Cotton prices were higher with cash prices losing 0.25 cents to close at 75.00 cents per pound and May futures gaining 0.14 cents to close at 80.83 cents per pound.

Corn prices were lower with cash and May futures both losing 8 cents to close at $3.66 per bushel and $3.58 per bushel, respectively. Grain Sorghum cash prices were 12 cents lower, to close at $5.39 per cwt.

Wheat prices were lower with cash prices losing 16 cents to close at $3.76 per bushel and May futures losing 18 cents to close at $4.33 per bushel.

Milk prices were higher with May Class III milk futures gaining 16 cents to close at $15.48 per cwt.

Stock markets were steady today as gains in consumer staples shares were muted out by major declines in the energy sector. June Crude oil futures were $2.30 lower, closing at $45.52 per barrel. Crude oil prices had major declines and even dipped down to a 5-month low behind concerns about OPEC’s ability to erase the growing global glut of crude combined with the steadily increasing U.S. production and inventories.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with 8.62 percent of Texas still in some stage of drought intensity, down 0.80 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved, with 14.31 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 7.36 percentage points from last week.

Daily Market News Summary Data 05/04/17

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